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ECB Consultation on Draft Securitisation Notification Guide

The European Central Bank (“ECB”) has launched a consultation on a draft guide (the “Guide”) on the notification of securitisation transactions.

This follows the ECB’s decision in May 2021, which we wrote about at the time, to ensure that directly supervised banks (meaning “significant supervised entities” as defined in Article 2(16) of Regulation (EU) No 468/2014 of the ECB) comply with the requirements for risk retention, transparency and the ban on resecuritisation for all securitisations set out under Articles 6, 7 and 8 of the EU Securitisation Regulation.

The Guide is stated to be non-binding. The ECB recommends that banks follow the Guide for all securitisation transactions issued after 1 April 2022. 

Under the Guide, all new transactions should be notified to the ECB within two weeks of the date of origination. The date of origination is specified to be the following: “The time at which the exposures were first securitised, which may be one of the following: the date of the first issuance of securities (traditional securitisations); the date of the credit protection agreement (synthetic securitisations); or the date on which the initial securitisation positions were created (ABCP transactions) or on which the asset-backed commercial paper was first issued (ABCP programmes).”

The annex to the Guide sets out details of the information that should be provided in relation to:

  • Key transaction details;
  • Securitised exposures;
  • Securitisation positions; and
  • Compliance with Articles 6 to 8 of the EU Securitisation Regulation.

The consultation runs until 5 January 2022.

For more information, please contact Turlough Galvin or your usual Matheson contact.