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Securitisation Repositories Update

A securitisation repository centrally collects and maintains the records of securitisations.  The securitisation repository concept was introduced by the EU Securitisation Regulation as a means to provide investors in a “public securitisation” (ie a securitisation where a prospectus has to be drawn up in compliance with the EU Prospectus Regulation) with a single and supervised source of the data necessary for performing their due diligence.

In our update in September 2020 “Securitisation Regulation Requirements to Enter Into Force” we highlighted that entities who wish to be registered as a securitisation repository by the European Securities and Markets Authority (“ESMA”) could submit their application from 23 September 2020.   Until ESMA has registered at least one securitisation repository, information that should be made available by reporting entities to securitisation repositories on public securitisations must continue to be made available via a website which meets certain requirements (pursuant to the fourth sub-paragraph of Article 7(2) of the EU Securitisation Regulation).

ESMA Announcement

ESMA has recently announced that it has reached the last stage in the assessment process of applications received from securitisation repositories.  The obligation to report information to a securitisation repository will apply as soon as one securitisation repository is formally registered.  ESMA will inform market participants when the registration of the first securitisation repository is completed.  Reporting entities were encouraged by ESMA to take all necessary preparatory measures to comply with their reporting obligations to a securitisation repository.  

Reporting Entities

The securitisation special purpose entity (“SSPE”) in a public securitisation is typically designated by transaction parties as the relevant reporting entity for the purposes of Article 7 of the EU Securitisation Regulation.  Such SSPEs are strongly encouraged to review their transaction documents to ensure that appropriate arrangements are in place for the necessary information to be reported to a securitisation repository once the first securitisation repository is formally registered by ESMA.  Reporting the necessary information to a website which meets the requirements of the fourth sub-paragraph of Article 7(2) of the EU Securitisation Regulation will no longer be sufficient to discharge the reporting obligations imposed by the EU Securitisation Regulation once the first securitisation repository is formally registered by ESMA.

For further information, please contact Turlough GalvinChristian DonaghAlan KeatingRichard KellyDavid Kiernan or your usual Matheson contact.

This article is provided for general information purposes only and does not purport to cover every aspect of the themes and subject matter discussed, nor is it intended to provide, and does not constitute or comprise, legal or any other advice on any particular matter.