Matheson


News and Insights

Print this page

Search News & Insights


Securitisation Regulation Requirements to Enter Into Force

AUTHOR(S): Turlough Galvin
KEY CONTACT(S): Christian Donagh, Turlough Galvin, Alan Keating, Richard Kelly
PRACTICE AREA GROUP: Finance and Capital Markets
DATE: 10.09.2020

The European Securities and Markets Authority (“ESMA”), the EU’s securities markets regulator, confirms that the different elements of the new regime under the Securitisation Regulation (“SR”)  will come into force on 23 September 2020.

This follows the publication of seven technical standards implementing the SR in the Official Journal of the European Union. The publication of the technical standards triggers the following:

  • Opening of applications for entities to register as a Securitisation Repository (“Repository”); and
  • Entry into force of new disclosure templates.

Repositories

Repositories will centrally collect and maintain the records of securitisations and will be registered and supervised by ESMA. Those entities who wish to be registered as a Repository by ESMA can submit their applications from 23 September 2020.

Until ESMA has registered at least one Repository, information that should be made available by reporting entities to 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 SR).

Reporting Templates

ESMA reporting templates will now become mandatory for use in reporting from 23 September 2020. The securitisation technical standards (including those relating to disclosure requirements) were published in the Official Journal of the European Union on 3 September 2020. The reporting templates can be found in Annexes II to XV of Commission Implementing Regulation (EU) 2020/1225.

ESMA has published guidance on how to fill in the disclosure templates in its Q&A Document on Securitisation Topics. Stakeholders with questions which are not addressed in this document are invited to submit their question(s) to ESMA through its dedicated Q&A tool. XML schema and validation rules as well as reporting instructions for these templates are available on ESMA’s website.

There is no transitional period. Reporting entities should therefore have processes and systems in place to report under the new rules  from 23 September 2020.

For further information, please contact Christian Donagh, Turlough Galvin, Alan Keating, Richard Kelly or your usual Matheson contact.

BACK TO LISTING



About cookies on our website

Following a revised EU directive on website cookies, each company based, or doing business, in the EU is required to notify users about the cookies used on their website.

Our site uses cookies to improve your experience of certain areas of the site and to allow the use of specific functionality like social media page sharing. You may delete and block all cookies from this site, but as a result parts of the site may not work as intended.

To find out more about what cookies are, which cookies we use on this website and how to delete and block cookies, please see our Which cookies we use page.

Click on the button below to accept the use of cookies on this website (this will prevent the dialogue box from appearing on future visits)