ESMA provides standards and guidance for securitisation repositories under the Securitisation Regulation

On 13 November 2018, the European Securities and Markets Authority (ESMA) issued a set of items which aim to implement the new European regulatory framework for securitisations and help promote simple, transparent and standardised (STS) securitisations.

These items included draft regulatory and implementing standards (RTS/ITS) on the information and templates to be provided as part of an application by a firm to register as a securitisation repository with ESMA, as well as the operational standards and access conditions for information collected and maintained by securitisation repositories.

ESMA also published its Final Technical Advice to the Commission on fees to be charged by ESMA for registering and supervising securitisation repositories.

ESMA also published further guidance to market participants on ESMA’s arrangements for being notified of a securitisation’s STS status. This guidance consists of a set of reporting instructions and an interim STS notification template, pending the development of ESMA’s STS Register in the coming months. The instructions and template file can be found on ESMA’s securitisation policy activities webpage.

Lastly, ESMA has also published a statement addressing various topics related to its near-term implementation activities under the Securitisation Regulation. This statement aims to provide additional information to facilitate market participants’ understanding around ESMA’s deliverables, given that the Securitisation Regulation begins to apply on 1 January 2019.

ESMA has prepared these items with due regard for its mandates of investor protection, orderly markets, and financial stability.

Next Steps

ESMA submitted today its Final Report and Final Technical Advice to the European Commission for endorsement. These RTS/ITS and Technical Advice will contribute to delivering a regulatory rule-book for European securitisation markets.