Regulation (EU) No 2017/2402 (the Securitisation Regulation) mandates the European Securities and Markets Authority to develop draft regulatory technical standards (RTS) specifying (i) the details of the procedures to be applied by securitisation repositories in order to verify the completeness and consistency of the information submitted to them; and (ii) the information to be provided by prospective securitisation repositories in an application for registration.
On 29 November 2019, the EU Commission adopted two draft RTS, as follows:
- Commission Delegated Regulation supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards on securitisation repository operational standards for data collection, aggregation, comparison, access and verification of completeness and consistency, along with an Annex; and
- Commission Delegated Regulation supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the application for registration of a securitisation repository and the details of the simplified application for an extension of registration of a trade repository.
The EU Commission is required to decide within three months whether to endorse the drafts (with amendments or otherwise). Each RTS will then enter into force on the 20th day following publication in the Official Journal of the EU.
This latest development comes shortly after the EU Commission adopted the finalised draft RTS on securitisation transparency.