Under Regulation (EU) No 2017/2402 (the Securitisation Regulation), the European Securities and Markets Authority (ESMA) has direct responsibilities regarding the registration and supervision of securitisation repositories and, according to Article 10(1) of the Securitisation Regulation, companies need to be registered with ESMA to perform securitisation repository activities.
ESMA has published a note to provide information on the registration process to entities that intend to apply to become securitisation repositories under the Securitisation Regulation.
In the case where an applicant is already registered under Regulation (EU) No 648/2012 (EMIR) or Regulation (EU) No 2015/2365 (SFTR) and intends to register under the Securitisation Regulation too, it needs to apply for an extension of registration.
However, the note does not address issues relating to the substantive examination of the conditions for registration and does not provide guidance on how to meet the conditions for registration.
This latest development comes shortly after the EU Commission adopted draft RTS on securitisation repositories.