EU securitisation – reporting templates published

Following a long wait for certainty as to the position of reporting in public and private securitisations, the 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.

Whilst much of the market has already decided to use the ESMA reporting templates in securitisation reporting, market participants should note that there is no transitional period. As such, reporting entities should have in place processes and systems to report under the new rules (in particular, those set out under “key disclosure technical standards”, below) from 23 September 2020. 

The transitional arrangements in the Securitisation Regulation allowing reporting in other formats will no longer apply from that date. However, 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 be made available via a website that meets certain requirements (see the fourth sub-paragraph of Article 7(2) of the Securitisation Regulation).

Helpfully, ESMA has published guidance on how to fill in the disclosure templates in its Q&A document on securitisation topics. Below is a list of the published technical standards.

• Key disclosure technical standards:
  • Commission Delegated Regulation (EU) 2020/1224 of 16 October 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying the information and the details of a securitisation to be made available by the originator, sponsor and SSPE; and
  • Commission Implementing Regulation (EU) 2020/1225 of 29 October 2019 laying down implementing technical standards with regard to the format and standardised templates for making available the information and details of a securitisation by the originator, sponsor and SSPE.
• STS disclosure technical standards:
  • Commission Delegated Regulation (EU) 2020/1226 of 12 November 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council and laying down regulatory technical standards specifying the information to be provided in accordance with the STS notification requirements; and
  • Commission Implementing Regulation (EU) 2020/1227 of 12 November 2019 laying down implementing technical standards with regard to templates for the provision of information in accordance with the STS notification requirements.
• Securitisation repository technical standards:
  • Commission Delegated Regulation (EU) 2020/1229 of 29 November 2019 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;
  • Commission Delegated Regulation (EU) 2020/1230 of 29 November 2019 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; and
  • Commission Implementing Regulation (EU) 2020/1228 of 29 November 2019 laying down implementing technical standards with regard to the format of applications for registration as a securitisation repository or for extension of a registration of a trade repository pursuant to Regulation (EU) 2017/2402 of the European Parliament and of the Council.

Do feel free to contact us to discuss the potential effects of these technical standards.