Shearman & Sterling LLP | FinReg | Final EU Guidelines for Securitization Repositories Assessing Data Completeness and Consistency
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  • Final EU Guidelines for Securitization Repositories Assessing Data Completeness and Consistency
    07/10/2020
    The European Securities and Markets Authority has published a final report and final guidelines on securitization repository data completeness and consistency thresholds. The guidelines will apply to EU securitization repositories that are registered with and supervised by ESMA. From January 1, 2021, ESMA will consider the guidelines in its supervision of securitization repositories.

    The EU Securitization Regulation requires securitization repositories to verify the completeness and consistency of the information reported to them. The requirement will be supplemented by Technical Standards requiring a securitization repository to verify that the “No Data Options”, contained within a securitization data submission to it, “are only used where permitted and do not prevent the data submission from being sufficiently representative of the underlying exposures in the securitisation”. ESMA’s guidelines include the calibrations for data completeness thresholds and explanations as to when those thresholds might be revised.

    The European Commission adopted the Technical Standards in November 2019.  However, these have not yet been published in the Official Journal of the European Union and so are not yet in force. ESMA guidelines aim to ensure a consistent approach across the EU is adopted, in particular, the “sufficiently representative” condition.

    View the final report and guidelines.

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