Shearman & Sterling LLP | Financial Regulatory Developments Focus | EU Final Draft Technical Standards and Technical Advice Published Governing Securitization Repositories and Data Access
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  • EU Final Draft Technical Standards and Technical Advice Published Governing Securitization Repositories and Data Access
    11/12/2018
    On November 12, 2018, ESMA published a series of documents delivering on some of its outstanding mandates to provide draft technical standards and technical advice to supplement the Securitization Regulation. The Securitization Regulation will apply directly across the EU from January 1, 2019. ESMA has been mandated to provide draft regulatory and implementing technical standards and technical advice to supplement a number of the Regulation’s provisions. ESMA has also published a statement on its near-term implementation of the Securitization Regulation, to assist market participants in understanding ESMA’s role
    and its progress on its deliverables.

    ESMA has published the following documents:

    I. A Final Report setting out final draft Technical Standards on the application requirements for securitization repositories, applicable operational standards and access conditions. The final report sets out feedback on its previous consultations on the operational standards for collecting and verifying securitization data and on data access conditions and on the application requirements. ESMA has confirmed that respondents to its consultation on draft technical standards were broadly supportive of its proposals but that it has made certain specific amendments. There were some mixed views on the general conceptual framework of the application requirements, with some respondents arguing that the requirements could be less detailed and extensive. The final report contains: (i) final draft RTS on securitization repository operational standards for data collection, aggregation, comparison, access and verification of completeness and consistency; (ii) final draft RTS on the information to be provided in an application for registration of a securitization repository; and (iii) final draft Implementing Technical Standards on the format of the information to be provided in a registration application.

    II. A Final Report setting out ESMA’s finalized technical advice to the European Commission on proposed fees for securitization repositories. ESMA consulted on draft technical advice between March and May 2018. ESMA states that the majority of respondents supported nearly all of its proposals, subject to certain specific responses, to which ESMA provides feedback and indicates where it has changed its final advice. ESMA also notes that market participants are concerned about uncertainty around ESMA’s future supervisory costs and the impact of this on the supervisory fees payable by registered securitization repositories.

    III. Reporting instructions for providing “Simple, Transparent and Standardized” status notifications and an interim STS notification
    template. These documents are intended as interim guidance for market participants wishing to notify ESMA that a securitization meets the criteria for STS status, while ESMA continues to develop its STS register.
    ESMA’s accompanying statement on its near-term implementation of the Securitization Regulation provides further details on topics related to securitization repositories and disclosure and on ESMA’s interim notification arrangements.

    View ESMA's Final Report on securitization.

    View ESMA's Final Report on technical advice.

    View the instructions.

    View the STS notifications template.

    View the ESMA's Statement.

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    TOPIC: Securities