ESMA feedback statement on consultation on the securitisation disclosure templates under Article 7
On 21 December 2023, ESMA launched a consultation paper (the "Consultation") on the securitisation disclosure templates under Article 7 of the Regulation (EU) 2017/2402 (the "EU Securitisation Regulation") and on 20 December 2024, ESMA published its feedback statement (the "Feedback Statement") on that Consultation.
The Consultation had presented different implementation options to effectively and efficiently address the industry challenges felt by the different entities involved in securitisation transactions; below is a summary table of the different options extracted from the Feedback Statement.
The feedback from stakeholders on the Consultation indicates that any immediate amendments to the disclosure templates should remain limited and targeted; this being the preferred approach mainly due to the fact that the Level 1 text of the EU Securitisation Regulation is up for review. ESMA will assess, in close collaboration with the European Commission, whether targeted adjustments to the technical standards (in particular regarding the information to be provided for private securitisations) could be introduced pending the ongoing review of the Level 1 text of the EU Securitisation Regulation.
Other news in securitisation – EBA guidelines and circular CSSF 24/868
In 2018, the EBA had issued guidelines (EBA/GL/2018/08 and EBA/GL/2018/09) in accordance with the EU Securitisation Regulation on the harmonised interpretation and application of the STS criteria (Simple, Transparent and Standardised) set out:
- in Articles 20, 21 and 22 of the EU Securitisation Regulation for non-ABCP securitisation (Asset Backed Commercial Papers (the "Non-ABCP STS Guidelines")); and
- in Articles 24, 25 and 26 of the EU Securitisation Regulation for ABCP securitisation (the “ABCP STS Guidelines”).
On 27 May 2024, the EBA issued new guidelines (EBA/GL/2024/05) in accordance with Article 26a(2) of the EU Securitisation Regulation (hereinafter the “New Guidelines”) on the STS criteria for on-balance sheet securitisation and amending the Non-ABCP STS Guidelines and the ABCP STS Guidelines (together, the "Original Guidelines").
The New Guidelines include a limited set of targeted amendments to the Original Guidelines.
The CSSF published Circular CSSF 24/868 on 9 December 2024 which amends the previous Circular CSSF 19/719 to take into account the amendments provided for by the above-mentioned New Guidelines.
The consolidated versions of the amended Non-ABCP STS Guidelines and ABCP STS Guidelines have not yet been published.
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