Consultation on disclosure and operational standards

Consultation on disclosure and operational standards

from 19 December 2017 to 19 March 2018


Responding to this paper 

ESMA invites responses to the questions set out throughout its Consultation Paper on Draft technical standards on disclosure requirements, operational standards, and access conditions under the Securitisation Regulation (ESMA33-128-107). Responses are most helpful if they:

  • respond to the question stated;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all responses received by 19 March 2018


In order to facilitate analysis of responses to the Consultation Paper, respondents are requested to follow the below steps when preparing and submitting their response:

  • Insert your responses to the questions in the Consultation Paper in the present response form.
  • Please do not remove tags of the type <ESMA_QUESTION_DOS_1>. Your response to each question has to be framed by the two tags corresponding to the question.
  • If you do not wish to respond to a given question, please do not delete it but simply leave the text “TYPE YOUR TEXT HERE” between the tags.
  • When you have drafted your response, name your response form according to the following convention: ESMA_DOS_nameofrespondent_RESPONSEFORM. For example, for a respondent named ABCD, the response form would be entitled ESMA_DOS_ABCD_RESPONSEFORM.
  • Upload the form containing your responses, in Word format, to ESMA’s website ( under the heading “Your input – Open consultations” à “Consultation on Draft technical standards on disclosure requirements, operational standards, and access conditions under the Securitisation Regulation”).

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly indicate by ticking the appropriate checkbox on the website submission page if you do not wish your contribution to be publicly disclosed. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at under the heading “Data protection”.

Who should read this paper

This Consultation Paper may be of particular interest to securitisation investors/potential investors, securitisation issuers, market infrastructures, as well as public bodies involved in securitisations (market regulators, resolution authorities, supervisory authorities, and standard setters). 

Documents available for this Consultation
19/12/2017ESMA33-128-107 response formResponse form - Consultation Paper on disclosure and operational standards


Activity Institution Download
Asset Management ALFI
Banking French Banking Federation
Banking European Savings and Retail Banking Group
Banking Austrian Federal Economic Chamber, Division Bank and Insurance
Banking Commercial Real Estate Finance Council (CREFC) Europe
Banking German Banking Industry Committee
Credit Rating Agencies Fitch Ratings Limited
fitch_comments.docx (807.05 KB)
Credit Rating Agencies Moody's Investors Service
Government, Regulatory and Enforcement ECB
Legal and Accountancy J&A GARRIGUES, S.L.P.
Exchanges and Trading Systems BME
Others AFME
Others BDI - Federation of German Industries
Others European DataWarehouse GmbH
Others Dutch Securitisation Association
Others Irish Debt Securities Association (ISDA)
Others Loan Market Association (Trade Body)
Others Verband der Automobilindustrie e.V.
Others True Sale International GmbH
Others Leaseurope'Eurofinas
Fintech EuroABS Limited