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ESMA consults on requirements for securitisation repositories

23 March 2018

The European Securities and Markets Authority (ESMA) has today published two consultation papers on draft technical standards implementing the Securitisation Regulation (SR), which was published in the Official Journal of the European Union on 28 December 2017.  The consultation is open for feedback until 23 May 2018.

ESMA’s consultation papers seek stakeholders’ views on:

  1. The application requirements for firms seeking to register with ESMA as securitisation repositories. This consultation paper also includes draft Guidelines on the transfer of data between securitisation repositories.
  2. Technical advice to the European Commission on securitisation repository fees: the type of supervisory fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid.

Securitisation Regulation

The Securitisation Regulation establishes a general framework for securitisation and creates a specific framework for simple, transparent and standardised (STS) securitisation. As part of these arrangements, the Regulation requires certain information to be reported about securitisations to securitisation repositories, which will be registered and supervised by ESMA.

In addition, the Securitisation Regulation grants ESMA the right to charge fees to securitisation repositories, so as to fully cover its necessary expenditure relating to the registration and supervision of securitisation repositories as well as the reimbursement of any costs that competent authorities incur as a result of any delegation of tasks by ESMA to these authorities. ESMA recently received a request from the European Commission to provide technical advice for these fees.

Next steps

On 13 April 2018 from 10h00 to 12h00, ESMA will hold a joint public hearing at its premises on the contents of these documents. In order to participate, interested parties should send an email by 06 April 2018 to INI-Assistants@esma.europa.eu with the subject heading ‘REGISTRATION – ESMA PUBLIC HEARING ON SECURITISATION REPOSITORIES’ and including the names of all participants from their organisation. ESMA cannot guarantee that registration requests received after this date will be considered.

The consultation is open for feedback until 23 May 2018. ESMA will use the feedback received to help finalise its draft technical standards and advice, and expects to publish a final report on securitisation repositories application requirements by the end of 2018 and its final technical advice on fees by the end of Q3 2018. 

Follow up

Slides from the ESMA public hearing presentation 'ESMA’s consultation papers on securitisation repositories' as presented on 13 April are now available.