ESMA provides updated Q&As, XML schema and validation rules for securitisation reporting

• First, ESMA has updated its SR Questions and Answers (Q&As) clarifying different aspects of the draft disclosure technical standards, including how some specific fields in the templates should be completed. The purpose of this document is to help reporting entities comply with their obligations under the SR, as well as promoting common, uniform and consistent supervisory approaches and practices in the day-to-day application of the Regulation. ESMA will continue to update this Q&A on the SR in the coming months, where necessary.
• Second, in line with its implementation statement published on 13 November 2018, ESMA has published a set of reporting instructions and XML schema for the templates set out in ESMA’s draft technical standards on disclosure requirements (the XML schema also correct several typos). As set out in Article 4 of ESMA’s draft disclosure implementing technical standard, reporting of data (i.e. information covered under the templates) for all securitisations must be done using XML. ESMA considers that this will ensure a level playing field and avoid issues of compatibility across data collection mechanisms. In addition, to accompany the XML schema, ESMA has also published a set of validation rules, which prohibit the submission of certain combinations of information that are logically incoherent.

ESMA is providing these updated Q&As, XML schema and validation rules in advance of several disclosure-related delegated acts that are due to be adopted by the European Commission. This is a deviation from ESMA’s standard practice, because ESMA considers it important to assist affected entities in preparing for the entry into force of the disclosure technical standards, given the specific nature of the transition provisions set out in the Securitisation Regulation.

ESMA considers that these XML resources are, for example, an important input for an originator, Sponsor or Securitisation Special Purpose Entity (SSPE) that has been designated to make information about a securitisation available via a securitisation repository as well as for a prospective securitisation repository that may be preparing to apply for registration to ESMA.

These published resources are subject to change should the actual delegated acts adopted by the European Commission contain changes that need to be reflected in the present documents. Furthermore, ESMA reserves the right to further adjust or update the Q&As, XML schema and validation rules at any time. The content of each of these published items does not signal that the final delegated acts adopted by the Commission, based on ESMA’s submitted draft technical standards, will necessarily be identical to the provisions in ESMA’s submitted draft technical standards.