On 5 October 2020, ESMA published its final report (the “Final Report”) on the guidelines (the “Guidelines”) on portability of information between securitisation repositories under Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the “Securitisation Regulation”).
The Final Report provides clarification on how to ensure compliance with the obligations in Articles 78(9)(c) and 79(3) of EMIR, as applied by Article 10(2) of the Securitisation Regulation. In particular, the guidelines provide clarification on:
- the transfer of securitisation information by a securitisation repository from which registration has been withdrawn to other securitisation repositories.
- the content of the policies for the orderly transfer of data which a securitisation repository has to establish for the transfer of securitisation information to other securitisation repositories where requested by a reporting entity or where otherwise necessary.
ESMA has also published new Q&As on securitisation topics. These Q&As, inter alia, provide guidance on how to report certain underlying exposures which benefit from a COVID-related debt moratorium or payment holiday (Question 5.1.25) and how the primary income fields should be completed where a mortgage is a buy-to-let (Question 5.4.6).
The Guidelines will be translated into the official languages of the EU and published on ESMA’s website. ESMA will consider them for the purposes of its supervision as of 1 January 2021, except for the guidelines relating to Article 78(9)(c) of EMIR, which ESMA will consider for the purpose of its supervision only as of 18 June 2021.