In our January 2020 newsletter, we stated that the following technical standards referred to under Article 7(3) and (4) of Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, as amended (“the Securitisation Regulation”) would likely enter into force by February this year:
- regulatory technical standards (“RTS”) – specifying the information and details of a securitisation to be made available by the originator, sponsor and securitisation special purpose entity, and
- implementing technical standards (“ITS”) – specifying the format and providing standardised templates for making available the information and details of a securitisation to be made available by the originator, sponsor and securitisation special purpose entity.
However, while the non-objection period for the European Parliament in respect of the RTS has now lapsed, we still await final European Council approval and publication of the RTS in the Official Journal. The ITS will enter into force at the same time as the RTS.
In the meantime, concerned persons may refer to the updated Q&A of ESMA which was updated most recently on 28 May this year to provide clarification on different aspects of the templates contained in the draft ITS and RTS with detailed explanation on how specific fields in the templates should be completed.
ESMA will continue to update this Q&A as and when necessary in the coming months.