This document provides clarification on different aspects of the templates contained in ESMA’s draft technical standards on disclosure requirements. In particular, the document clarifies how several specific fields in the templates should be completed. In addition, a new section has been added to the document with questions and answers relating ESMA’s draft technical standards on notifications to ESMA of securitisations which meet the Simple Transparent and Standardised (‘STS’) criteria.
The purpose of this document is to promote common, uniform and consistent supervisory approaches and practices in the day-to-day application of Securitisation Regulation and help regulated entities comply with their obligations. ESMA will continue to develop this Q&A on the Securitisation Regulation in the coming months and will review and update them where required.
ESMA has provided these Q&As in advance of several delegated acts being adopted by the European Commission, with a view to providing guidance to market participants seeking further context that may be helpful for their future expectations of how to comply with these technical standards. Market participants should be aware that the Q&As are subject to change should the delegated acts adopted by the European Commission contain changes relative to the draft technical standards submitted by ESMA to the Commission. Furthermore, ESMA reserves the right to further adjust or update the Q&As at any time. Therefore, the Q&As below are indicative until the delegated acts on which they are based have been adopted by the European Commission and furthermore do not signal that the final delegated acts adopted by the Commission on these standards will necessarily be identical to the provisions referenced in the document.
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