ESMA Publishes Consultation Papers on Technical Standards Implementing the Securitisation Regulation

The European Securities and Markets Authority (“ESMA“) recently published three consultation papers on technical standards that implement the Securitisation Regulation (“SR“). The SR is a European initiative designed to create a framework for simple, transparent and standardised (“STS“) securitisation. As part of the SR, certain information must be reported about securitisations to repositories, including the securitisation structure itself, its cash flow and information on underlying risks and exposures. Where STS status is sought for a securitisation, it must fulfil further criteria, as well as notify ESMA as to how these criteria have been fulfilled. The consultation papers seek relevant stakeholder views on, amongst other points: Application requirements for any non-securitisation (i.e. third party) entities that seek authorisation to be providers of STS verification services; The general format and content of underlying exposures and…

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