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ESMA Publishes Revised Draft Technical Standards and Q&A on Disclosure Requirements

On January 31, the European Securities and Markets Authority (ESMA) published an opinion containing a revised set of draft regulatory and implementing technical standards (RTS/ITS) under the Securitization Regulation, which require certain information to be reported about securitizations by the originator, sponsor or special purpose entity. The opinion includes the format for making the required information available and reporting templates for different types of securitization.

ESMA had published a final report in August 2018, which contained the original draft RTS/ITS. The European Commission (EC) subsequently asked ESMA to make certain amendments in order to reduce the likely administrative burden on reporting entities.

In a press release accompanying the opinion, ESMA stated that it agreed with the EC’s request, and has accordingly amended the disclosure RTS/ITS to, among other things:

  • Expand the ability for reporting entities to use the “No Data” options in the respective disclosure templates, in particular, in the templates for asset-back commercial paper securitizations;
  • Adjust the content of certain fields in the templates; and
  • Clarify the templates to be used to provide any inside information and significant events information affecting a securitization.

ESMA also published a related questions and answers document (Q&A). The Q&A covers technical issues on how to complete template fields. Since they are being provided before adoption of the RTS/ITS by the EC, ESMA states that they are subject to change.

The opinion has been submitted to the EC for endorsement.

The opinion is available here.

The Q&A is available here.

ESMA’s accompanying press release is available here.


©2020 Katten Muchin Rosenman LLPNational Law Review, Volume IX, Number 40


About this Author

John Ahern, Financial Attorney, London, Katten Law Firm

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

+44 (0) 20 7770 5253
Carolyn H. Jackson, International Attorney, Katten Muchin law firm

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...