ESMA Opinion Details Technical Standards for Securitisation Disclosures
With the aim of contributing to delivering a regulatory rulebook for European securitisation markets, the European Securities and Markets Authority ("ESMA") has published an Opinion (ESMA33-128-600) containing a revised set of draft regulatory standards ("RTS") and implementing technical standards ("ITS") under the Securitisation Regulation that address which details of a securitisation need to be published by the originator, sponsor, and Securitisation Special Purpose Entity, as well as the relevant format and templates. The Opinion reflects ESMA's response to the European Commission's ("EC") request for certain amendments to the disclosure RTS/ITS published in ESMA's Final Report (ESMA33-128-474) in August 2018. Additionally, ESMA published a first set of Q&As (ESMA33-128-563) that covers technical issues on how to complete template fields.
In this Jones Day White Paper, we set out ESMA's key proposals as amended in response to the EC's request.
Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our “Contact Us” form, which can be found on our website at www.jonesday.com. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.