Our role as a securities market regulator is to contribute to the improvement and implementation of the right regulatory framework to ensure sustainable development of the EU securitisation markets. Our mandate leads us to approach the securitisation issue in a cross sectoral manner to ensure that the approaches that are developed deliver a level playing field and don’t result in inconsistencies, gaps or duplication.
We know that some systems for tracking securitisations and the underlying assets already exist in the market. The Commission’s proposal aims build on this and to further enhance the existing picture by establishing the requirements for issuers’ websites. There is in addition the SFI website provision in CRA3. In his report, Rapporteur MEP Tang made the proposal for creating a European Securitisation Data Repository which aims to publish industry level data and anonymised information on underlying loans.
What is important from our perspective, is whether investors will be provided with greater and easier access to information about the underlying assets and whether this information will facilitate their ability to aggregate and process loan level data and allow them to conduct a thorough analysis of the risks and returns of various assets.
Looking ahead, once the Securitisation Regulation is adopted, ESMA stands ready to start working on whatever draft technical standards have been mandated to us. To do this job properly, as we have consistently told you, it is essential that the European Commission and co-legislators provide for at least a period of twelve months for ESMA to do the regulatory work, in order for us to be able to develop good quality and properly consulted draft technical standards.
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