24 April 2018

Delivery of ESMA’s technical standards on disclosure under the Securitisation Regulation

 Feedback from market participants on ESMA’s draft RTS and ITS has been generally positive, including on ESMA’s effort to advance as quickly as possible (having already prepared and launched the consultation early, i.e. prior to the Securitisation Regulation’s publication in the Official Journal). However, nearly all respondents have raised concerns about the disclosure-related transitional provisions in Article 43(8) of the Regulation: until the present disclosure templates delegated act (DA) under the Securitisation Regulation has been adopted by the Commission, the securitisation templates developed by ESMA under the CRA3 Regulation must be applied. Market participants have not yet implemented the CRA3 securitisation templates, because there was no legal basis to fund the website necessary to host this information and because the Securitisation Regulation proposals quickly overtook the CRA3 Regulation perspective on securitisation disclosures.

ESMA is receptive to these understandable concerns from stakeholders. At the same time, ESMA is also conscious that the necessary process of finalising these draft technical standards, once they have been sent to the Commission, will take time. Therefore, I would like to inform you that, in view of this situation, ESMA has re-organised its resources and priorities and will aim to deliver its final report on these standards to the Commission in mid-July 2019, i.e. six months in advance of the deadline under the Securitisation Regulation. In sending this letter, I hope that this will also allow your and other relevant Commission services enough advance notice to plan ahead for the speedy adoption of these technical standards and thus avoid the risk of duplicative implementation costs.

After sending its final report, ESMA will be happy to continue closely cooperating with the Commission to support the smooth finalisation of these technical standards.

Full letter

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