With the markets pretty much gone for the festive break, ESMA gave the markets an unexpected Christmas gift: it published today the much-awaited public consultation on the overhaul of Securitisation Regulation's disclosure templates.

ESMA seeks feedback on four possible ways forward, ranked from minimal to most extensive:

• Delay template review until Level 1 text changes
• Keep the current framework with a few tweaks
• Streamline existing templates for public deals and developing a dedicated template for private transactions
• A full-blown template overhaul with the aim for a fundamentally simpler framework

The deadline for response is the 15 March 2024.