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The Principles will establish a standard of consistency, transparency and data accessibility to be expected by investors, and will enhance comparability of reporting across Europe.
They recommend that issuers comply with the reporting of a required high percentage of industry-agreed data fields by the end of 2009 to allow issuers sufficient time to complete required information systems changes.
The Principles propose a new combined uniform Credit Rating Agency Reporting Template for the minimum information to be provided by issuers to credit rating agencies in respect of UK Non-Conforming RMBS.
The credit rating agencies have indicated that they will start to include the template in their information gathering processes for new UK non-conforming RMBS transactions closing as from 31 March 2009.
Issuers in the four jurisdictions are in various stages of evaluating and implementing the new Principles. For example, in certain jurisdictions the industry is actively discussing the reporting format with relevant regulatory authorities which will affect timing.
The Principles are living documents that will evolve to reflect market developments. The Principles have been developed through active consultation with RMBS issuers and other market participants including investors from the UK, the Netherlands, Spain and Italy. It is expected that further improvements will be added in 2009.
Issuer Principles for Transparency and Disclosure (December 08)
Credit Rating Agency Unified Template for UK Non-Conforming (December 08)
Prime Standardised Reporting Template (December 08)