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ESMA is responsible under Article 8b of the CRA Regulation for setting up a website where information on SFIs should be published (the SFI-website). The European Commission’s Delegated Regulation (EU 2015/3) requires that, in order to implement Article 8b, “The reporting entities shall submit data files in accordance with the reporting system of the SFIs website and the technical instructions to be provided by ESMA on its website”. ESMA is required to issue these technical instructions by 1 July 2016, given the reporting obligations will apply from 1 January 2017.
ESMA has encountered several issues in preparing the set-up of the SFI website, including the absence of a legal basis for the funding of the website. Consequently, it is unlikely that the SFI website will be available to reporting entities by 1 January 2017. Similarly, it is unlikely that ESMA will be in a position to publish the technical instructions by 1 July 2016.
Given these issues, ESMA does not expect to be in a position to receive the information related to SFI from reporting entities from 1 January 2017.
ESMA expects that new securitisation legislation, which is currently in the legislative process, will provide clarity on the future obligation regarding reporting on SFIs. ESMA will keep interested parties informed of further developments.