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Regulation (SR) containing both draft regulatory and implementing standards (RTS/ITS). These TS contain detailed arrangements to implement the new European regulatory framework for securitisations, which is intended to promote simple, transparent and standardised (STS) securitisations.
Notification templates for STS securitisations
ESMA’s draft TS specify the information and format that the originators and sponsors of securitisation products are required to notify to ESMA should a securitisation transaction meet the STS requirements. The STS notification is a necessary step in order to apply for STS preferential capital treatment.
The STS notification standardised templates distinguishes between non-ABCP (Asset Backed Commercial Paper) securitisation, ABCP transaction and ABCP programme. The STS notification needs to include a confirmation, concise explanation or detailed explanation as to why the securitisation transaction satisfies each of the STS criteria. This obligation is proportionate, as some criteria require greater explanation than others. The notification process also includes a cross-referencing system to investment prospectuses, if any, to avoid duplication of disclosure requirements.
Authorisation of third party assessing STS compliance
The draft RTS specifies the information to be provided to the competent authorities in the application for the authorisation of a third party assessing the compliance of securitisations with the STS criteria.
Letter to DG_FISMA on STS_Notification and Verificaion
Final Report - Draft_RTS on authorisation of firms providing STS_verification services
Final Report on STS_notification