EC Securitization Repository Data

On Nov. 29, EU CMSN issued rules re securitization depository data.

  • EC has published draft regulation to implement RTS specific provision on securitization.
  • Follows ESMA Dec. 2017 proposed 3 rules on securitization requirement, see #32447.
  • Also follows ESMA Jul. 2018 issued standards under securitization rules, see #45353.
  • Overview
  • Delegated regulation has framework for securitization repositories to collect, process, provide access to relevant disclosures on securitizations that they originate, sponsor.
  • Or that securitization special purpose entities are required to make available by means of securitization repository, drafted as per arts 10(7) and 17(2) of reg 2017/2402.
  • Following ESMA consultation on preliminary proposal from late 2017, hearing in 2018.
  • Scope
  • Reg aims to ensure coherence between said provisions, which will enter into force at the same time, to facilitate comprehensive view, and efficient access for stakeholders.
  • As such, it is deemed appropriate to include both the provisions in a single regulation.
  • Includes details of procedures to be applied by securitization repositories, to verify completeness, consistency of information submitted to them, operational standards.
  • For collection and aggregation of data as well as conditions for providing data access.
  • Data Confirmation
  • On data quality, requires assessments by securitization repositories on data received.
  • Request reporting entity confirm in writing on completeness, consistency of underlying securitization documentation in 5 working days of 1st issuance, after every 12 months.
  • Produce overall data completeness score, end-of-day report, to facilitate aggregation, comparison of information across repositories in timely structured comprehensive way.
  • Standardization, Security
  • Re standardization, security of data transfers, it sets out the format in which access to data should be provided, XML format will be used, as widely used in financial industry.
  • To ensure confidentiality of data, any type of data exchange between securitization repositories, entities listed in art 17(1) RTS will be take place via secure connection.
  • Machine-to-machine connection to use data encryption protocols, SSH File transfer.
  • Access to data requests should include access to all current, historical information on securitization stored within repository, framework for ad-hoc requests to be created.
  • Deadlines for repositories to provide data to users, to allow efficient data processing.
  • Allow users to define ad-hoc or predefined requests to access details of securitization.
  • Effectiveness
  • Delegated reg will enter into force 20 days after publication in the official journal.

Regulators EU CMSN
Entity Types B/D; Bank; Corp; Depo; Inv Co; MG Orig; Servicer
Reference Bill C(2019) 8881 final, 11/29/2019; Securitization reg 2017/2402
Functions Compliance; Financial; Legal; Operations; Reporting; Risk; Technology; Treasury
Countries European Union
Products Banking; Corporate; Fixed Income; Securities; Securitization; Structured Products
Regions EMEA
Rule Type Proposed
Rule Date 11/29/2019
Effective Date 11/29/2019
Rule Id 68328
Linked to Rule :32447
Reg. Last Update 11/29/2019
Report Section EU

Last substantive update on 12/02/2019