ESMA Feedback Statement on Securitisation Disclosure Reforms
DCM Focus Series

Following the publication of the Draghi report on EU competitiveness, we earmarked some important future milestones on the road towards securitisation market reform. One such milestone has just been reached.
On 20 December, ESMA published its Feedback Statement summarising responses to its consultation on proposed amendments to the disclosure templates under the EU Securitisation Regulation (SECR). Respondents were offered a menu of different options that could shape ESMA’s approach to reforming the templates.
Key takeaways from the feedback:
While respondents acknowledge the need for improving the transparency regime, the overall feedback from market participants is that now is not the time for a comprehensive overhaul, especially in light of the ongoing ‘Level 1’ review of SECR.
However, there is support for ‘limited and targeted’ short-term fixes, to tackle the main challenges faced by industry, in particular the reporting burden. A top priority here for stakeholders is the introduction of a simplified template for private securitisations that can alleviate complexity and costs.
The Feedback Statement also captures stakeholders’ views on the specific questions put to them under each option, which include:
- Support for simplifying the existing templates
- Concerns about the introduction of new fields and indicators
- Calls to eliminate detailed loan-level data requirements for certain asset classes
- Mixed opinions on the introduction of a new template for non-ABCP trade receivables
- Strong opposition to restricting the use of ‘No Data Options’
What next? Based on the feedback received, ESMA said it will explore whether interim adjustments to the technical standards, particularly regarding disclosures for private securitisations, can be introduced before the full SECR review is completed.
It will be interesting to consider this feedback in the context of future milestones, such as ESMA’s consultation on guidelines regarding due diligence rules, which is expected shortly.
View ESMA’s Feedback Statement
The content of this article is provided for information purposes only and does not constitute legal or other advice.
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