On 16 July 2018, the European Securities and Markets Authority (ESMA) issued its first set of technical standards on simple, transparent and standardised securitisations (STS) under Articles 27(6), 27(7) and 28(4) of the Securitisation Regulation.

The draft technical standards relate to:

  • Regulatory Technical Standards (RTS) specifying the information that the originator, sponsor and SSPE are required to provide in order to comply with the STS notification obligations (Article 27(6) of the Securitisation Regulation);
  • Implementing Technical Standards to establish the templates to be used for the provision of the STS notification (Article 27(7) of the Securitisation Regulation); and
  • RTS specifying the information to be provided to Member State competent authorities in the application for the authorisation of a third party to assess the compliance of securitisations with the STS criteria (Article 28(4) of the Securitisation Regulation).

ESMA has also stated that the European Supervisory Authorities will require additional time beyond the 18 July 2018 deadline to finalise the draft technical standards on the clearing obligation under the amendments to the European Markets Infrastructure Regulation introduced by the Securitisation Regulation. These technical standards are expected to be delivered to the European Commission in Q3 2018.