On 5 October 2020, the European Securities and Markets Authority (ESMA) published its final report on the guidelines on portability of information between securitisation repositories under the Securitisation Regulation.
The guidelines provide clarification on how to ensure compliance with the obligations in Articles 78(9)(c) and 79(3) of EMIR, as applied by Article 10(2) of the Securitisation Regulation. In particular, the guidelines provide clarification on:
- The transfer of securitisation information by a securitisation repository from which registration has been withdrawn to other securitisation repositories.
- The content of the policies for the orderly transfer of data which a securitisation repository has to establish for the transfer of securitisation information to other securitisation repositories where requested by a reporting entity or where otherwise necessary.
The guidelines do not cover situations that do not require the transfer of information, such as when reporting entities have decided to report to two or more securitisation repositories at the same time.
The arrangements in the guidelines seek to be consistent with the corresponding guidelines under EMIR for trade repositories, while being adapted to reflect the specificities of securitisation markets.
The guidelines will be translated into the official languages of the EU and published on ESMA’s website. ESMA will consider them for the purpose of its supervision as of 1 January 2021, except for the guidelines relating to Article 78(9)(c) of EMIR, which ESMA will consider for the purpose of its supervision as of 18 June 2021.
ESMA has also published new Q&As on securitisation topics. These Q&As, inter alia, provide guidance on how to report certain underlying exposures which benefit from a COVID-related debt moratorium or payment holiday.