On 26 March 2021, the Joint Committee of the European Supervisory Authorities (ESAs) published Q&As relating to the Securitisation Regulation. The Q&As contain answers to questions that fall outside the exclusive competence of any of the ESAs.
On the same date the ESAs published a joint opinion on the jurisdictional scope of the obligations of the non-EU parties to securitisations under the Securitisation Regulation. In the joint opinion the ESAs set out their view on the practical difficulties faced by market participants in connection with the jurisdictional scope of application of various provisions in the Securitisation Regulation in the following scenarios:
- Securitisations where some, but not all, of their sell-side parties i.e. originator, original lender, sponsor and special purpose entity issuer etc., are located in a third country.
- Securitisations where all sell-side parties are located in a third country and EU investors invest in them.
- Investments in securitisations by subsidiaries of EU regulated groups, where those subsidiaries are located in a third country.
- Securitisations where one of the parties is a third country investment fund manager.