European Securities and Markets Authority (ESMA) published several additional Securitisation Regulation resources on 17 July 2019 in advance of the European Commission adopting some disclosure-related delegated acts. The ESMA Q&A includes further clarifications around the use of "no data" options ND1-ND4 and ND5.
We'll be discussing these latest amendments with clients & industry groups over the coming weeks to help the market reach a consensus on appropriate disclosures for live deals and those in the pipeline.
We're by no means on the home stretch yet though and the final form of delegated acts to be adopted by the Commission are eagerly awaited.
"ESMA is providing these updated Q&As, XML schema and validation rules in advance of several disclosure-related delegated acts that are due to be adopted by the European Commission. This is is a deviation from ESMA’s standard practice, because ESMA considers it important to assist affected entities in preparing for the entry into force of the disclosure technical standards..."