On 25 June 2021, the European Securities and Markets Authority (ESMA), the EU's securities markets regulator, approved the registrations of the first two securitisation repositories (SRs) under the Securitisation Regulation (SECR).
As of 30 June 2021, more than three years after SECR came into force and after an extensive application process, the following entities are now registered as SRs for the European Union:
- European DataWarehouse GmbH based in Germany; and
- SecRep B.V. based in the Netherlands.
Article 7 of SECR requires reporting of certain information to holders of a securitisation position, to the competent authorities referred to in Article 29 of SECR and, upon request, to potential investors. Such information is to be made available via a securitisation repository, except where a prospectus has not been drawn up in connection with the securitisation (such securitisations are commonly referred to as 'private securitisations'). Pending the registration of a securitisation repository, SECR required the reporting to be performed via a website satisfying the requirements set out therein.
Following 30 June 2021, all securitisations (other than private securitisations) must now make the reportable information available via one of the approved SRs.
Following 30 June 2021, all securitisations (other than private securitisations) must now make the reportable information available via one of the approved securitisation repositories.