ESMA has announced that the ESMA reporting activation date occurred on 25 June 2021 in relation to loan-level data reporting requirements of the Eurosystem collateral framework.
Consequently, as of 1 October 2021, ABS deals that fall within the ambit of the EU Securitisation Regulation (SECR) will only be assessed for compliance against Eurosystem collateral eligibility criteria if loan-level data is submitted to an ESMA-registered securitisation repository and according to the templates developed by ESMA (rather than the current ECB templates).
All ABS transactions seeking eligibility as Eurosystem collateral are subject to the same loan-level data requirements, regardless of any exemption from the disclosure requirements under SECR. Therefore, eligible ABS issuers are required to provide information to the Eurosystem according to the procedures established in Sections 1 and 2 of the Commission Delegated Regulation (EU) 2020/1224 of 16 October 2019 supplementing SECR, which entails the submission of investor reports, as well as templates on underlying exposures, inside information and significant events.
For eligible ABS transactions issued prior to 1 January 2019 that are not subject to SECR, the Eurosystem’s current loan-level data reporting requirements will be maintained for a period of three years until 31 September 2024. After that date, ECB ABS loan-level data templates will be phased out and those ABS deals will equally be subject to the procedures under SECR as a Eurosystem eligibility requirement.
Lastly, to ensure that non-marketable debt instruments backed by eligible credit claims (DECCs) can comply with their respective loan-level data requirements, the ECB has created a specific ECB SME DECC template in order to take into account that DECCs do not fall under the scope of SECR.
ESMA reporting templates to be used as of 1 October 2021, replacing the current ECB templates. All asset-backed securities seeking collateral eligibility are subject to the same Eurosystem loan-level data requirements, regardless of any disclosure exemption under the Securitisation Regulation