ESMA has published the final report for STS synthetic securisation notificasions.

In particular, the final report on draft RTS and ITS largely reflects the original proposals included in May’s consultation paper. It regards technical standards specifying content and format of the STS notification for on-balance sheet securitisations (synthetic securitisations) to the European Commission and it aims at ensuring consistency between the STS notification frameworks for traditional and synthetic securitisations.

The draft technical standards have been submitted to the European Commission for endorsement. In the meantime, originators can make the necessary information available to ESMA by using the interim STS synthetic notification templates. The templates have been updated to reflect  changes that have been made following the public consultation on interim STS notification templates in April 2021. The interim STS synthetic notification templates may be used by originators on a voluntary basis, but may be subject to change following the endorsement by the European Commission and the entry into force of the RTS/ITS.

Published in the Official Journal of the European Union on 11 October 2021 the Commission Delegated Regulation (EU) 2021/1783 of 2 July 2021 supplementing the Market Abuse Regulation (MAR) No 596/2014 as regards regulatory technical standards containing a model document for cooperation agreements with third countries.

On this point, it is recalled how Article 26(1) of the MAR states that the competent authorities of Member States are required to conclude, where necessary, cooperation agreements with the supervisory authorities of third countries regarding the exchange of information and the enforcement of obligations arising from the same Regulation in third countries. Such agreements may only be concluded if the professional secrecy applicable to the information to be disclosed offers guarantees at least equivalent to those provided for in Article 27 MAR, and such exchanges must be for the purpose of carrying out the tasks of the competent authorities concerned.