ESMA Publishes Consultation Paper on the Revision of the Disclosure Framework for Private Securitisation

European DataWarehouse (EDW) welcomes the simplification proposal for private ABCP and non-ABCP reporting by the European Securities and Markets Authority (ESMA). The consultation on the revision of the disclosure framework for private securitisation was launched on 13 February 2025 and invites market participants to submit their feedback by 31 March 2025.

ESMA’s consultation paper includes a proposal for a simplified disclosure template for private securitisation, aiming to enhance proportionality while maintaining transparency in line with the Securitisation Regulation (SECR).

ESMA seeks to strike a balance between maintaining transparency, ensuring an adequate level of protection for investors, and reducing regulatory burdens. The proposed simplified template is specifically designed for European private securitisations, aiming to enhance the efficiency of the disclosure regime, while ensuring that supervisory authorities have access to the necessary data for effective market monitoring.

ESMA’s consultation paper proposes aggregate reporting templates for private securitisations. The simplified template is primarily designed to meet supervisory requirements under Article 7 of the SECR. Additionally, the template:

• Applies uniformly to both ABCP and non-ABCP securitisations regardless of the underlying assets
• Applies to esoteric asset classes
• Is expected to be submitted in at least CSV format
  
• Must be made available on a quarterly basis or, in the case of ABCP transactions, on a monthly basis

The proposed simplified template for European private securitisation does not require the disclosure of most of the granular data on underlying exposures. However, originators, sponsors and Securitisation Special Purpose Entities (SSPEs) of private transactions must still provide the full set of ‘public’ disclosure information outlined in Article 7(1)(a) of the SECR to investors, potential investors and competent authorities upon request. The Single-Supervisory Mechanism (SSM) notification has been identified as a practical and effective foundation for developing a simplified template for private transactions.

The feedback received during the consultation will be incorporated into ESMA’s final report and draft technical standards, expected to be submitted to the European Commission by Q2 2025.

We encourage market participants to have their say in shaping the future of the private securitisation market in Europe. To access the consultation paper and submit feedback, please click below.