With the aim of contributing to delivering a regulatory rulebook for European securitisation markets, the European Securities and Markets Authority ("ESMA") has published an Opinion (ESMA33-128-600) containing a revised set of draft regulatory standards ("RTS") and implementing technical standards ("ITS") under the Securitisation Regulation that address which details of a securitisation need to be published by the originator, sponsor, and Securitisation Special Purpose Entity, as well as the relevant format and templates. The Opinion reflects ESMA's response to the European Commission's ("EC") request for certain amendments to the disclosure RTS/ITS published in ESMA's Final Report (ESMA33-128-474) in August 2018. Additionally, ESMA published a first set of Q&As (ESMA33-128-563) that covers technical issues on how to complete template fields.

In this Jones Day White Paper, we set out ESMA's key proposals as amended in response to the EC's request.