The European Securities and Markets Authority has launched a consultation on proposed guidelines on securitization repository data completeness and consistency thresholds. The proposed guidelines would apply to EU securitization repositories that are registered with and supervised by ESMA. The consultation closes on March 16, 2020.

The EU Securitization Regulation requires securitization repositories to verify the completeness and consistency of the information reported to them. The requirement will be supplemented by Technical Standards requiring a securitization repository to verify that the 'No Data Options', contained within a securitization data submission to it, "are only used where permitted and do not prevent the data submission from being sufficiently representative of the underlying exposures in the securitisation". ESMA's draft guidelines include the proposed calibrations for data completeness thresholds and explanations as to when those thresholds might be revised.

The European Commission adopted the Technical Standards in November 2019, however, these have not yet been published in the Official Journal of the European Union and so are not yet in force. ESMA is proposing the guidelines to ensure a consistent approach across the EU is taken to this requirement, in particular the "sufficiently representative" condition. ESMA states that it aims to publish the final guidelines as close as possible to the entering into force of the Technical Standards.

View the consultation paper.

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