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EBA, ESMA, and EIOPA review of existing legal and regulatory framework for securitizations and recommendations to support redevelopment of the market
Joint Committee of European Supervisory Authorities (the European Securities and Markets Authority (ESMA), Banking Authority (EBA) and Insurance and Occupational Pensions Authority (EIOPA)) report on Structured Finance Instruments (SFIs) addressing: i) the nature and content of investor due diligence requirements and issuer, originator and sponsor disclosure requirements; ii) the parties to which the due diligence and disclosure requirements apply; and iii) the methods used for the adequate disclosure, reporting and enforcement in cases of noncompliance. Main recommendations are that: i) due diligence requirements be harmonized within the EU; ii) standardized investor reports reflect the dynamics of SFIs and be stored in a centralized public space; iii) all type of investors be empowered to effectively conduct their own stress tests; and iv) harmonized due diligence and disclosure framework be complemented with a comprehensive regime for supervision and enforcement.
Publisher:
Regional Standard-Setting Bodies
Release date:
May 2015
Type:
Consultative, discussion and issues paper
Topics:
Securitization, Supervisory framework, Stress-testing
Sectors:
Banking, Securities
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