The Central Bank has confirmed the manner in which originators, sponsors and SSPEs are to comply with the notification obligation in respect of securitisations where there has been a first issue of securities after 1 January 2019.
Notification Requirement
As mentioned in our recent briefing, the Irish Securitisation Regulations include a notification obligation on originators, sponsors and SSPEs in respect of all securitisations where there has been a first issue of securities after 1 January 2019 as follows:
- the notification must be made within 15 working days after the first issue of securities;
- the notification must include:
-
- the ISIN (International Securities Identification Number) of the securitisation;
- whether the notifying party is an originator, sponsor or SSPE;
- where the originator, sponsor and SSPE have been allowed to designate one of their number to comply with the reporting obligation, that entity's name and address;
- whether the notifying party is a corporate or non-corporate entity; and
- the name, registered office, corporate status, and LEI (Legal Entity Identifier) of the notifying party and, to the extent that they are not the notifying party, the originator, sponsor and SSPE.
How to Notify
On its new Securitisation Regulation webpage, the Central Bank has now clarified how those notifications must be made.
- Supervised/Regulated Firms should use pre-existing communication channels with their supervisors within the Central Bank to submit notifications.
- Where SSPEs are already subject to the Central Bank's FVC registration regime, they should notify using the same reporting channels that they use for FVC reporting (see the Central Bank's FVC registration and reporting webpage for further information).
- All other in-scope originators, sponsors and SSPEs should send their notifications to securitisation@centralbank.ie.
Central Bank Expectations
On its new Securitisation Regulation webpage, the Central Bank has set out its compliance expectations, noting that "any entity acting as an institutional investor, originator, sponsor, original lender or securitisation special purpose entity (SSPE) should be prepared to evidence the arrangements, processes and mechanisms it has in place to ensure compliance with all relevant requirements of the Securitisation Regulation."
Comment
This update from the Central Bank provides further helpful clarity on the implementation of the securitisation regulatory framework in Ireland.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.