The European Commission (the "Commission") has now adopted and published the regulatory technical standards (the "RTS") in relation to the transparency requirements under the EU Securitisation Regulation (the "Securitisation Regulation").
The Securitisation Regulation has been applicable since 1 January 2019 to all securitisations (as defined therein) other than securitisations existing prior to that date to the extent that they are grandfathered. Article 7 of the Securitisation Regulation sets out transparency requirements (the "Article 7 Requirements") for originators, sponsors and securitisation special purpose vehicles ("SSPEs"). In addition, Article 5 of the Securitisation Regulation requires institutional investors, other than the originator, sponsor or original lender, to verify (among other things) that the originator, sponsor or SSPE has, where applicable, made available the information required by Article 7 in accordance with the frequency and modalities set out therein.
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