ESMA Approves the Registrations of Two Securitisation Repositories

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has approved the registrations of the first two securitisation repositories (SRs) under the Securitisation Regulation (SECR), effective 30 June 2021.

The first two entities registered as SRs for the European Union (EU) are:

• European DataWarehouse GmbH based in Germany; and

• SecRep B.V. based in the Netherlands.

The registered SRs can be used by reporting entities to fulfill their obligations under SECR. The SRs are required to provide direct and immediate access free of charge to investors and potential investors as well as to all the entities listed in Article 17(1) of SECR to enable them to meet their respective obligations.

As of 30 June, reporting entities must make their reports available through one of the registered SRs and are encouraged to immediately contact one of the registered SRs. ESMA strongly encourages all data users to report any data quality issues which they may identify to ESMA.

Anneli Tuominen, Interim Chair of ESMA, commented, “The registration of the first securitisation repositories marks the final step in the implementation of the securitisation transparency regime. The securitisation repositories will now start receiving, verifying, and distributing standardised data and information to investors as well as to EU and national authorities. This data will improve the ability of investors to assess and compare the credit quality of securitisations and contribute to making securitisation safer and more attractive for investors.”

As Fazzaco reported earlier, ESMA has posted its final report providing technical advice to the European Commission on the supervisory fees charged to credit rating agencies (CRAs)​. ESMA proposes to charge: a fixed registration fee of €40,000; and an annual supervisory fee of 0.5% of turnover to CRAs with annual revenues of between €4,000,000-15,000,000.