Cadwalader Attorneys Review ESMA Final Draft Disclosure Technical Standards

Cadwalader attorneys reviewed the European Securities and Markets Authority ("ESMA") final report on the technical standards on disclosure requirements under the Securitization Regulation. The Securitization Regulation will be applicable across the European Union and apply to securitizations, the securities of which are issued on or after the application date of January 1, 2019.

In the memorandum, Cadwalader attorneys highlighted:

• the legislative basis of the disclosure technical standards;
• securitizations subject to the disclosure of technical standards;
• concerns raised in feedback regarding the 2017 December consultation paper;
• ESMA's draft disclosure technical standards and the templates;