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ARTICLE · 21 FEBRUARY 2025

ESMA's Consultation On Private Securitisation Disclosure: Simplified Template Makes Complicated Reading

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On 13 February 2025 the European Securities and Markets Authority ("ESMA") published a consultation paper (the "Consultation Paper") containing proposals for the revision...

GlobalFinance and Banking
James Warbey
James Warbey
Alex Martin
Alex Martin
Claire Bridcut
Claire Bridcut
Robert Wyse Jackson
Robert Wyse Jackson
Kristine Kozicki
Kristine Kozicki
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Benjamin Baker
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On 13 February 2025 the European Securities and Markets Authority ("ESMA") published a consultation paper (the "Consultation Paper")1 containing proposals for the revision of the EU securitisation disclosure requirements2 for certain private securitisations. In this Client Alert, we summarise the Consultation Paper's proposals, set out initial observations on key issues affecting market participants (including CLO market participants), and summarise the next steps.

Executive Summary

  • ESMA proposes to simplify the loan-level reporting requirements under Regulation (EU) 2017/2402 (the "EU Securitisation Regulation") for certain private securitisations by introducing a single, simplified template (applicable to any underlying asset class and permitting CSV format) as a new Annex XVI (the "Private Securitisation Template") in place of the current asset-level XML format reporting templates.

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