ESMA Call for Evidence – Private and bilateral SFIs May 2015

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On 20 March 2015 the European Securities and Markets Authority (ESMA) issued a call for evidence on the approach to disclosure for Structured Finance Instruments (SFIs) originated and/or traded on a private and/or bilateral basis.

The call for evidence is addressed to

·         issuers, originators and sponsors of SFIs,

·         investors acting in the securitization market and

·         market intermediaries other than the above.

It is understood that the replies to the consultations will be used as input for the “phase-in approach” on the extension of the disclosure requirement of the Credit Rating Agencies 3 Regulatory Technical Standards (CRA 3 RTS) for the above transactions on SFIs.

ESMA aims to:

·         Seek the views of market participant and gather information for the purposes of defining private and bilateral transactions on SFIs and establish whether it would be desirable to distinguish between the two categories, and

·         Establish whether the disclosure requirements laid down in CRA 3 RTS should or may be extended  to private and bilateral transactions on SFIs,  the presence of other factors that need be taken into account (such as protection of trade secrets, confidentiality clauses) and, examine potential alternative disclosure tools.

Contributions are invited until 20 May 2015.

For more info or to discuss how proposed changes may affect your business, please do feel free to contact us.

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