TSI Workshop

23. Mai 2023

TSI Workshop

Transparency & Disclosure in EU Securitisations – Requirements, Experiences and Current Developments

The event
23. May 2023

Holiday Inn Frankfurt – Alte Oper
Mainzer Landstraße 27
60329 Frankfurt am Main

Participation fee
595 EUR for TSI Partner
795 EUR for all other participants

As ECB and ESAs just restated, Transparency and disclosure are written large in securitisation: Since the EU Securitisation Regulation came into force in 2019, securitisation is not only the first financial product to be regulated uniformly across Europe, but also the most transparent.  

However, in its review of the Securitisation Regulation last year, the EU Commission made a number of significant findings, which concern, among other things, the transparency rules. The disclosure requirements according to Art. 7 of the Securitisation Regulation are in need of improvement, as both content and form do not meet the requirements of efficient and addressee-oriented information, this applies in particular to the disclosure templates. It is therefore only logical that ESMA, as the competent regulatory authority, has launched a corresponding review. 

In the context of the discussion on sustainability regulation and the European Green Bond Standard, stronger transparency requirements are also being discussed - reason for a critical stocktaking and discussion on which goals can be sensibly achieved with which reporting obligations!


Tuesday, 23 May 2023

9.30 – 9.45

Welcome by TSI 
Jan-Peter Hülbert, TSI

9.45 – 10.45

Importance of transparency & disclosure for securitisations 
Dr Stefan Henkelmann, Allen & Overy
Liliana Bara de La Fuente, European Central Bank
Stefan Rolf, IQ-EQ
Bernhard Zahel, DWS Investment

  • Review of historical development of transparency in EU Securitisations
  • Development of Investor reporting, Loan Level Data and rating agencies reports
  • Investor Perspective
10.45 – 11.05

Coffee Break

11.05 – 12.00

Status Quo of Art. 7 of the Securitisation Regulation (SECR) – does it work?
Dr Sven Brandt, Hogan Lovells
Michael Limbach, BayernLB
Andras Vajda, IconicChain

  • ReCap of the requirements under Art. 7 of the SECR, 
  • Interpretations and questions of application
  • Special features of private securitisations
  • Discussion points: Transaction Summary, Significant Events, Trigger Breaches
12.00 –13.00

Reporting requirements for Private ABS – quo vadis?
Sandra Wittinghofer, Baker McKenzie
Arndt Beuermann, Commerzbank
Timo Menzel, BearingPoint

  • Investors, Supervision and Public – Who needs what information?
  • Art. 7, investor reports, ECB notification and Corep
  • Requirement of different reporting standards, regulatory ambiguities in private securitisations, challenges for originators
13.00 –14.15

Lunch Break

14.15 – 15.10

ESMA Disclosure Templates, Review and the Role of Securitisation Repositories
Shaun Baddeley, AFME
Basak Aktay, European DataWarehouse
Rob Ford, TwentyFour Asset Management
Bastian Menges, Santander Consumer

  • Experiences from 3 years of Disclosure Templates
  • Data Quality, Acceptance by Public ABS, EBE European Benchmark Exercise
  • Streamlining of templates; uniform templates for all asset classes? uniform reporting via securitisation register?
  • Review process and upcoming ESMA consultation
15.15 – 16.15

Outlook for transparency, disclosure and ESG reporting
Dr Christian Thun, European DataWarehouse
Alexander Batchvarov, Bank of America Merrill Lynch
Kais Khader, VWFS
Philippe Laporte, Unión de Créditos Inmobiliarios
Sebastian Schütz, Deutsche Bundesbank

  • What target should we pursue for transparency and disclosure?
  • Proportionality as a guiding principle? 
  • ESG and the role of data in Securitisation
From 16.15

Get together

Basak Aktay
Head of Sales and Customer Relations,
European DataWarehouse GmbH
Basak is European DataWarehouse's (EDW’s) Head of Sales and Customer Relations. Prior to joining EDW in 2013, she worked at DZ Bank as a product manager with a focus on German capital markets. In addition to her current role at EDW, Basak also teaches at the Frankfurt School of Finance & Management. She has also held various management roles in technology and ecommerce departments at Commerzbank and Isnet and has an MBA from Manchester Business School as well as a MSc degree in Computer Engineering from Universität Duisburg-Essen.
Shaun Baddeley
Managing Director, Securitisation
AFME London Office
Shaun is Managing Director, Securitisation at AFME. Before that, he was MD, Head of European ABS at Santander CIB. He had several roles covering origination, structuring for funding and capital management. Before that he spent ten years at Fitch Ratings analysing Structured Credit, CDO Asset Managers and Performance Analytics. He began his career in HM Forces as a Captain in the Royal Armoured Corps. Shaun holds an MBA from Cranfield, attended Royal Military Academy Sandhurst, and has a BA Joint Hons from Exeter University.
Liliana Bara de la Fuente
Senior Financial Risk Expert, Directorate Risk Management, Risk Strategy Division
Europäische Zentralbank
Liliana Bara has spent the last seven year in securitisation related topics within the Eurosystem. In her role as senior risk expert at the ECB, she is involved in ABS topics both from collateral and investor perspective. She has substantial expertise in credit risk analysis and contributes on an ongoing basis to the due diligence process for the ABSPP. Previously she worked in the risk division of corporate and investment banking in BBVA, evaluating derivative and structured transactions and their associated risks. She is a CFA Charterholder and holds a MSc degree in Economics and Finance from CEMFI and a B.A in Economics from Pompeu Fabra University.
Alexander Batchvarov
Managing Director, Head of International Structured Finance Research, International Structured Finance Research
Bank of America
Alexander Batchvarov currently heads International Structured Finance Research at BofA Merrill Lynch Global Research, encompassing securitisation, residential and commercial real estate financing, property derivatives, covered bonds, CDOs and consumer credit in EMEA, APAC and Lat Am. He has held this position since Oct 1998, and has also served as a Head and a Co-Head of Global Mortgages and other Structured Finance between 2007 and 2010.
Mr. Batchvarov joined Merrill Lynch in 1998, he initiated and built up the research coverage for mortgages and other structured finance consecutively in Europe, Australia, Japan and the emerging markets in Asia, Middle East and Latin America. Before joining Merrill Lynch, Mr. Batchvarov worked at Citibank, New York, as a Structured Finance analyst at Moody’s Securitisation team and as a Sovereign Analyst at Moody’s Sovereign Team in New York.
Mr. Batchvarov earned a MSc degree in Economics and International Economic Relations from the National Institute of Economics in Sofia, Bulgaria, a PhD in Economics from the National Academy of Sciences in Sofia, Bulgaria, and an MBA from the University of Alberta Business School, in Edmonton, Canada. He is a CFA Charterholder and a Member of AIMR and NYSSA.
Arndt Beuermann
Director, Asset Solutions & Structured Finance / Conduit Finance
COMMERZBANK Aktiengesellschaft
Arndt Beuermann ist bei der Commerzbank AG als Teamleiter für die Strukturierung und Umsetzung von Verbriefungstransaktionen für Kunden zuständig.Nach dem Universitätsabschluss begann Herr Beu-ermann als Trainee und Kreditanalyst bei der Dresdner Bank und wech-selte 2000 ins Verbriefungsgeschäft. Hier legte er 2003 seinen Aufga-benschwerpunkt auf die Strukturierung der Transaktionen. Seit 2004 ist er in leitenden Funktionen im Produktbereich Verbriefungen/ABS tätig. Herr Beuermann wirkte an zahlreichen Verbriefungen von Handels- und Leasingforderungen sowie Bankaktiva mit. Hierbei handelte es sich sowohl um True Sale Transaktionen in den Bereichen Conduit und ABS Bond wie auch um die synthetische Verbriefung von Bankkrediten.
Dr Sven Brandt
Partner, Head of the German Debt Capital Markets Practice Group, International Debt Capital Markets
Hogan Lovells International LLP
Dr. Sven Brandt is partner in the Frankfurt office of Hogan Lovells and heads the German capital markets practice. He has extensive experience in asset finance, capital markets (both interest and dividend-paying stock), structured finance (including derivatives), debt repackaging and securitisation.
Sven Brandt focuses on asset and structured finance transactions, capital markets products and regulatory implications of securities trading and settlement. Sven was a member of both the German regulators' (BaFin) and the Association of German Banks (BdB) securitisation leading working groups.
Rob Ford
TwentyFour Asset Management
Rob is one of the founding partners of TwentyFour and a portfolio manager in the firm's ABS team.
His main responsibility is managing the firm’s ABS business, its public ABS funds and institutional mandates, and he is a member of the firm’s Asset Allocation Committee.
Rob has been trading ABS since their inception and is recognised as one of the market’s leading authorities on the asset class, receiving Global Capital’s Outstanding Contribution to Securitization award in 2021. He is also a pivotal member of several high level market initiatives and steering groups.
Beginning his career in 1986, Rob previously spent over 20 years at Barclays Capital (formerly BZW) in London as a fixed income trader covering a broad range of instruments, where he established and managed the floating rate credit trading unit and was Managing Director and Head of European ABS Trading.
From September 2023 Rob will be retiring from his full-time portfolio management role, but will retain an advisory role within TwentyFour, focusing on industry outreach and advocacy, education and leadership.
Dr Stefan Henkelmann
Partner, ICM
Allen Overy Shearman Sterling LLP
Stefan advises on a wide range of capital markets transactions with a focus on structured finance and debt capital markets. He specialises in advising on securitisations – covering true sale, secured loan and synthetic structures across a broad range of asset classes – and other structured finance and derivatives transactions including repackagings, secured notes, strategic equity and non-performing loan transactions. Another focus of his practice are bond transactions including Pfandbriefe, covered bonds, structured notes, hybrid and corporate bonds and bond restructurings. Stefan has also broad experience in advising on all related regulatory and insolvency law matters. He is widely recognised as one of Germany’s leading capital markets lawyers. Stefan works with major international clients, including banks, financial institutions, asset managers, corporates, originators and investors, across jurisdictions and in multiple sectors, including in particular financial services, real estate, infrastructure, energy and alternative investments. He is a lecturer for capital markets law at the Institute for Law and Finance of the Goethe-Universität Frankfurt am Main and a frequent author of publications on capital markets law topics and new and emerging developments in this field. Stefan frequently speaks at industry conferences and gives training sessions for clients and market participants.
Jan-Peter Hülbert
Managing Director,
True Sale International GmbH
Jan-Peter Hülbert has been Managing Director of True Sale International GmbH since July 2018. He brings over 20 years of experience in the banking and capital markets business, including 16 years in securitisation on the banking side. Jan-Peter has been responsible for client transactions for banks, corporates and leasing companies in the public ABS, private securitisation and ABCP segments. He holds a degree in business administration from LMU Munich and is a member of the Supervisory Board of STS Verification International GmbH and of the Supervisory Board of European DataWarehouse GmbH.
Kais Martin
Kais Martin Khader
Senior Manager, Asset Backed Securitisation
Volkswagen Bank GmbH
Kais Khader has been leading the ABS Structuring team at Volkswagen Bank GmbH in Braunschweig since 2019. In this role, he currently oversees the global ABS issuance activities of all Volkswagen Financial Services subsidiaries (excluding USA and Canada). Volkswagen Financial Services and its subsidiaries are one of the largest Auto ABS issuers in the world with a global outstanding volume of approximately EUR 50.0bn. With over ten years of experience in the securitization industry, he has fulfilled a number of roles within the ABS Structuring team and has been instrumental in developing investor relations with key partners in the primary markets. Since joining the team in 2012, he has helped to further cultivate the VCL and Driver brands into a globally recognized standard and has promoted ABS as a strategic refinancing instrument within the VW Group.
Philippe Laporte
UCI - Unión de Créditos Inmobiliarios
Philippe Laporte, in UCI (Mortgage special lender in Spain and Portugal, joint venture BNP Paribas – Santander) for more than 25 years, Deputy CEO with responsibility on areas such as global Risk Management, IT, after sale global Customer relationship and NPA management, global financial and credit risk models and ALM including Structured Finance. With more than 25 years’ experience in the Iberic RMBS market reopening the market under the Prado program in Spain in 2015 and Belem program in Portugal in 2020, this later being the first ever Green RMBS issued in the Iberic peninsula under the Green Bond principal, Green Prado XI followed in Spain in March 2023. Prior to joining UCI in 1997, Philippe worked at the Compagnie Bancaire (a then Banque Paribas subsidiary and shareholder of UCI) in Paris, Milan and Madrid always under the funding optimisation aspects. He graduated as an industrial engineer from ESTP (Paris) and earned a Finance MBA from ESSEC business school (Paris).
Michael Limbach
Senior Specialist Securitisation, Verbriefung
Bayerische Landesbank
Michael Limbach has been working in the securitisation team with BayernLB for 10 years. He is responsible for quantitative analysis for the ABCP programme CORELUX S.A. domiciled in Luxembourg.
As a consultant Michael has implemented Basel II for numerous banks. Since 2006 his main focus has been on regulatory topics at BayernLB, in particular the increasing requirements in Regulatory Reporting, Risk Controlling and Portfolio Management.
Michael Limbach has studied Business Administration at HM Hochschule München and has an MBA degree.
Bastian Menges
Head of Structured Finance and Securitisation Solutions, Capital Markets
Santander Consumer Bank AG
Bastian Menges is in charge of external and internal systems and all data, reporting within Santander Germany’s Structured Finance and Securitisation world as well as for some of its subsidies and joint ventures. Since joining Capital Markets in addition to being responsible for reporting, he became expert in portfolio analysis, regulatory disclosure solutions, investor and rating agencies data requirements. He is responsible as well for project management in respect of any new software implementation within the scope of structured finance.
Previously he held a position as project manager and developer for Santander Germany’s IT company where the department was developing and maintaining the core system for different bank areas.
Timo Menzel
Senior Manager,
Timo Menzel verantwortet als Senior Business Development Manager die kontinuierliche und strategische Weiterentwicklung des Asset Based Funding Lösungsportfolios bei BearingPoint. Zu seinen Kernaufgaben zählen die Marktanalyse, das Erschließen neuer Geschäftsmöglichkeiten sowie das Key Account Management. Er vertritt BearingPoint auf Branchenveranstaltungen, Konferenzen und Networking-Events. Timo Menzel verfügt über Erfahrung und Expertise aus über 25 Jahren in verschiedenen Funktionen im Structured Credit und Verbriefungsmarkt. So war er u.a. Geschäftsführer der TXS GmbH und verantwortete dort die TXS Securitization Services. Als Group Treasurer der IKB Leasing GmbH war er u.a mit der Etablierung des Unternehmens als Emittent am Kapitalmarkt beauftragt. Im Rahmen seiner Tätigkeiten bei der IKB Deutsche Industriebank AG, Commerzbank AG sowie bei der LBBW hat er zahllose Transaktionen in verschiedensten Formaten (ABS, ABCP, SRT) akquiriert, strukturiert oder auch als Investor analysiert. Timo Menzel ist Betriebswirt und hat in Deutschland, Großbritannien sowie den USA studiert.
Stefan Rolf
Global Head of Securitisation and Private Debt,
IQ-EQ Netherlands N.V.
Stefan Rolf is an internationally experienced senior executive in finance and banking with a strong global network. He has a proven track record of building and transforming businesses and driving change. Stefan has deep expertise in corporate treasury, debt capital markets, securitization, and private debt, as well as a focus on sustainable and impact financing solutions. Before founding ROLF Advisory GmbH, Stefan has held various international leadership roles, including Global Head of Securitisation and Private Debt at IQ-EQ, Global Head of Balance Sheet Distribution and Securitisation at ING Wholesale Bank as well as Head of Securitisation and Treasurer of the Asia-Pacific region at Volkswagen Financial Services. Stefan has worked on many ground-breaking and innovative transactions in the global securitisation and structured finance markets, such as first time transactions in China, Turkey and Brazil. He has also done deals across a broad range of asset classes such as auto, consumer lending, SME loans, equipment, infrastructure and sustainability improvement loans and even more esoteric ones. Stefan is a frequent speaker at structured finance/capital markets events in Europe, the US and the Asia- Pacific region, and has worked closely with the European Central Bank, national central banks and various supervisory institutions. He holds an MBA in Economics and is fluent in German and English, with intermediate proficiency in French and Spanish. Stefan is married and has one daughter.
Sebastian Alexander
Sebastian Alexander Schütz
Head of Sustainability, Sustainability
Deutsche Bundesbank
Sebastian Alexander Schütz studied international economics with the focus on corporate finance and financial econometrics in Kiel and Copenhagen. In 2011 he became director of monetary policy, banking and finance at the Association of German Chambers of Industry and Commerce (DIHK) in Berlin and Brussels. Since July 2013 he worked for Deutsche Bundesbank in the market department and is head of capital market strategy.
Dr Christian Thun
Chief Executive Officer (CEO),
European DataWarehouse GmbH
Dr Christian Thun is the Chief Executive Officer of European DataWarehouse (EDW), Europe’s first securitisation repository. He joined EDW in 2016 from Moody’s Analytics where he worked for 14 years in Dublin, London and Frankfurt in various senior positions, most recently as senior director with inter alia responsibility for the DACH region. In the early stage of his career, Mr. Thun was a team leader at the risk consulting firm Baetge & Partner (an OliverWyman affiliate) and also worked as a credit analyst in the structured finance division for Dresdner Bank in Frankfurt and London.
Andras Vajda
Co-Founder & CEO,
András Vajda is the CEO and co-Founder of iconicchain, providing regulatory compliance automation solutions for highly regulated markets, based on private blockchain solutions. András has over 20+ years executive, technology leadership & customer facing experience in the Financial and Telecom sector, having successfully led the execution of 10+ securitization, blockchain and regulatory compliance projects with multi-national banking and regulatory customers. Prior to iconicchain, he has led multiple successful programs for Ericsson, all established high-growth, high-profit businesses. András holds an MSc in Distributed Systems and is the author of several articles and a book.
Sandra Wittinghofer
Partner, Banking & Finance
Baker McKenzie Rechtsanwaltsgesellschaft mbH von Rechtsanwälten und Steuerberatern
Sandra Wittinghofer advises national and international banks and corporations in matters of finance and regulatory law. Her focus on structured finance and related banking regulatory matters covers work for arrangers, sponsors, originators, trustees and rating agencies. She has extensive experience in ABCP securitization transactions as well in term transactions, covering a wide range of asset classes. Since June 2019, she has been listed under "Best Lawyers" for Banking and Finance and Banking Regulatory law by Handelsblatt and is also ranked in Chambers Europe 2023 for Capital Markets - Structured Finance.
Bernhard Zahel
Director, Portfolio Management Fixed Income EMEA
DWS Investment GmbH
Bernhard Zahel is a Senior Portfolio Manager with DWS Investment GmbH in Frankfurt am Main, Germany. He is focusing on investments into structured products like Asset Backed Securities as well as illiquid investments such as loans guaranteed by export credit agencies. In addition to the management of portfolios his role includes the coverage of certain markets in the respective sectors.
In 2014 and 2015 he was responsible within Deutsche Asset Management for the advisory of the European Central Bank within the ABS Purchase program.
After graduating with a masters degree in economics (Diplom Volkswirt) at University of Bonn, Bernhard started his career in 2001 as a workout analyst for corporate clients with Deutsche Bank AG. From there he joined DWS Investments GmbH in 2004 to become a portfolio manager where he stayed with different responsibilities in various asset classes until today.


Do you have any questions about this event?

I would be happy to answer your questions!

Jennifer Stefano

Event management