23. Mai 2023
Transparency & Disclosure in EU Securitisations – Requirements, Experiences and Current Developments
Holiday Inn Frankfurt – Alte Oper
Mainzer Landstraße 27
60329 Frankfurt am Main
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!
Welcome by TSI
Jan-Peter Hülbert, TSI
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
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
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
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
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
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