Application of the transparency regulatory technical standards ("RTS") under the EU Securitization Regulation will be delayed until RTS is adopted by the European Commission. As explained more fully in a Cadwalader memorandum, the European Commission is expected to adopt the ESMA draft RTS and the related templates in the form enclosed in the European Securities and Markets Authority January 2019 Opinion.
The memorandum was authored by Stephen Day, Claire Puddicombe, David Quirolo, Nick Shiren, Daniel Tobias, Suzanne Bell, Robert Cannon, Assia Damianova, Michael Gambro, Stuart Goldstein, Neil Macleod and Sabah Nawaz.
Commentary / Robert Cannon
The RTS would ideally have been ready for the application of the new Securitisation Regulation regime on January 1, 2019, but this deadline had already been missed. This further delay is not particularly unexpected. The industry should, however, have the benefit of seeing the templates in substantially their final form from mid-April, which should give market participants some time to prepare for their application later this year.
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