ESMA_QA_1334

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1334

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Regulatory Context

Regulation : SECR

Level 1 Regulation: Securitisation Regulation (EU) 2017/2402

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Securitisation Disclosure Templates

Subject Matter: Definition of ‘default’, where not specified

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Question

Submission Date: 27 May 2019

For fields where the definition of default is not specified (e.g. IVSS31-IVSS37, SESL19-SESL21), how is default defined? Is there a standard definition that should be used?

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ESMA Answer

Answer Date: 27-05-2019

[ESMA 33-128-563 Securitisation Q&A, Q&A 5.2.16] The Securitisation Regulation does not provide a definition of ‘default’. Reporting entities should use the most appropriate regulatory or supervisory definition applicable to them and/or to the underlying exposure.

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This document was automatically extracted from the ESMA EMIR Q&A database.