ESMA_QA_1366

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1366

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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: Reason for Default or Foreclosure

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Question

Submission Date: 28 May 2020

Article 178 of the Capital Requirements Regulation (Regulation (EU) No 575/2013) provides the originator with the option to decide what is likely and unlikely in terms of meeting credit obligations. Will an originator be asked to provide its rationale for its interpretation?

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ESMA Answer

Answer Date: 28-05-2020

[ESMA 33-128-563 Securitisation Q&A, Q&A 5.3.32] For the purposes of reporting information for these fields, no additional information is necessary to be provided, beyond the accurate reporting of the applicable field. Nevertheless, to the extent that any competent authority designated in accordance with Article 29 of the Securitisation Regulation decides to follow up and request further information, it cannot be excluded that the rationale for any legislative interpretations made by the originator are requested by the competent authority.

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