ESMA_QA_1447

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1447

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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: Annexes 14 and 15: Inside Information or Significant Event Information - Perfection Of Sale: how should this be completed for CLO securitisations?

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Question

Submission Date: 31 January 2019

How should field SESS7 (perfection of sale) be completed for CLO securitisations?

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ESMA Answer

Answer Date: 31-01-2019

[ESMA 33-128-563 Securitisation Q&A, Q&A 5.15.3] This field should be completed as per the most common method employed in the CLO purchasing arrangement for transferring the assets. It is noted that field SESS7 may be reported as ‘Yes’ where the assignment or transfer segregates the underlying exposures from the seller, its creditors and liquidators, including in the event of the seller’s insolvency, has the same legal effect as that achieved by means of true sale.

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