The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a Feedback Statement summarising the responses it received to its Consultation Paper (CP) on the securitisation disclosure templates under the Securitisation Regulation (SECR).

The Feedback Statement provides a detailed analysis of stakeholder feedback on the costs and benefits of revising the existing disclosure framework, in line with the four potential implementation options proposed in the CP.

Overall, respondents acknowledge the need for further improvements to the securitisation transparency regime but recommend postponing the template review due to concerns about its timeline in relation to a broader SECR review.

In their responses stakeholders asked ESMA to prioritise short-term solutions that address the most pressing industry challenges, such as regulatory compliance costs, and the need for a simplified template for private securitisations.

ESMA received a total of 35 responses from a diverse range of stakeholders, including buy-side and sell-side participants, securitisation repositories, credit rating agencies and other service providers. The list of respondents who agreed to make their response public can be found in the Annex.