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Clifford Chance

Clifford Chance

Briefings

ESMA publishes details of New Disclosure Regime for Structured Finance Instruments

26 June 2014

On 24 June 2014, the European Securities and Markets Authority ("ESMA") published its long-awaited final draft of the regulatory technical standards implementing the disclosure requirements imposed under Article 8b of the Credit Rating Agencies Regulation (the "RTS").  These disclosure requirements apply to so-called "structured finance instruments" (or "SFI"), which are defined to include any financial assets resulting from a securitisation, regardless of whether they are unrated, private, bilateral, intragroup or indeed not even a "security" for regulatory purposes.  In this briefing, we highlight the main changes to the RTS since the draft originally published for consultation and a few areas of concern that remain.

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