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.