Clifford Chance

ESMA Consults on Implementation of CRA3 Disclosure Requirements

13 February 2014

On 11 February 2014, the European Securities and Markets Authority (ESMA) published a consultation paper and first draft regulatory technical standard (RTS) on CRA3 implementation. CRA3 introduced a number of new obligations on issuers, originators and sponsors, including broad disclosure obligations in respect of so-called "structured finance instruments" (SFI). The document just published contains the first specific proposals and views from ESMA on how to implement the disclosure requirements imposed in general terms by CRA3 (for more detail on CRA3 generally, please see our client briefing from May 2013).

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