Together with the German Banking Industry Committee (GBIC), TSI has responded to ESMA’s consultation on disclosure templates, which ended last Friday, 15 March 2024 (see also TSI compact article of 8 January 2024). The response was developed in close cooperation with TSI stakeholders and emphasises the following points in particular:
Key contents of the TSI & GBIC statement
- The revision of the disclosure templates should be designed separately by market segment (Public ABS, CLOs, Synthetic on-balance-sheet securitisations, ABCP/ Private non-ABCP)
- For Public ABS, the existing framework should remain largely unchanged until a comprehensive Level I review is carried out
- For Synthetic on-balance-sheet securitisations and ABCP/private non-ABCP, a simplified and standardised template must be created at portfolio level and on the basis of existing templates (SSM reporting, ABCP template)
- The reporting requirements of the various supervisory authorities must be harmonised as a whole
TSI has submitted this statement together with GBIC in addition to the statement from AFME, which both companies have co-signed. TSI and GBIC are following AFME’s statement and have provided their own supplementary response, which sets a different focus on some key issues.
EBA and ECB plan to establish Joint Bank Reporting Committee
The issue of harmonising reporting requirements, which is very important for the market, has now also been taken up by the EBA and ECB. The two institutions intend to set up a Joint Bank Reporting Committee with the aim of harmonising bank reporting and developing an integrated reporting system. This measure is very welcome, as the fragmented reporting landscape represents an enormous cost driver for European banks.
ESMA is not a founding member but has been invited to join the committee. With the disclosure requirements in accordance with the Securitisation Regulation, the new committee could thus enter directly into the first ongoing optimisation process.