ESMA CP on revised disclosure templates for private securitisation

The European Securities and Markets Authority is consulting on the potential introduction of a new disclosure template for “private securitisations” involving only EU sell-side parties. The consultation (which will close on 31 March 2025) has been issued pending the outcome of the European Commission’s wider review of the EU Securitisation Regulation, which may seek to re-draw the distinction between “public” and “private” securitisation. There are some limitations to the proposal, details of which are discussed in our briefing note. Depending on feedback from the market and review by the European Commission, it may be that the proposals are not implemented, and we await the outcome of the Commission’s wider review.