On Wednesday 5 May, the European Commission clarified the cooperation obligations between national competent authorities and the European Financial Supervisory Authorities (ESAs) under the Simple, Transparent and Standardised Securitisation Regulation 2017 (see EUROPE 11908/30).
“Securitisation transactions are complex and involve many different players, who are supervised by different competent authorities. In order to ensure a consistent and appropriate implementation of the new legal framework, the relationship between the different competent authorities needs to be clarified”, explains the Commission.
Its draft delegated regulation thus specifies the supervisory tasks to be carried out and the entities that are covered by the obligations of cooperation, information exchange and infringement notification. It includes minimum information that should be exchanged between national authorities and ESAs.
The text also sets out common procedures for submitting and responding to requests for cooperation. Requests for cooperation should be made in writing using the standard forms and addressed to a designated contact point.
There are also provisions for unsolicited exchanges of information. A common procedure and form should be used, if the authorities consider that information in their possession could be useful to another national authority or to one of the ESAs.
The text also specifies that national authorities and ESAs should maintain the confidentiality of any non-public information obtained in the context of a cooperation agreement, exchange of information or notification.
The delegated regulation is based on the draft regulatory technical standards submitted to the Commission by the European Securities and Markets Authority (ESMA) on 8 January 2019.
It will enter into force if the European Parliament and the Council of the EU do not express objections. See the draft text: https://bit.ly/3h7fcL1 (Original version in French by Marion Fontana)