Facing rejection of your data submission

under the Securitisation Regulation?

Avoid these mistakes.

More than three years after the Securitisation Regulation (EU)2017/2402 came into force, the registration of the first EU Securitisation Repository in June 2021 will close the final gap in the disclosure framework.

 

Since September 2020, the use of the new reporting templates developed by the European Securities & Market Authority (ESMA) and implemented in a prescribed XML-format has been mandatory for all EU securitisations issued after January 1st, 2019.

Reporting entities are required to regularly disclose a full report (for public non-ABCP transactions) comprising of:

  • the underlying exposure template;
  • the investor report template; and
  • the significant event/inside information
    template.

In its longstanding role as the Eurosystem’s securitisation repository, European DataWarehouse (EDW) has already collected submissions of such full reports for more than 240 securitisations in anticipation of its designation in June 2021 as a registered Securitisation Repository under ESMA.

To prepare reporting entities in Europe for the upcoming transition in disclosure requirements, EDW has worked closely with issuers and servicers to identify and address potential file structure errors and content errors in the new reporting templates.

Abbiamo lavorato a stretto contatto con EDW per risolvere le inconsistenze rilevate sui dati sin dalle fasi iniziali. Il risultato della nostra cooperazione contribuirà a ridurre significativamente il rischio per gli emittenti italiani di non essere conformi alla nuova regolamentazione europea.

Zenith Service S.p.A
- Umberto Rasori, CEO

We werken als toonaangevende provider van diensten voor verplichte rapportage op de Nederlandse en Belgische markt, nauw samen met European DataWarehouse, alsook met uitgevende instellingen uit beide landen. Dit met als doel om de introductie van het sluitstuk van het disclosure regime soepel te laten verlopen.

Hypoport
- Jacco Samuels - Managing Director,

Bei TXS Securitization arbeiten wir eng mit unseren Kunden und dem European DataWarehouse zusammen. Unsere Zusammenarbeit hilft deutschen und europäischen Emittenten, ohne unnötige Reibungsverluste auf das neue Rahmenwerk zur Offenlegung umzusteigen.

TXS Securitizations
- Timo Menzel, Geschäftsführer

Le nouveau cadre règlementaire européen sur la titrisation mobilise les émetteurs français à des fins d‘obligations de reporting, de mise à disposition de documents. Il incite au respect de certaines règles, ainsi qu‘à des critères spécifiques relatifs à des transactions Simples Transparentes et Standardisées (STS). Chez Eurotitrisation, nous travaillons en étroite collaboration avec European DataWarehouse pour préparer avec succès nos clients à être en conformité vis-à-vis des exigences ESMA. Dans ce cadre, nous apprécions tout particulièrement leur aide pour identifier et déceler les éventuelles anomalies présentes dans les reporting de nos transactions, ainsi que leur réactivité face à nos questions.

EuroTitrisation
- Mme Véronique Dos Santos, Chef de Projet Informatique

De par la structure du marché français, France Titrisation travaille en collaboration avec les cédants et les sponsors des titrisations sous gestion pour l’élaboration des rapports, aujourd’hui sur les obligations ESMA comme hier sur celles de la BCE, nous sommes confrontés à toutes les structurations et à tous les sou s-jacents. Les équipes de European DataWarehouse que nous avons en support sont précieuses pour accélérer l’appropriation des nouvelles obligations et de leurs subtilités, et, les services proposés par la plateforme constituent des outils performant d’analyse et d’aide à l’amélioration continue de l’information. Nous sommes ainsi mieux équipés et l’accompagnement de nos partenaires en est d’autant facilité.

France Titrisation
- M. Thomas Volle, Responsable de la modélisation des fonds

NPL Markets è lieto di proseguire la propria cooperazione con EDW supportando banche, investitori e società di servicing nei processi di valutazione e reporting anche a fini regolamentari. La nostra soluzione tecnologica – ormai ampiamente testata dal mercato – permette la generazione di ESMA report su operazioni performing e non-performing, e la loro automatica validazione rispetto a tutti gli Annex ESMA. La Piattaforma di NPL Markets permette inoltre agli utenti di utilizzare i dati ESMA per aumentare l’accuratezza della valutazione e report di performance dei propri portafogli.

NPL Markets
- Dr, Gianluca Savelli, CEO e Co-Founder

Cosi come per gli ECB loan level data, anche per la reportistica ESMA, Links si pone l’obiettivo di raggiungere elevati standard di correttezza e consistenza del dato. Per questo EIKO è stato integrato con una serie di controlli aggiuntivi e regole di validazione che, senza complicare il processo di generazione della reportistica, assicurano che il caricamento via XML nel repository avvenga con esito positivo. Questa importante evoluzione di EIKO è stata resa possibile grazie alla preziosa collaborazione di European DataWarehouse

Links Management and Technology S.p.A.
- Dott. Leonardo Mangia, Banking & Financial Service Division Director

Como gestora líder en España, en Europea de Titulización S.A. S.G.F.T. nos centramos en brindar los mejores servicios a nuestros clientes. Esto incluye trabajar conjuntamente con European DataWarehouse para lograr una transición sin problemas al nuevo marco normativo.

Europea de Titulización S.A. S.G.F.T.
- Javier Eiriz Aguilera, Consejero y Director General

La clara y completa información dispuesta a disposición de los usuarios en los documentos sobre ESMA nos ha permitido cumplir los requisitos de reporting de forma fácil e intuitiva.

Titulización de Activos S.G.F.T., S.A.

Damos las gracias al equipo de EDW por el apoyo recibido para afrontar este proyecto. Desde el principio nos han ofrecido su ayuda para dar luz a todas nuestras dudas. El contacto con ellos ha sido muy cercano y directo, y esto ha facilitado mucho el trabajo para conseguir publicar con éxito toda la información. Nos gustaría destacar la profesionalidad y rapidez con la que han respondido siempre a todas nuestras consultas.

Intermoney Titulizacion S.A. S.G.F.T.
- Isabel Garrido Ureña, Reponsable de Reporting Regulatorio y Webmaster

Cumplir los requisitos de transparencia que establece el marco regulatorio de titulización con la máxima excelencia es prioritario para CaixaBank Titulización S.G.F.T. S.A.U. Agradecemos la dedicación de European DataWarehouse en desarrollar un entorno competitivo que permita conseguir nuestros objetivos.

CaixaBank Titulización S.G.F.T. S.A.U.)
- Ivan Lorente Navarro, Consejero-Director General,

These efforts have involved checking each template submitted as part of a full report against more than 1,000 of ESMA’s validation rules so that issuers can avoid facing rejection of their submissions.

Automatic rejection of the entire submission will occur if a submission fails to meet the prescribed XML file structure or if a single securitisation record is not compliant with any of the validation rules, and the rejection will be reported weekly to ESMA.

EDW’s analysis of data submissions has established that the most common problems relate to the newly introduced use of identifiers in the reporting templates, such as:

  • the Counterparty Name (SESP3) does not match the name corresponding to the Counterparty Legal Entity Identifier (SESP2) provided in the GLEIF Database;
  • Counterparty Rating Source Name (SESP9) does not match the name corresponding to the Counterparty Rating Source Legal Entity Identifier (SESP8) provided in the GLEIF Database;

as well as data inconsistencies, such as:

  • Prepayment Fee End Date (AUTL50) is earlier than the Data Cut-Off Date (AUTL6).
  • Value for Arrears 180+ Days (IVSS44) is lower than zero or greater than 100;
  • New Tranche Identifier (SEST3) is duplicated in the current submission.
  • Current Coupon (SEST13) greater than 100;
  • Current Interest Rate Margin/Spread (SEST14) greater than 100.
  • Counterparty Country of Establishment (SESP5) is not a valid ISO Country Code.);
  • Obligor Probability Of Default (IVSS35) is lower than zero or greater than 100.
  • Interest Payment Date (SEST11) is earlier than or equal to the Data Cut-Off Date (SESS2);
  • Primary Income (RREL16) is lower than zero.

 

Addressing these common problems will significantly reduce the risk of rejection of the submission by the securitisation repository. Please refer to the market-specific documents for the Netherlands & Belgium, Germany, Italy, France, and Spain.

In addition to supporting issuers in rectifying such issues, EDW also offers its CSV-to-XML Converter to minimise the risk for potential file structure errors and prevent automatic rejection.

For further information about the CSV-to-XML Converter tool, or to discuss any concerns sur- rounding your upcoming submissions, please contact our team on +49 (0) 69 50986 9017 or email us via enquiries@eurodw.eu