The related Irish Securitisation Regulations were published on 18 January 2019. They designate the Central Bank of Ireland as competent authority for the purposes of the EU Securitisation Regulation, and deal with the manner in which securitisations should be notified to the Central Bank.
The Central Bank has been designated as competent authority (save in respect of compliance by IORPs (institutions for occupation retirement provision) with the due diligence requirements of the EU Securitisation Regulation - the Pensions Authority is the competent authority for those purposes only).
By way of reminder, under the EU Securitisation Regulation, originators, sponsors, and securitisation special purpose entities (SSPEs) are required to make particular information available to, among others, competent authorities.This includes information on underlying exposures, investor reports, and underlying documentation. In the case of private securitisations (i.e. securitisations where the relevant securities are not listed on an EU regulated market), it also includes a transaction summary or overview of the key features of the securitisation.
SECURITISATION REPOSITORIES/WEBSITES (NON-'PRIVATE' SECURITISATIONS)
Other than in respect of private securitisations, the originator, sponsor and SSPE must designate one of their number to be responsible for compliance with these reporting obligations and that designated entity must make the information available via a securitisation repository. However, to date, no securitisation repository has been registered with ESMA.To cater for situations where a securitisation repository is not yet registered, the EU Securitisation Regulation provides that the information should instead be made available via a website that meets the following requirements:
it includes a well-functioning data quality control system; it is subject to appropriate governance standards and has an adequate organisational structure that ensures the continuity and orderly functioning of the website; it is subject to appropriate systems, controls and procedures that identify all relevant sources of operational risk; it includes systems that ensure the protection and integrity of the information received and the prompt recording of the information; and it makes it possible to keep a record of the information for at least 5 years after the maturity date of the securitisation. BILATERAL REPORTING ('PRIVATE'...