CRA3: ESMA publishes final draft Regulatory Technical Standards on disclosure requirements for Structured Finance Instruments

August 06, 2014

Following the consultation paper published by the European Securities and Markets Authority (ESMA) in February 2014 (see CRA3: ESMA proposes wide-ranging disclosure requirements on EU originators, sponsors and issuers), on 24 June 2014 ESMA published its final draft of the Regulatory Technical Standards (the RTS)1 on, among other things, disclosure requirements for structured finance instruments (SFIs)2 , as required under the Credit Rating Agencies Regulation3 (the Regulation) as amended by the Credit Rating Agencies 3 Regulation4 (CRA3). The RTS will set out: (i) the information that the issuer, originator and sponsor of a SFI must publish under Article 8 of the Regulation; (ii) the frequency with which information is to be updated and (iii) the presentation of information by means of standardised disclosure templates.