Summary of CySEC's Circular C456
Memo #30-2021
CySEC Circular No: C456
Date: 06/07/2021
Subject: Registration of the first Securitisation Repositories (‘SRs’) under Regulation (EU) 2017/2402 (the ‘Securitisation Regulation’)
Purpose: To inform Regulated Entities for the registration under the Securitisation Regulation of two Securitisation Repositories.
In Summary:
CySEC has issued the Circular C456 on 02/07/2021 to inform the Cyprus Investment Firms (‘CIFs’), Alternative Investment Funds and their Managers (‘AIFs’/‘AIFMs’), UCITS and their Management Companies (‘UCITS’/‘UCITS MC’), Third party certification service providers and the Securitisation Special Purpose Entities (SSPEs) that the European Securities and Markets Authority (ESMA) has published a press release on June 25, 2021, relating to the registration under the Securitisation Regulation in respect of the following two SRs for the European Union (EU) with effect from 30 June 2021:
i. European DataWarehouse GmbH, based in Germany; and
ii. SecRep B.V., based in the Netherlands.
As of 30 June 2021, Regulated Entities that have reporting obligation under article 7 of the Regulation (EU) 2017/2402 (the “Securitisation Regulation”) shall make their reports available through one of the registered SRs.
The ESMA press release can be found on the following link: https://www.esma.europa.eu/press-news/esma-news/esma-registers-european-datawarehouse-gmbh-and-secrep-bv-securitisation
Notes:
• ‘SSPE’ means a corporation, trust or other entity, other than an originator or sponsor, established for the purpose of carrying out one or more securitisations, the activities of which are limited to those appropriate to accomplishing that objective, the structure of which is intended to isolate the obligations of the SSPE from those of the originator.
• A Securitisation Repository (SR) is a legal entity that centrally collects and maintains the records of securitisations.
Read the CySEC Circular C456
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