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Securitisation Regulation transparency requirements

Securitisation supervision in the Netherlands

A securitisation is subject to supervision in the Netherlands if at least one of the following four parties is established in the Netherlands:

  • the originator
  • the sponsor
  • the original lender
  • the SSPE

Securitisations with an originator, sponsor or original lender licenced by DNB are supervised by DNB. All other securitisations fall under the supervision of the AFM. Securitisations may be supervised by multiple EU/EEA countries simultaneously.

Public vs. private securitisations

All securitisations subject to a prospectus obligation (in compliance with Regulation EU 2017/1129) for the issuance of securities are categorised as ‘public securitisations’. All other securitisations, without a prospectus obligation, are ‘private securitisations’.

Reporting entities

The originator, the sponsor or the SSPE of a securitisation are subject to the reporting obligation. The report only needs to be submitted once. The three parties involved designate one entity through which they submit the information.

Transparency requirements for public securitisations

The submitting entity in a public securitisation makes the required information available through a securitisation repository. In absence of such a securitisation repository the information is published on a website.

 

Transparency requirements for private securitisations

The information disclosure method for private securitisations varies between countries and supervisors. The AFM has provided a digital form that can be downloaded here. Please fill in this form and send it by email to the AFM at securitisaties@afm.nl. The AFM may decide at any time to request additional information, so please keep all information required under the regulation readily available.

Submission deadline

Send the form prior to pricing. Some private securitisations may not have a clear pricing point. In that case the form must be submitted no later than the day of ‘signing’. Signing is defined as the point at which all parties are legally committed to the securitisation.

Quarterly investor reports

The Securitisation Regulation requires the submitting entity to issue the quarterly investor reports to the supervisor or supervisors. The AFM does not require the submission of these reports for private securitisations. However the AFM may decide at any time to request these reports, so please keep them readily available.

STS

Securitisations that meet the simple, transparent and standardised (STS) requirements are checked for compliance by DNB in the Netherlands. The originator or the sponsor sends an STS notification to ESMA. The notification is published on the ESMA website, except in the case of private securitisations. After sending a notification to ESMA, DNB and the AFM must also be notified. Notifications can be sent to STS@dnb.nl and securitisaties@afm.nl. More information can be found on the DNB website.

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