True Sale International: TSI Workshop: Transparency & Disclosure in EU Securitisations – Requirements, Experiences and Current Developments

As ECB and ESAs just restated, Transparency and disclosure are written large in securitisation: Since the EU Securitisation Regulation came into force in 2019, securitisation is not only the first financial product to be regulated uniformly across Europe, but also the most transparent.

However, in its review of the Securitisation Regulation last year, the EU Commission made a number of significant findings, which concern, among other things, the transparency rules. The disclosure requirements according to Art. 7 of the Securitisation Regulation are in need of improvement, as both content and form do not meet the requirements of efficient and addressee-oriented information, this applies in particular to the disclosure templates. It is therefore only logical that ESMA, as the competent regulatory authority, has launched a corresponding review.

In the context of the discussion on sustainability regulation and the European Green Bond Standard, stronger transparency requirements are also being discussed - reason for a critical stocktaking and discussion on which goals can be sensibly achieved with which reporting obligations!

Agenda

Tuesday, 23 May 2023

9.00 – 9.15	Welcome by TSI
9.15 – 10.15	Importance of transparency & disclosure for securitisations Review of historical development of transparency in EU Securitisations Development of Investor reporting, Loan Level Data and rating agencies reports Perspective of Investors and Supervision
10.15 – 10.35	Coffee Break
10.35 – 11.30	Requirements under Art. 7 of the Securitisation Regulation (SECR) ReCap of the requirements under Art. 7 of the SECR, Interpretations and questions of application Special features of private securitisations Discussion points: Transaction Summary, Significant Events, Trigger Breaches
11.35 –12.30	Reporting requirements for Private ABS - quo vadis? Investors, Supervision and Public - Who needs what information? Art. 7, investor reports, ECB notification and Corep Requirement of different reporting standards, regulatory ambiguities in private securitisations, challenges for originators
12.30 –13.45	Lunch Break
13.45 – 14.40	ESMA Disclosure Templates, Review and the Role of Securitisation Repositories Experiences from 3 years of Disclosure Templates Data Quality, Acceptance by Public ABS, EBE European Benchmark Exercise Streamlining of templates; uniform templates for all asset classes? uniform reporting via securitisation register? Review process and upcoming ESMA consultation
14.45 – 15.40	Outlook for transparency, disclosure and ESG reporting What target should we pursue for transparency and disclosure? Proportionality as a guiding principle? ESG and the role of data in Securitisation

Referenten

Tuesday, 23 May 2023

Basak Aktay is European DataWarehouse's (EDW’s) Head of Sales and Customer Relations. Prior to joining EDW in 2013, she worked at DZ Bank as a product manager with a focus on German capital markets. In addition to her current role at EDW, Basak also teaches at the Frankfurt School of Finance & Management. She has also held various management roles in technology and ecommerce departments at Commerzbank and Isnet and has an MBA from Manchester Business School as well as a MSc degree in Computer Engineering from Universität Duisburg-Essen.

Arndt Beuermann ist bei der Commerzbank AG als Teamleiter für die Strukturierung und Umsetzung von Verbriefungstransaktionen für Kunden zuständig.Nach dem Universitätsabschluss begann Herr Beuermann als Trainee und Kreditanalyst bei der Dresdner Bank und wech-selte 2000 ins Verbriefungsgeschäft. Hier legte er 2003 seinen Aufgabenschwerpunkt auf die Strukturierung der Transaktionen. Seit 2004 ist er in leitenden Funktionen im Produktbereich Verbriefungen/ABS tätig. Herr Beuermann wirkte an zahlreichen Verbriefungen von Handels- und Leasingforderungen sowie Bankaktiva mit. Hierbei handelte es sich sowohl um True Sale Transaktionen in den Bereichen Conduit und ABS Bond wie auch um die synthetische Verbriefung von Bankkrediten.

Dr Sven Brandt is partner in the Frankfurt office of Hogan Lovells and heads the German capital markets practice. He has extensive experience in asset finance, capital markets (both interest and dividend-paying stock), structured finance (including derivatives), debt repackaging and securitisation.
Sven Brandt focuses on asset and structured finance transactions, capital markets products and regulatory implications of securities trading and settlement. Sven was a member of both the German regulators' (BaFin) and the Association of German Banks (BdB) securitisation leading working groups.

Dr Stefan Henkelmann is an Attorney with broad expertise advising on German and international capital markets transactions. Stefan specialises in advising on securitisations and other structured finance transactions (covering true sale, secured loan and synthetic structures across a broad range of asset classes), NPL transactions and restructurings in the capital markets sector (including bond restructurings and restructurings of securitisations and related assets). Another focus of his practice is the advice on bond transactions including Pfandbriefe, covered bonds, structured notes, hybrid and corporate bonds. Stefan has also broad experience in advising on all related regulatory and insolvency law matters. He is a lecturer for capital markets law at the Institute for Law and Finance of the Goethe University Frankfurt.

Stefan Rolf is currently based in Amsterdam and the Global Head of Securitisation and Private Debt at IQ-EQ which is a leading service provider to the securitisation, structured finance and private debt sectors. Stefan is a seasoned senior leader with over 25 years’ experience in financial services and banking. He has worked in Germany, the Netherlands and Singapore holding a series of regional and global leadership roles, including Global Head of Securitisation for both Volkswagen Financial Services and ING Bank. Before joining IQ-EQ, Stefan was ING Bank’s Global Head of Balance Sheet Distribution. He graduated in 1996 with dual studies in Banking and an MBA from finance Academy in Hannover. In his new role, Stefan will drive the further development of IQ-EQ’s securitisation and private debt offering, building upon strong existing administration capabilities to add advisory, structuring and distribution services. He will also lead the expansion of the group’s global footprint in these areas, building out the client base worldwide.
Stefan is married, with one daughter.

Sebastian Alexander Schütz studied international economics with the focus on corporate finance and financial econometrics in Kiel and Copenhagen. In 2011 he became director of monetary policy, banking and finance at the Association of German Chambers of Industry and Commerce (DIHK) in Berlin and Brussels. Since July 2013 he worked for Deutsche Bundesbank in the market department and is head of capital market strategy.

Dr Christian Thun is the Chief Executive Officer of European DataWarehouse (EDW), Europe’s first securitisation repository. He joined EDW in 2016 from Moody’s Analytics where he worked for 14 years in Dublin, London and Frankfurt in various senior positions, most recently as senior director with inter alia responsibility for the DACH region. In the early stage of his career, Mr. Thun was a team leader at the risk consulting firm Baetge & Partner (an OliverWyman affiliate) and also worked as a credit analyst in the structured finance division for Dresdner Bank in Frankfurt and London.

Bernhard Zahel is a Senior Portfolio Manager with DWS Investment GmbH in Frankfurt am Main, Germany. He is focusing on investments into structured products like Asset Backed Securities as well as illiquid investments such as loans guaranteed by export credit agencies. In addition to the management of portfolios his role includes the coverage of certain markets in the respective sectors. In 2014 and 2015 he was responsible within Deutsche Asset Management for the advisory of the European Central Bank within the ABS Purchase program.
After graduating with a masters degree in economics (Diplom Volkswirt) at University of Bonn, Bernhard started his career in 2001 as a workout analyst for corporate clients with Deutsche Bank AG. From there he joined DWS Investments GmbH in 2004 to become a portfolio manager where he stayed with different responsibilities in various asset classes until today.