ESMA · ESMA_QA_1334 Answer Published

Definition of ‘default’, where not specified

Regulation
Securitisation Regulation (EU) 2017/2402
Topic
Securitisation Disclosure Templates
Submitted
2019-05-27
Answered
2019-05-27
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Question

For fields where the definition of default is not specified (e.g. IVSS31-IVSS37, SESL19-SESL21), how is default defined? Is there a standard definition that should be used?

Answer

[ESMA 33-128-563 Securitisation Q&A, Q&A 5.2.16] The Securitisation Regulation does not provide a definition of ‘default’. Reporting entities should use the most appropriate regulatory or supervisory definition applicable to them and/or to the underlying exposure.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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