ESMA · ESMA_QA_1384 Answer Published

Annex 3: Underlying Exposures - Commercial Real Estate - Noteholder Consent

Regulation
Securitisation Regulation (EU) 2017/2402
Topic
Securitisation Disclosure Templates
Submitted
2019-11-15
Answered
2019-11-15

Question

Further interpretations of what is meant by ‘Is Noteholder consent needed in any restructuring?’ in the Content to Report for this field.

Answer

[ESMA 33-128-563 Securitisation Q&A, Q&A 5.5.7] ”YES” is used to signify that some form of Noteholder consent is needed in at least certain restructuring contexts. It does not mean that the consent of all Noteholders is required in all restructuring contexts.

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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