ESMA · ESMA_QA_1447 Answer Published

Annexes 14 and 15: Inside Information or Significant Event Information - Perfection Of Sale: how should this be completed for CLO securitisations?

Regulation
Securitisation Regulation (EU) 2017/2402
Topic
Securitisation Disclosure Templates
Submitted
2019-01-31
Answered
2019-01-31
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Question

How should field SESS7 (perfection of sale) be completed for CLO securitisations?

Answer

[ESMA 33-128-563 Securitisation Q&A, Q&A 5.15.3] This field should be completed as per the most common method employed in the CLO purchasing arrangement for transferring the assets. It is noted that field SESS7 may be reported as ‘Yes’ where the assignment or transfer segregates the underlying exposures from the seller, its creditors and liquidators, including in the event of the seller’s insolvency, has the same legal effect as that achieved by means of true sale.
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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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