Today’s Consultation Paper, “Guidelines on securitisation repository data completeness and consistency thresholds”, as the name suggests, contains draft guidelines for securitisation repositories, telling them how to go about deciding whether to accept or reject a submission made to them for a public securitisation (i.e. where there is a prospectus: private securitisations are exempt from the requirement to notify transaction information to a repository). Article 17 of the Securitisation Regulation (Availability of data held in a securitisation repository) requires a securitisation repository to collect and maintain details of securitisations, and requires ESMA to develop RTS on the “operational standards” required to allow the timely, structured and comprehensive collection of that data, and these were produced in November 2018, and the ITS containing the proposed templates for disclosure were issued on 31 January 2019. Article 10(7) of the Securitisation Regulation contemplates supplementary RTS being done by ESMA specifying details of the procedures to be applied by repositories in order to verify the completeness and consistency of the information disclosed Article 7(1). Article 4(2)(d) of the November 2018 draft RTS requires repositories to verify that the ND options are only used where permitted and “do not prevent the data submission from being sufficiently representative of the underlying exposures in the securitisation”, and that – the “sufficiently representative” requirement – is what this consultation is about. ESMA proposes “tolerance thresholds” for two cases: where the assets are fairly old and some of the data does not exist (legacy assets) or where the data is stored in other databases and cannot be retrieved in the short run without significant disproportionate expense by reporting entities (legacy IT systems). So to give one example, for a public securitisation of auto loans and leases, there are a total of 78 fields, and in 41 of them ND is an option. ESMA proposes that a maximum of 15 NDs will be allowed on account of the “legacy assets” excuse and another 15 on account of “legacy IT systems”. The intention is to reduce these maxima over time. The consultation runs until 16 March 2020.