EU market participants are concerned about a lack of
communication from the European Securities and Markets
Authority (ESMA) concerning the recently passed EU
The framework was heralded as a step forward for the
EU’s much delayed Capital Markets Union (CMU),
which has been a source of growing frustration in Europe and
beyond due to a lack of progress since 2015.
"There is frustration from the industry about the lack of
engagement from ESMA," said David Saunders, structurer at
Santander. "Proposals for a roundtable or public hearing have
gone unanswered and Q and A’s which were submitted
in February have not yet been answered."
Implemented on January 1 of this year the framework
comprises two regulations: Regulation (EU) 2017/2402 (the
Securitisation Regulation) and Regulation (EU) 2017/2401 (the
Securitisation Prudential Regulation, or SPR).
When approached, a spokesperson for ESMA said: "it's true
that a small number...