Information transparency on asset-backed securities - Market Notice October 2019

In order to be eligible for the Bank of England’s (the Bank) operations, the following transparency requirements for asset backed securities and covered bonds must be fulfilled.
Published on 11 October 2019

In order to be eligible for the Bank of England’s (the Bank) operations, the following transparency requirements for asset backed securities and covered bonds must be fulfilled:

  • The Bank’s ABS-CERT template must be completed by the SMF participant requesting eligibility.
  • Loan level information is required to be made publicly available at a frequency of not less than quarterly and within one month after the relevant interest payment date. 
  • The Bank requires loan level data to be provided in the Bank’s templates published on its website.
    The prospectus, together with the closing transaction documents (excluding legal opinions), are required to be made freely and publicly available. 
  • Standardised monthly investor reports are required to be made publicly available at a frequency of not less than quarterly and within one month after the relevant interest payment date.
  • For securitisations, a cash flow model is required to be made freely and publicly available by or on behalf of the originator/issuer.

All of the above information is expected to be placed on a website maintained by the issuer/originator (or by another party on their behalf), and made freely and readily available to interested third parties. 

In certain circumstances, the Bank may request additional information to support its analysis, including historic performance information.

More details can be found in the detailed market notice.