PORTUGAL Law and Practice Contributed by: Benedita Aires and Orlando Vogler Guiné, VdA
Such regulation became applicable on 1 Janu - ary 2019 and, in the Portuguese jurisdiction, has been complemented by Law No 69/2019, of 28 August 2019, which has been amended by the Securitisation Law. The requirements for a securitisation to be com - pliant with the “simple, transparent and stand - ardised” criteria are set forth in Article 18 et seq of the Securitisation Regulation. According to these provisions, originators, sponsors and issu - ers will be jointly responsible for assigning the STS Securitisation designation. The final step in the labelling process is to notify regulators of the STS Securitisation designation. In Portugal, the Securitisation Law has recognised the STS Securitisation concept and the first STS Secu - ritisation occurred in 2020, with 2021 witnessing the first STS synthetic securitisation, following the latest regulatory amendments in this respect. Disclosure Requirements Returning to the reporting topic, and although the Securitisation Law does not contain specific requirements, disclosure obligations for securiti - sation transactions are directly applicable via the Securitisation Regulation. Article 7 of the Securitisation Regulation sets out a new set of disclosure requirements that are commonly applicable across EU member states. The details and standardised templates to be used to fulfil these requirements were published on 3 September 2020 by means of two regula - tions, which have applied since 23 September 2020. These regulations further elaborate on the infor - mation to be provided to investors, competent authorities and potential investors in securitisa - tion transactions that fall under the scope of the
Securitisation Regulation, providing greater cer - tainty and accuracy to these players. Annexes to the Disclosure Regulatory Technical Standards (RTS) detail which information is to be provided on underlying exposures and inves - tor reports for securitisation transactions, and on inside information and significant events for public securitisation transactions. In turn, annexes to the Disclosure Implement - ing Technical Standards (ITS) contain the stand - ardised templates for making such information available. On 8 July 2024, Commission Delegated Regu - lation (EU) 2024/1700 of 5 March 2024 supple - menting the Securitisation Regulation came into force, laying down the framework for the disclo - sure of certain information, which originators of STS Securitisations may elect to disclose. “No Data” Options The Disclosure RTS also set out guidance on those cases where certain information cannot be made available or is not applicable, allowing the use of specific “No Data” options. The use of these “No Data” options is limited to those situations in which there are justifiable reasons to do so, and they should not be used to circum - vent the reporting requirements set out under the Securitisation Regulation. Securitisation repositories are required to verify the completeness and consistency of the infor - mation provided with respect to public secu - ritisations, and that the use of the “No Data” options does not prevent the reported informa - tion from being sufficiently representative of the underlying exposures; they must also verify compliance with certain percentage thresholds.
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