On the 20th March 2015, the European Securities and Markets Authority (ESMA) launched a consultation aimed at collecting information from market participants about the approach to disclosure for Structured Finance Instruments (SFIs) originated and/or traded on a private and/or bilateral basis.

It is understood that the replies to the consultation will serve as input for the ‘phase-in approach’ on the extension of the disclosure requirements of the CRA 3 RTS for private and bilateral transactions in SFIs.

The consultation seeks the views of market participants with a view to gathering information that may help ESMA to define private and bilateral transactions in SFIs

The consultation seeks the views of market participants with a view to gathering information that may help ESMA to define private and bilateral transactions in SFIs and to establish whether the two categories should be kept separate. Moreover, ESMA is looking to gather evidence in order to assess whether the disclosure requirements could be used in their entirety for private and bilateral SFIs transactions or whether they should be adapted.

The consultation will run until the 20^th May 2015 and, it is understood that, on the basis of the feedback received, ESMA will finalise a Consultation Paper over the course of Q4 2015.