Welcome to the RBA Securitisations Industry Forum

The RBA Securitisations Industry Forum has been set up to facilitate communication between the RBA and information providers to help ensure a smooth transition to the RBA's new repo eligibility criteria for asset-backed securities.

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Notification of Validation Rules update

Updates to the validation rules will be applied to the Securitisation System effective Wednesday, 1 March 2017.

Information regarding the activation of validation rules can be viewed from the Securitisation System Active Rules [xlsx] document located in the Validation Rules section of the Securitisation Industry Forum.

Any queries on the above should be directed to the Securitisation Support Centre.

Notification of Update to Technical Notes for Domestic Market Operations

The Technical Notes for Domestic Market Operations have been updated effective Wednesday, 1 March 2017. The main changes are outlined below.

Penalty for late reporting

Ongoing eligibility for asset-backed securities (ABS) is contingent on a monthly submission being made to the Reserve Bank’s Securitisation System within 7 calendar days of the monthly anniversary of the distribution date for the asset-backed securities. Currently, submissions that miss this reporting deadline can result in the corresponding securities having their eligibility status revoked, with eligibility reinstated once the missed submission has been successfully submitted to the system.

Effective 1 April 2017, securities that lose eligibility due to late reporting will remain ineligible until all outstanding submissions related to that security have been made and a subsequent submission has been completed successfully by the due date. As a result, missing the reporting deadline will result in securities being ineligible for repo with the Reserve Bank for at least a month and possibly longer if a submitter misses the deadline for more than one consecutive month.

Information Providers can contact the Securitisation Support Centre before the deadline to request an extension if they anticipate having trouble meeting the deadline in a given month. These requests will be assessed on a case-by-case basis and will typically only be granted under exceptional circumstances.

Removal of the 7 day reporting allowance

As foreshadowed at the ASF conference in November 2016, the RBA is planning to align the deadline for reporting to the RBA with the distribution date for the asset-backed securities, which will allow the RBA and other permitted users to price and assess the credit risk of these securities in a more timely manner. This change will take effect on 1 March 2018, at which point submissions will be due on the monthly anniversary of the distribution date (i.e. the 7 day allowance is being removed). From this date onwards, any submissions not made by the monthly anniversary of the distribution date will be subject to the policy on late submissions outlined above.

For further information please contact the Securitisation Support Centre at ssc@rba.gov.au or 1800 919 211.