The Reserve Bank has updated the operational notes for domestic market operations pertaining to eligible securities, and amended the criteria for asset-backed securities (ABS) with revolving asset pools.
The Reserve Bank has amended the eligibility criteria for securities accepted in domestic market operations. See Robust Fallbacks Required for BBSW Securities for a summary.
The RBA has amended the margin arrangements for asset-backed securities (ABS) where RBA counterparties are ‘related’ to securities provided as collateral. The amendment is to the additional discount (i.e. haircut) applied to ABS when the counterparty provides an interest rate swap to the ABS trust.
Some securitised loans may have been granted repayment deferrals relating to the COVID-19 pandemic. For reporting loan-level data to the Securitisation System, issuers should follow the Australian Prudential Regulation Authority's (APRA's) approach to COVID-19 support. That is, issuers need not treat repayment holidays or deferrals as arrears or restructuring in this case.
The RBA has amended the margin band that applies to new repo-eligible other asset-backed securities (ABS). The margin band is now 15 – 40 per cent (previously 15 – 20 per cent) for all residual maturities. The margin on existing eligible securities are not affected by this change. There is no change to the repo eligibility criteria for ABS.
The RBA has amended the Ending Balance reporting guidance for RMBS, CMBS and OABS effective immediately, in light of feedback from information providers. The resubmission deadline for updating the Ending Balance where the forecast falls outside of the acceptable range has been extended from the Report Date to within five business days of the Report Date.
The RBA will be disabling support of TLS 1.0 and TLS 1.1 for both the Securitisation Web API and Web Portal Connections.
Effective 2 December 2019, the RBA will amend the RMBS, CMBS and OABS reporting guidance to ensure trusts' account balances and reserves are reported on the correct date.
Updates to the validation rules will be applied to the Securitisation System effective Tuesday, 2 October 2018.
Updates to the validation rules will be applied to the Securitisation System effective Wednesday, 1 August 2018.
The RBA has nominated a ‘Rule Severity Set to Fail’ date of 1 November 2018 for the rules relating to the use of the ‘ND5’ code at the loan level. A tolerance of 50 will apply to each of these rules, meaning that a submission will pass a given rule if the ‘ND5’ code is used in circumstances not allowed for by the rule for up to 50 loans.
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 or feedback on the above should be directed to the Securitisation Support Centre at ssc@rba.gov.au or 1800 919 211.
The RBA has deferred the ‘Rule Severity Set to Fail’ date of the rules relating to ND1 use that were announced in February 2018. These rules will remain at a ‘warning’ severity for the time being.
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.
For further information please contact the Securitisation Support Centre at ssc@rba.gov.au or 1800 919 211.
The RBA has updated the RMBS reporting guidance to align the definition of two loan-level fields with those that will be implemented in the modernised Economic and Financial Statistics (EFS) collection. A number of other minor changes have also been made to the RMBS, CMBS and OABS reporting guidance documents.
Effective today, the RBA is aligning the deadline for reporting securitisation data to the RBA with the monthly distribution date for asset-backed securities (i.e. the 7 day reporting allowance is being removed). Any submissions not made by the monthly distribution date will result in securities having their eligibility status revoked.
Updates to the validation rules will be applied to the Securitisation System effective Thursday, 1 February 2018.
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.
As announced on 1 March 2017, the RBA will align the deadline for reporting securitisation data to the RBA with the monthly distribution date for asset-backed securities (i.e. the 7 day reporting allowance is being removed). This change will take effect on 1 March 2018, after which any submissions not made by the monthly distribution date will result in securities having their eligibility status revoked.
Updates to the validation rules will be applied to the Securitisation System effective Friday, 1 December 2017.
Updates to the validation rules will be applied to the Securitisation System effective Wednesday, 1 November 2017.
The RBA will publish an update to the RMBS reporting guidance in early 2018 to bring the definition of loan-level fields into line with those in the Economic and Financial Statistics (EFS) collection, following the publication of the EFS reporting requirements in August 2017.
Updates to the validation rules will be applied to the Securitisation System effective Friday, 1 September 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.
Updates to the validation rules will be applied to the Securitisation System effective Tuesday, 1 August 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.
The RBA has made a number of changes to the Securitisation System reporting guidance to strengthen data The RBA has updated the Securitisation System reporting guidance. The updated guidance is unchanged from the draft version published on 1 June 2017. The RBA will be implementing a number of validation rules from August 2017 that will assist issuers in meeting the updated requirements. These validation rules will initially be set to a ‘warning’ severity, before switching to a ‘fail’ severity from 1 July 2018.
The RBA has made a number of changes to the Securitisation System reporting guidance to strengthen data quality in the system and address common areas of confusion in the existing guidance. Draft versions of the updated guidance were published today on the Securitisation Industry Forum (SIF) website. Information Providers (IPs) are invited to provide comments to the Securitisation Support Centre (SSC) by Friday 23 June 2017. Final versions will be published on the SIF on Monday 3 July 2017.
Updates to the validation rules will be applied to the Securitisation System effective Monday, 1 May 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.
Updates to the validation rules will be applied to the Securitisation System effective Monday, 3 April 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.
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.
The Technical Notes for Domestic Market Operations have been updated effective Wednesday, 1 March 2017.
Any queries on the above should be directed to the Securitisation Support Centre.
Updates to the validation rules will be applied to the Securitisation System effective Wednesday, 1 February 2017. Further information has been added to the Validation Rules page.
Information regarding active validation rules can be viewed from the Securitisation System Active Rules document located in the Validation Rules section of the Securitisation Industry Forum.
Any queries on the above process should be directed to the Securitisation Support Centre.
Updates to the validation rules will be applied to the Securitisation System effective Thursday, 1 December 2016.
Information regarding the activation of validation rules can be viewed from the Securitisation System Active Rules document located in Validation Rules section of the Securitisation Industry Forum.
Any queries on the above process should be directed to the Securitisation Support Centre.
The Technical Notes for Domestic Market Operations have been updated effective Monday, 14 November 2016.
The Eligible Securities webpage now includes information about the status of outstanding repo eligibility applications and securities that have been made ineligible for failing to comply with the mandatory reporting requirements for asset-backed securities (see Outstanding Repo Eligibility Applications and Ineligible Securities).
Repo eligibility will only be assessed by the Reserve Bank once all of the required documentation has been provided, including a Deal Data Registration and Amendment Form.
Queries on the status of outstanding applications and ineligible securities should be directed to FM Eligible Securities at Eligible_Securities@rba.gov.au.
Updates to the validation rules will be applied to the Securitisation System effective Thursday, 3 November 2016.
Information regarding the activation of validation rules can be viewed from the Securitisation System Active Rules [XLSX] document located in Validation Rules section of the Securitisation Industry Forum.
Any queries on the above process should be directed to the Securitisation Support Centre.
Updates to the validation rules will be applied to the Securitisation System effective Tuesday, 4 October 2016.
Information regarding the activation of validation rules can be viewed from the Securitisation System Active Rules [XLSX] document located in Validation Rules section of the Securitisation Industry Forum.
Any queries on the above process should be directed to the Securitisation Support Centre.
As previously communicated, the RBA will progressively introduce more automated validation rules to further ensure data quality.
The RBA will communicate the activation of the validation rules through the Securitisation System Active Rules document located in Validation Rules section of the Securitisation Industry Forum. The validation rules will be introduced with the ‘Warning’ severity for a stated duration, and then updated to a ‘Fail’ severity thereafter.
Please see the Securitisation System Active Rules document for detailed information.
Any queries on the above process should be directed to the Securitisation Support Centre.
Please be advised further clarification has been provided to the Securitisation System Validations Guidance on the SIF website.
Details to the Validations Guidance can be viewed from the following link: Securitisation System Validations Guidance.
In addition to our previous communication:
The Securitisation System now checks submitted ND code values against published guidance for the relevant asset class and applies a small number of validation rules. An invalid ND code or failure of a validation rule will result in the submission being rejected, with the reason for any failures listed in the event log.
Any submission returning a ‘Warning’ result is accepted by the system, similar to a ‘Pass’ result. The ‘Warning’ feedback identifies a field or rule the RBA would like the issuer and information provider to review in their future submissions, as the ‘Warning’ result will (if unchanged) become a ‘Fail’ result at some point in the future.
Maintenance to the Securitisation production environment has been completed.
The RBA is looking to continuously improve the quality of data in the Securitisation System. As part of this, the System will now provide additional feedback on submissions based on the published guidance. In particular, the System will no longer accept invalid ND (No Data) codes and data inconsistencies identified by a small number of data validation rules. Over time, the number of data validation rules will be expanded and non-compliance may result in submissions not being accepted by the Securitisation System. To manage the impact, the RBA will contact individual Information Providers when it thinks that rules will have an impact on their reporting. Analysis by the RBA of recent data submissions suggests that the latest changes will have minimal impact on reporting.
As always, if you have any issue with reporting, contact the SSC and we will assist in identifying the reporting issue.
The Consolidated Reporting Guidance for RMBS, CMBS and OABS has been updated. Refer to the change log tab in the file for details.
The Securitisation System Validations Guidance has been updated. Refer to the change log tab in the file for details.
The Consolidated Reporting Guidance for RMBS, CMBS and OABS has been updated. Refer to the change log tab in the file for details.
The Securitisation System Validations Guidance has been updated. Refer to the change log tab in the file for details.
The template has been updated to reflect advice with respect to internal securitisations (non-marketed asset-backed securities) and redacting commercially sensitive information in the publicly reported template (refer to Section 8).
Please see this section for information on the Securitisation System User Agreement.
Please see this section for RBA responses to questions in relation to Data Management.
Please see this section for additional information on Public Availability and Data Availability, Privacy and Liability requirements.
The Consolidated Reporting Guidance for RMBS has been updated to provide further clarity to the data requirements. Refer to the change log tab in the file for details.
The Securitisation System Validations Guidance has been updated to provide further clarity. Refer to the change log tab for details.
The Consolidated Reporting Guidance for RMBS, CMBS and Other ABS has been updated to provide further clarity to the data requirements. Refer to the change log tabs in these files for details.
Please see this section for additional information on Public Availability and Data Availability, Privacy and Liability requirements.
The Postcode Pool-level Data Template has been updated to provide further clarity. Refer to the change log tab for details.
The Consolidated Reporting Guidance for RMBS, CMBS and Other ABS has been updated to provide further clarity to the data requirements. Refer to the change log tabs in these files for details.
The Securitisation System Technical Support Notes and B2B API Technical Implementation Notes have been updated. Refer to the change log tabs in these files for details.
Please see this section for RBA responses to questions from Information Providers in relation to Pool Level.
The Securitisation System Validations Guidance has been updated to provide further clarity to the validation checks. Refer to the file's change log tab for details.
Please see this section for RBA responses to questions from Information Providers in relation to Cash Flow Waterfall Model.
Please see this section for RBA responses to questions from Information Providers in relation to Loan and Security Level.
Please see this section for RBA responses to questions from Information Providers in relation to Transaction, Security, Loan Level, Cash Flow Waterfall Model, Implementation Arrangements, and Data Availability.
The Securitisation System Technical Support Notes has been updated to version 1.6 to provide further clarity. Please refer to Appendix A: Document Control for details.
Please download the updated Information Provider Progress Report, complete and send to securitisations@rba.gov.au by Wednesday, 11 March 2015.
Please see this section for RBA responses to questions from Information Providers in relation to Transaction, Security, Loan and Cash Flow Waterfall Model.
The B2B API Technical Implementation Notes has been updated (version 1.1) to provide further clarity to assist users of the API web services.
The Consolidated Reporting Guidance for RMBS, CMBS and Other ABS has been updated to provide further clarity to the data requirements. Refer to the change log tab for details.
The Consolidated Reporting Guidance for RMBS, CMBS and Other ABS has been updated to provide further clarity to the data requirements. Refer to the change log tab for details.
The CMBS and Other ABS Example Excel Data Submission Files (version 1.0) are now available.
The Consolidated OABS Reporting Guidance has been updated to provide further clarity to the data requirements. Refer to the change log tab for details.
The Consolidated RMBS Reporting Guidance has been updated to provide further clarity to the data requirements. Refer to the change log tab for details.
For further information, please refer to the link above.
Please download the updated Information Provider Progress Report, complete and send to securitisations@rba.gov.au by Wednesday, 8 October 2014.
The Consolidated RMBS Reporting Guidance has been updated to provide further clarity to the data requirements. Refer to the change log tab for details.
A summary of the Technical Delivery Forum Q&A discussion that took place on 21 August 2014 is now available.
The Cash Flow Waterfall XML Generation Tool has been updated to run on Microsoft Excel 2010 and 2013, both 32- and 64-bit versions. The Technical Support Notes have been revised to reflect this update.
The site has been updated with this new page to support the implementation of the Securitisation System.
A PDF containing the summary of the Technical Delivery Forum Q&A discussion that took place on 17 June 2014 is now available.
Please download the Information Provider progress report, complete and send to securitisations@rba.gov.au as soon as possible.
Please download the Information Provider Progress Report, complete and send to securitisations@rba.gov.au by Wednesday, 11 June 2014.
Please see this section for RBA responses to questions from information providers in relation to Technical Issues, Validation and Cash Flow Waterfall Model.
Please see this section for RBA responses to questions from information providers in relation to the Cash Flow Waterfall Model.
Please see this section for RBA responses to questions from information providers in relation to Technical Issues, Data Availability and Implementation Arrangements.
Please see this section for RBA responses to questions from information providers in relation to Transaction, Security, Loan and Pool Level, Data Availability and Implementation Arrangements.
Please download the updated Information Provider progress report, complete and send to securitisations@rba.gov.au as soon as possible.
Please download the updated Information Provider Progress Report, complete and send to securitisations@rba.gov.au by Wednesday, 9 April 2014.
Please see this section for RBA responses to questions from information providers in relation to Pool Level, Validation, Cash Flow Waterfall Model, Data Availability and Implementation Arrangements.
As a result of an open tender process, the Reserve Bank of Australia has awarded a contract to Lewtan Australia Pty Ltd (Lewtan) to supply and support the Securitisations System. The Securitisations System will collect, validate and store the securitisations data submitted by Information Providers, for use for risk management and analysis purposes within the RBA. The RBA will be working with Lewtan to deliver the Securitisations System in accordance with the timeline set out in the Implementation Arrangements section of the Securitisations Industry Forum website. Progress updates and details of the Securitisations System will be provided in the coming months via the Securitisations Industry Forum website.
Please see this section for RBA responses to questions from information providers in relation to Loan Level.
Please complete and send to securitisations@rba.gov.au as soon as possible.
Please see this section for RBA responses to questions from information providers in relation to Data Availability, Loan Level, Security Level and Transaction Level.
Please download the updated Information Provider Progress Report, complete and send to securitisations@rba.gov.au by Wednesday, 12 February 2014.
Please see this section for RBA responses to questions from information providers in relation to Loan Level, Security Level and Transaction Level.
Please see this section for RBA responses to questions from information providers in relation to Data Availability, Implementation Arrangements, Loan Level and validation.
Please see this section for RBA responses to questions from information providers in relation to Data Availability, Implementation Arrangements and Loan Level.
The implementation arrangements table has been updated for all asset backed securities.
These updates reflect the RBA's response to the new eligibility criteria for CMBS and Other ABS.
Please complete and send to securitisations@rba.gov.au as soon as possible.
Please see this page for RBA responses to questions from information providers in relation to Loan Level and Cash Flow Waterfall Model.
Please see this page for a complete implementation of the Cash Flow Waterfall Template for a hypothetical RMBS deal.
Please see this page for updated/new RBA responses to questions from information providers in relation to Loan Level.
Please download the updated Information Provider Progress Report, complete and send to securitisations@rba.gov.au by Wednesday, 11 December 2013.
Please see this section for RBA responses to questions from information providers.
Please see this section for RBA responses to questions from information providers.
Please complete and send to securitisations@rba.gov.au as soon as possible.
Please see this section for RBA responses to questions from information providers.
This letter from Assistant Governor Guy Debelle requests project manager contact details for industry progress reporting.
This will keep you updated with the latest news and notices on the Securitisations Industry Forum site.