RBA Securitisations Industry Forum

Important Reminder – Six Weeks until Mandatory Reporting Commences

From 30 June 2015, compliance with the new reporting requirements will be necessary for asset-backed securities to be considered eligible securities for repo by the Reserve Bank.

Many Information Providers (IPs) are actively engaged in testing in the Reserve Bank's Industry Test Environment, and some have already commenced voluntary reporting to the Securitisation System.

If you are required to submit data under the new repo eligibility requirements, there is now only six weeks left to ensure your data quality and submission processes are in order before the commencement of mandatory reporting on 30 June.

If you have not already done so, please contact the Securitisation Support Centre (contact details below) to make arrangements to commence testing. You must also register your Deal Data and IP details via the web forms. The Securitisation Support Centre is available to assist you with testing and any other queries you may have.

Securitisation Support Centre
Email ssc@rba.gov.au
Phone 1800 919 211

It is a requirement that IPs submit real submission data for each deal in the Industry Test Environment before commencing reporting on that deal to the Securitisation System. This is to assess the quality of your data before submission to the Securitisation System.

Industry testing experience to date has showed it is an iterative process for IPs to achieve a successful submission of the required data quality to the Securitisation System. It is critical that you allow as much testing time as possible so that this learning process occurs prior to the mandatory reporting period. Common data quality issues encountered by IPs in testing to date include:

• incorrect/incomplete ABNs – it is very important to ensure the correct and complete ABN is reported for the entities playing the various roles in a deal
• varying from specified list of reporting options – where a specified list of possible values to report is provided in the Consolidated Reporting Guidance, it is very important that the field is completed with an exact match to the list of options. Any variation from the specified options (even one word or letter) cannot be processed by the RBA's systems.

Securitisation data are required to comply with the Consolidated Reporting Guidance. Checks for some aspects of this reporting guidance are automated in the Securitisation System (See Securitisation System Validations). In addition, if RBA analysis at any point uncovers data quality issues in relation to other aspects of the reporting guidance, Information Providers (IPs) may be required to resubmit data in order to comply with the reporting requirements. Please also note that the automated data validations will be adjusted over time, depending on the experience with the reported data.

Please be aware that from 30 June 2015, decisions around repo-eligibility of a security will be made by the Reserve Bank taking into account all relevant information, including whether data have been successfully submitted to the Securitisation System for the deal.