With the aim of reducing complexity and improving transparency of Dutch securitisation transactions the Dutch originators worked closely together in developing a standard for Dutch Securitisation transactions (the Standard) both in respect of Documentation and Investor Reporting.
As is outlined in this document, the aim of the Standard is not to be prescriptive but rather to provide issuers with Templates to follow in respect of Documentation and Investor Reporting.
All issuing members of the DSA will be required to include a statement in the prospectus confirming that the table of contents of the prospectus is in line with the applicable Template, the glossary of defined terms in the prospectus and the respective Investor Reports will be based on the applicable Templates, and that any deviations from the relevant Templates are identified and explained. This also implies that it is not compulsory to issue a transaction compliant with the Standard: issuers could decide to issue a non-compliant transaction.
The Standard for Dutch RMBS, as introduced per November 2012 was developed in close cooperation with third parties such as investors, rating agencies and other stakeholders in Dutch Securitisation transactions. Going forward the DSA will continue to further develop and extend the Standard and will review and evaluate the Templates which are published on a regular basis.
Please note that in addition to the Standard for stand-alone RMBS transactions a separate (but very similar) version of the Standard has been developed to take into account the specificities of Master Issuer structures (both in respect of Documentation and Investor Reporting). Also a BTL version of the RMBS Standard is now available.
In September 2016 a Consumer Loan Securitisation standard, very similar to the RMBS standard was launched.
In the future, standards for other assets classes may be developed as well, next to the existing standards.
Please refer to the following document for more detail on the workings of the Standard document and the content of the Standard in respect of Documentation and Investor Reporting.