The content and format of the documentation used for securitisation transactions deviates significantly between transactions. This is hardly surprising given the number of originators, legal counsels, credit rating agencies and investors involved.
All Dutch originators and the legal counsels agreed that it would be impossible to arrive at one single standardised set of transaction documentation given
- the existing differences in underlying loan documentation between originators,
- the differences in underwriting and servicing processes and
- the different objectives that the originators aim to meet.
However, originators and legal counsels also agreed that significant steps could be taken in reducing the complexity of Dutch securitisation transactions by standardising certain aspects of the Prospectus. In order to comply with the Standard, a statement should be included in the Prospectus that confirms 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.
The table of contents and the glossary of defined terms in a Prospectus must follow the applicable Template as published by the DSA at the time of approval of the Prospectus by the competent authority (or, if no approval is obtained, on the date of issue of the Notes) and no subsequent updates will be required to meet any subsequent changes to the applicable Template.
Please find below the Template Table of Contents and Template Glossary of Defined Terms of Dutch RMBS transactions:
Furthermore, the Members of the DSA have agreed upon a standardised overview of the Dutch residential mortgage market (updated February 2020). All RMBS prospectusses contain a section on the characteristics and developments of the Dutch mortgage market. This section in the prospectus should contain unbiased and objective information, and therefore it is in the interest of all stakeholders that all prospectusses provide the same up to date information. An archive of this standardised section of the prospectus is located on this page.
Below you can find the Template Table of Contents and Template Glossary of defined Terms of the Dutch Consumer Finance ABS standard.
And the Dutch Buy-to-Let (BTL) RMBS standard: