Securitisation data are required to comply with the RMBS, CMBS and Other ABS XML Schemas (refer to Support Material) and the Consolidated Reporting Guidance for RMBS, CMBS and Other ABS (refer to Data to be Reported). The Securitisation System applies validation checks to securitisation data at the time of submission in order to ensure data quality, and provides automatic feedback to Information Providers (IPs). The validations will be refined over time, based on the RBA's experience with data quality once reporting commences. In the event that the RBA uncovers data quality issues in its analysis of the securitisation data, IPs will also be notified and may be required to resubmit data.
Securitisation System Validations Information [PDF] – last updated: 1 February 2017
The RBA will communicate the activation of the validation rules through the Securitisation System Active Rules document below. The validation rules will typically be introduced with the ‘Warning’ severity for a stated duration, and then updated to a ‘Fail’ severity thereafter.
The Severity definitions are:
- Warning – if the rule is not satisfied the submission will still be accepted and a system-generated message will inform the IP that the test condition was not satisfied. The ‘Warning’ feedback identifies a field or rule the RBA would like the issuer and IP to review in their future submissions, as the ‘Warning’ result will (that if unchanged) become a ‘Fail’ result at some point in the future.
- Fail – if the rule is not satisfied, the submission will be rejected and a system-generated message will inform the IP that the test condition was not satisfied.
Please see the below Securitisation System Active Rules document for detailed information.
Securitisation System Active Rules [XLSX] – last updated: 2 January 2019