Written by Angelos Delivorias (2nd edition),
In autumn 2015, the European Commission proposed, in the context of the Capital Markets Union initiative, a regulation on securitisation. The proposal followed a consultation with stakeholders and took into account initiatives at global (IOSCO) and European levels (EBA). The Commission’s aim is to restore investor confidence in securitisation transactions and contribute to reviving the real economy through increased financing and targeted risk allocation. The proposal replaces existing rules relating to due diligence, risk retention, transparency and supervision with a uniform regime. It provides a framework to identify simple, transparent and standardised (STS) securitisations and to allow investors to analyse associated risks. The proposal came as a package with a second proposal, to amend the Capital Requirements Regulation applicable to credit institutions and investment firms in respect of securitisation. In November 2015, the Council agreed its approach on both proposals.
See also our briefing on the related proposal: 2015/0225(COD).
- July 2016: Common rules and new framework for securitisation (2nd edition)
- January 2016: Common rules and new framework for securitisation (1st edition)
|Proposal for a Regulation of the European Parliament and of the Council laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012|
|Economic and Monetary Affairs (ECON)
Paul Tang (S&D, The Netherlands)
COM(2015) 472 of 30.09.2015
procedure ref.: 2015/0226(COD)
Ordinary legislative procedure
|Next steps expected:||Discussion of amendments and vote in