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Common rules and new framework for securitisation [EU Legislation in Progress]

Written by Angelos Delivorias (2nd edition),

Common rules and new framework for securitisation

© Kurt Kleemann / Fotolia

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).

Versions:

 

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
Committee responsible:

Rapporteur:

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
Committee

Stage: draft report

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The content of all documents (and articles) contained in this blog is the sole responsibility of the author and any opinions expressed therein do not necessarily represent the official position of the European Parliament. It is addressed to the Members and staff of the EP for their parliamentary work. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy. Copyright © European Union, 2014. All rights reserved

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