Securitisation initiative

The Commission securitisation initiative adopted today is a package of two legislative proposals

• A proposal for a Securitisation Regulation that will apply to all securitisations and include due diligence, risk retention and transparency rules together with the criteria for Simple, Transparent and Standardised ("STS") Securitisations
   
• A proposal to amend the Capital Requirements Regulation to make the capital treatment of securitisations for banks and investment firms more risk-sensitive and able to reflect properly the specific features of STS securitisations. As the prudential treatment of securitisations for insurers is laid down in level 2 texts, future adjustments will come at a later moment. The same applies to banks and investment firms as regards the prudential treatment for liquidity purposes which is included in a Delegated Act that will be amended at a later stage.

These rules aim to re-establish a safe securitisation market in Europe by differentiating simple, transparent and standardised securitisation products from more opaque and complex ones.

More information:

• Press release on the Action plan on building a capital markets union
• Frequently Asked Questions on the Action plan on building a capital markets union
• Frequently Asked Questions on Securitisation
• Impact assessment:
  • Executive summary
  • Full text
  • Opinion of the Regulatory Scrutiny Board on the impact assessment