Targeted consultation on the functioning of the EU securitisation framework

This consultation will be targeted specifically towards market participants with expertise in the European securitisation market: issuers, investors, sponsors, servicers, arrangers, third-party verifiers, and all other established actors active throughout the securitisation market; data repositories and rating agencies, industry associations, competent authorities, and research institutions.

Some questions are general, others are directed towards specific participants in the securitisation market, i.e. issuers, investors, or supervisors. As not all questions are relevant for all stakeholders, respondents should not feel obliged to reply to every question. The consultation will be published and made available for its 8‑week duration via the Commission’s central public consultations page in English. Replies can be provided in any of the 24 official EU languages.

Relaunching securitisation has been recommended in the report from Christian Noyer, the report from Enrico Letta and the report from Mario Draghi as a means of strengthening the lending capacity of European banks, creating deeper capital markets, building the European savings and investments union and increasing the EU’s competitiveness.

This 8‑week targeted consultation seeks to gather the views and collect evidence from relevant stakeholders who have practical with the current EU securitisation framework and its subsequent amendments, as well as its possible amendments evolution in the forthcoming review of the framework. This consultation seeks stakeholders’ feedback on a broad range of issues, including:

• The effectiveness of the securitisation framework
• Scope of application of the Securitisation Regulation
• Due diligence requirements
• Transparency requirements and definition of public securitisation
• Supervision
• The STS standard
• Securitisation platform
• Prudential and liquidity treatment of securitisation for banks
• Prudential treatment of securitisation for insurers
• Prudential framework for IORPs and other pension funds

Please note that in order to ensure a fair and transparent consultation process responses should be submitted through the online questionnaire.