AFME takes note of the vote by the European Parliament’s Committee on Economic and Monetary Affairs (ECON), which establishes the Committee’s position on the review of the Securitisation Regulation (SECR) and the Capital Requirements Regulation (CRR), intended to help revive the EU securitisation market.
While AFME members are continuing to study the final outcome of today’s vote, early analysis suggests that, despite some positive steps compared with the Commission’s proposal, the changes adopted are unlikely to be transformative in unlocking incremental financing. In particular, the current approach to the prudential treatment of mortgages and non‑STS securitisations risks constraining the market’s ability to scale in a meaningful way, including its capacity to free up bank capital and support SME financing. Moreover, ECON’s approach to sanctions risks acting as a strong deterrent to investors who might otherwise consider re‑engaging with the asset class.
As the legislative process now moves into trilogue negotiations, AFME remains committed to acting as a constructive and trusted partner to policymakers. We will continue to contribute data‑driven analysis and evidence‑based recommendations to support an effective framework that delivers tangible benefits to the real economy.
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