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REPORT (COM(2025)0825 – C100119/2025 – 2025/0825(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions as regards requirements for securitisation exposures

A-10-2026-0137

Committee on Economic and Monetary Affairs · Rapporteur: Ralf Seekatz

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the proposed regulation amends EU rules on prudential requirements for credit institutions regarding securitisation exposures, aiming to increase risk sensitivity and improve the significant risk transfer framework. It recalibrates risk weight floors and the (p) factor under SEC-IRBA and SEC-SA, introduces eligibility criteria for lower floors, replaces mechanical SRT tests with a principle-based approach, and adds self-assessment requirements for originators. It also extends transitional arrangements for certain government bond exposures, grandfathers existing securitisations, and requires reviews of the framework's effectiveness.

Committee position. The Committee on Economic and Monetary Affairs proposes amendments to the Commission's proposal, introducing more risk-sensitive capital requirements and a new significant risk transfer framework.

Key points

  1. Risk weight floors for senior securitisation positions become formula-based, reflecting underlying pool risk and STS status, with a minimum threshold.
  2. The (p) factor is reduced for senior positions under SEC-IRBA and SEC-SA, with caps introduced; changes for non-senior and non-STS positions are minimal.
  3. Eligibility criteria for senior positions in STS and non-STS securitisations allow lower risk weight floors and (p) factors, including specific attachment point requirements.
  4. The significant risk transfer (SRT) framework replaces mechanical tests with a principle-based approach; originators must submit self-assessments demonstrating SRT under base and stress conditions.
  5. Competent authorities may require higher transferred unexpected losses than 50% in individual cases; the permission-based approach is removed.
  6. EBA must develop regulatory technical standards specifying SRT calculation, structural features, self-assessment requirements, and fast-track principles.
  7. Securitisations issued before entry into force continue under old rules, but institutions may opt irrevocably to apply the new regime.
  8. Transitional arrangements for exposures to central governments and central banks of non-euro Member States denominated in euro are prolonged to 2034 with phased risk weights.
  9. The Commission must review the securitisation framework after 5 years, considering fundamental changes to risk weight formulas and the impact on financial stability.
  10. UCITS may acquire up to 20% of securities in a securitisation issued by a single issuing body, derogating from the general limit.

Who is affected

  • Credit institutions acting as originators, sponsors, or investors in securitisations, including smaller institutions using the standardised approach.
  • Competent authorities responsible for assessing significant risk transfer and supervising credit institutions.
  • The European Banking Authority (EBA), tasked with developing regulatory technical standards and receiving notifications.
  • UCITS funds, which may invest more in securitisations under the new derogation.

Figures and deadlines

  • 50% threshold for significant credit risk transfer, with competent authorities able to require more in individual cases.
  • Risk weight floors: 15% for senior positions, 10% for compliant senior positions, 15% for non-senior positions.
  • STS securitisation floors: 10% for senior, 5% for compliant STS senior, 15% for non-senior.
  • Transitional risk weights for euro-denominated exposures to non-euro Member States: 0% until 2030, then 20%, 40%, 60%, 80% in 2031-2034.
  • Large exposure limits for those exposures: 100% of Tier 1 capital until 2031, then 80%, 60%, 40% in 2032-2034.
  • UCITS may acquire up to 20% of securities in a securitisation issued by a single issuing body.

Legal basis: Article 114 of the Treaty on the Functioning of the European Union