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REPORT (COM(2025)0826 – C100124/2025 – 2025/0826(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation

A-10-2026-0138

Committee on Economic and Monetary Affairs · Rapporteur: Ralf Seekatz

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✦ In short · AI summary of this text, generated 4 Sept 2026

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 amending the EU securitisation framework introduces definitions of public and private securitisations, streamlines due diligence, and adjusts reporting requirements. It exempts certain guaranteed or public-backed transactions from due diligence and risk retention, and shifts supervision of STS securitisations and third-party verifiers to the EBA and ESMA. It also revises homogeneity criteria for SME pools, updates rules for synthetic securitisations, and requires a Commission review after five years.

Committee position. The Committee on Economic and Monetary Affairs proposes to amend the Commission proposal, introducing definitions, streamlining due diligence, and shifting supervisory responsibilities to EBA and ESMA.

Key points

  1. Introduces definitions of public and private securitisations, with public ones requiring a prospectus or active management of the underlying pool.
  2. Defines repeat transactions to allow simplified due diligence for subsequent investments with the same originator and asset type.
  3. Adjusts investor due diligence: third-country issuers need only provide substantively equivalent information, and verification of STS compliance is not required if a third-party verifier confirmed it.
  4. Exempts from due diligence positions guaranteed by multilateral development banks or where the first loss tranche is held or guaranteed by listed entities, with specific thresholds.
  5. Allows delegating institutional investors to instruct delegates to perform due diligence, with sanctions on the delegate if it fails.
  6. Clarifies the 'sole purpose test' for originators, allowing SME lenders to demonstrate securitisation as a financing means, and requires EBA to specify criteria.
  7. Requires aggregated reporting for highly-granular pools and a simplified template for private securitisations, with data not publicly disclosed.
  8. Mandates a reduction of at least 35% in mandatory data fields in reporting templates.
  9. Deems a pool homogeneous if at least 70% of exposures are to SMEs, with other conditions, for STS purposes.
  10. Updates rules for synthetic securitisations: allows unfunded credit protection under conditions, caps synthetic excess spread, and clarifies loss allocation.
  11. Transfers authorisation and supervision of third-party verifiers to ESMA, and direct supervision of STS compliance to EBA, with new sanctioning powers.
  12. Requires the Commission to review the regulation after five years, assessing market effects, SME funding, and potential equivalence for third countries.

Who is affected

  • Institutional investors: face streamlined due diligence, exemptions for guaranteed positions, and potential sanctions for non-compliance.
  • Originators, sponsors, and SSPEs: new reporting obligations, simplified templates for private securitisations, and supervision by EBA for STS.
  • Third-party verifiers: now authorised and supervised by ESMA, with fees and potential sanctions.
  • Insurance and reinsurance undertakings: may provide unfunded credit protection under STS if meeting size and diversification criteria.
  • SME lenders: benefit from relaxed homogeneity criteria and sole purpose test clarifications.

Figures and deadlines

  • At least 70% of exposures in a pool must be to SMEs to be deemed homogeneous.
  • Reduction of at least 35% in mandatory data fields in reporting templates.
  • First loss tranche thresholds: 15% for non-STS and 10% for STS securitisations.
  • Due diligence documentation for secondary market investments within 15 calendar days.
  • Historical data period of five years, except three years for trade receivables.
  • Insurance undertaking total assets exceed EUR 10 billion, or group assets exceed EUR 15 billion.
  • Maximum administrative pecuniary sanctions of at least EUR 5,000,000 or 10% of annual net turnover.
  • Commission review report due five years after entry into force.

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