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DRAFT 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

ECON-PR-779726

Committee on Economic and Monetary Affairs · Rapporteur: Ralf Seekatz

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The draft report proposes amendments to the Commission's regulation on prudential requirements for credit institutions regarding securitisation exposures. It adjusts risk weight formulas, floors, and eligibility criteria for senior securitisation positions, and extends certain treatments to traditional securitisations. The report also amends the UCITS directive to allow higher investment limits in public securitisations and calls for a review of the securitisation market after five years.

Committee position. The rapporteur proposes amendments to the Commission's proposal, simplifying the resilient concept for synthetic securitisations, extending it to traditional securitisations, and adjusting risk weight formulas and floors.

Key points

  1. Reduces the (p) factor and introduces caps for senior securitisation positions under SEC-IRBA and SEC-SA approaches.
  2. Removes the requirement for ongoing assessment of eligibility criteria for senior positions, assessing only at origination date.
  3. Deletes the definition of 'senior securitisation position' based on KIRB or KA thresholds, avoiding reclassification of senior positions.
  4. Extends the exception for trade receivables to all institutions, not just ABCP, when credit risk is fully covered by eligible protection.
  5. Applies the resilient senior treatment to traditional securitisations, including ABCP, and synthetic securitisations fulfilling criteria at origination.
  6. Lowers the attachment point threshold for senior positions from 1.5*KA to 1.1*KA under SEC-SA.
  7. Removes the exclusion of investor positions from the resilient treatment, treating originators, sponsors, and investors equally.
  8. Adjusts risk weight floors for senior positions, introducing caps and lower percentages, e.g., floor = min(15%; max(12%; 12%*KIRB*12.5)).
  9. Requires EBA to ensure that regulatory technical standards on significant credit risk transfer do not increase supervisory burden.
  10. Extends the review period for the securitisation framework from four to five years after entry into force.
  11. Amends the UCITS directive to allow UCITS to acquire up to 70% of securities in public securitisations, derogating from the 10% limit.

Who is affected

  • Credit institutions that originate, sponsor, or invest in securitisations, including synthetic and traditional, will see changes in capital requirements.
  • UCITS funds will be able to invest more heavily in public securitisations.
  • Covered bond issuers may be affected by adjustments to maintain balance with securitisation treatment.

Figures and deadlines

  • Attachment point threshold reduced from 1.5*KA to 1.1*KA.
  • Risk weight floor for senior positions: min(15%; max(12%; 12%*KIRB*12.5)).
  • Risk weight floor for resilient senior positions: min(15%; max(10%; 12%*KIRB*12.5)).
  • Risk weight floor for STS senior positions: min(10%; max(4%; 7%*KIRB*12.5)).
  • p factor for senior positions reduced to 0.25 under SEC-SA.
  • Review period extended from 4 to 5 years after entry into force.
  • UCITS may acquire up to 70% of securities in public securitisations.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union