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DRAFT 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

ECON-PR-781372

Committee on Economic and Monetary Affairs · Rapporteur: Ralf Seekatz

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The draft report proposes amendments to the Commission's proposal amending the EU securitisation regulation. It redefines public and private securitisations, introduces repeat transactions, and adjusts due diligence, risk retention, and reporting rules. It also simplifies STS criteria, exempts certain public-guarantee securitisations from risk retention, and recalibrates sanctions for institutional investors.

Committee position. The rapporteur proposes amendments to the Commission proposal, mainly to keep the current definition of public securitisation, introduce repeat transactions, and make sanctions for investors proportionate.

Key points

  1. Defines public securitisation as one requiring a prospectus under Regulation (EU) 2017/1129; private securitisation is any other.
  2. Defines repeat transactions for simplified due diligence, requiring same originator, asset type, structural features, and similar name.
  3. Allows simplified due diligence for repeat transactions based only on changed elements, if investor bought a position in the previous 24 months.
  4. Exempts from risk retention securitisations where first-loss tranche is guaranteed by the Union or national promotional banks, and allows vertical slice retention for NPE securitisations with public guarantees.
  5. Requires private securitisations to report via a simplified template to national competent authorities, not to securitisation repositories.
  6. Allows STS label without an SSPE, by transferring title to the buyer of underlying exposures.
  7. Replaces homogeneity criteria with a list of asset types, deleting EBA regulatory technical standards.
  8. Deletes certain early amortisation triggers for private transactions and clarifies historical data requirements for STS.
  9. Caps administrative sanctions for institutional investors at twice the invested amount, unless prudential treatment applies.
  10. Designates a lead supervisor for cross-border securitisations, based on the originator contributing the highest proportion of exposures.

Who is affected

  • Institutional investors: face simplified due diligence for repeat transactions and a cap on sanctions.
  • Originators and sponsors: benefit from reduced reporting for private securitisations and clearer homogeneity rules.
  • National promotional banks: their guaranteed securitisations may be exempt from risk retention.
  • Insurance and reinsurance undertakings: eligibility criteria for providing guarantees are broadened.

Figures and deadlines

  • 24 months: period for repeat transactions due diligence.
  • 5%: minimum risk retention for non-performing exposure securitisations with public guarantees.
  • 5 years: historical data period for STS.
  • 3 years: historical data period for trade receivables.
  • EUR 5 billion: total assets threshold for insurance or reinsurance undertakings.
  • EUR 15 billion: consolidated assets threshold for parent undertaking.
  • 40%: share of non-life technical provisions excluding credit and surety classes.

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