欧洲央行-欧洲央行观点

of 11 November 2025 on (a) a proposal for a regulation amending Regulation (EU) 2017/2402 laying down a generalframework for securitisations and creating specific framework for simple, transparent andstandardised securitisation, (b) a proposal for a regulation amending Regulation (EU) 575/2013 on (CON/2025/35) Introduction and legal basis On 15 July 2025 and 9 September 2025, respectively, the European Central Bank (ECB) received requestsfrom the Council of the European Union and the European Parliament for an opinion on (a) a proposal for a regulation amending Regulation (EU) 2017/2402 laying down a general framework for securitisations andcreating a specific framework for simple, transparent and standardised securitisation1(hereinafter the ‘proposed amendments to the Securitisation Regulation’); and (b) a proposal for a regulation amendingRegulation (EU) 575/2013 on prudential requirements for credit institutions as regards requirements for The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on theFunctioning of the European Union, since the proposed regulations contain provisions affecting: (a) thebasic task of the European System of Central Banks (ESCB) of defining and implementing the monetary supervision of credit institutions. In accordance with Article 17.5, first sentence, of the Rules of Procedure General observations 1.Objectives of the proposed regulations and financial stability considerations 1.1The ECB welcomes the proposed regulations, which will improve the functioning of the Unionsecuritisation framework. A well-functioning Union securitisation market was already identified as animportant pillar of the initial Commission capital markets union (CMU) action plan in 2015, and is animportant element of the savings and investments union agenda. The proposed regulations are astep in the right direction to make further progress at Union level to (a) achieve economies of scale 1.2In response to the global financial crisis, the International Organisation of Securities Commissionsand the Basel Committee on Banking Supervision (BCBS) undertook a regulatory overhaul ofsecuritisations, drawing lessons from the crisis, which led to the introduction of risk retention 1.3Sustainable growth of the securitisation market requires simple and standard securitisations andsound prudential requirements that preserve adequate structuring incentives. Any potential changesto the regulatory framework should be assessed against the objectives of transparently transferring 1.4Overall, the ECB agrees with the conclusion set out in the 2022 European Supervisory Authorities’joint advice on securitisation5that improvement to the consistency and risk-sensitivity of the capitalframework for banks might be helpful, but that recalibrating the securitisation prudential framework 1.5Attentionshould be paid to the impact of the proposed amendments concerning syntheticsecuritisations, a segment that is already driving growth in the Union securitisation market. If notproperlymanaged by originator credit institutions,large synthetic securitisations can createprocyclicality due to rollover risk; this might have adverse effects on financial stability if the use ofsuch securitisations by credit institutions was to become significant. Large-scale use of syntheticsecuritisations may create three main vulnerabilities: (a) they enable banks to lend more to the 1.6The primary goals of securitisation should be to effectively transfer substantial risk away fromoriginating banks to other parts of the financial system which are well placed to take it according totheir risk appetite and investment mandates, and to diversify funding sources, both of which canunlock new lending within the economy. Traditional securitisations, based on true-sale structures, 2.Prudential supervision considerations 2.1Originator credit institutions generally use securitisation to reduce the amount of capital they arerequired tomaintain from a regulatory perspective or for funding purposes. If not managed institutions or the banking sector as a whole, as was seen during the global financial crisis. This iswhy long-term market development requires a genuine transfer of a significant majority of risks 2.2Targeted measures to lower regulatory requirements should be strictly limited to securitisationpositions of very high structural and credit quality, and should include appropriate safeguards toensure a robust securitisation market throughout the economic cycle. In this regard, it is welcomethat the Commission is seeking a targeted way to support the market by creating a new concept of 2.3The use of simple securitisation products, such as simple, transparent, and standardised (STS)securitisations, could have beneficial impacts on the securitisation market. New transactions shouldalso remain simple enough so that supervisors retain capacity to conduct their tasks and to keeppace with the growth of the market