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Part VI Leveraging Banking Capacity to Support the Wider Economy, 21 Securitization in the Capital Markets Union: One Step Forward, Two Steps Back

Gerard Kastelein

From: Capital Markets Union in Europe

Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 13 April 2024

Securities — Financial regulation

On 30 May 2017, the European Parliament, Council, and Commission reached a political agreement on the package of regulatory reforms of the European securitisation market. The package is aimed at facilitating the development of a securitisation market in Europe. The package represents the latest development of a negotiation process that started back in September 2015. The application date is expected to be 1 January 2019. Meanwhile, market participants have expressed uncertainties as to its effectiveness. This chapter considers the risk that the package will have a negative effect on the European securitisation market, resulting in further contraction. The primary focus of the chapter is on the rules on long-term securitisations as opposed to the short-term securitisations (asset-backed commercial paper).

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