On 19 March, the European Commission published a strategy paper on the new Savings and Investments Union (SIU). The SIU follows on from the European Capital Markets Union and builds on it accordingly. The aim of the SIU is to better connect savings with investments across European borders. To this end, households are to be given better access to the capital markets in order to improve financing opportunities for companies (for more information, see TSI kompakt from 3 February 2025).
Contents of the SIU – Planned measures for the securitisation market
The recently published strategy paper on the SIU contains several packages of measures, including the topics of retail investments in the capital market, pensions, equity investments, taxation and securitisation.
With regard to securitisation, the focus is on the same measures that have already been discussed in recent months (see TSI kompakt of 4 December 2024):
- Revision of capital requirements for banks and insurers
- Modification of due diligence requirements
- Refinement of the transparency regulations
It is particularly encouraging that the revision of capital requirements has not been omitted from the strategy paper as little has been heard from Brussels on this recently. It becomes interesting once again when one take a closer look at the topic of platforms: Unlike in the Noyer report (see TSI kompakt of 2 May 2024), this no longer refers to a single European and state-supported platform solution, but rather to several platforms supported by initiatives from the private sector or member states. The EIB is supposed to play a decisive role in this.
Outlook
Securitisations continue to be an important building block for upcoming financing projects in the EU. The Commission is also sticking to its ambitious plan to present concrete legislative proposals on securitisation regulation in the middle of the year. It remains to be seen what specific measures will be proposed and what role platforms will play. Until then, we at TSI will remain in close dialogue with Berlin and Brussels.