The European Commission is currently focusing on the implementation of the Savings and Investment Union (SIU), see TSI kompakt from 20 March. Against this background, it published a comprehensive consultation on 15 April, which asks the market about hurdles to the integration of European capital markets. The consultation is aimed in particular at market participants involved in the trading infrastructure (including trading operators, clearing counterparties, central securities depositories and trade repositories) as well as issuers, investors, asset managers and investment funds.
Core topics of the consultation
On the one hand, the consultation focuses on general barriers in the capital market. In particular, the following areas will be examined:
- Integration and modernisation of trading and post-trading infrastructures
- Optimising the distribution of funds across the EU
- Efficiency of the cross-border operations of asset managers
On the other hand, the question is asked about barriers that are specifically related to supervision.
The topic of securitisation is only mentioned in passing. The only question asked regarding securitisation is whether investment funds should be allowed to invest more than 10% in a single transaction. However, this is not surprising in light of last year’s comprehensive consultation on securitisation regulation.
Outlook
The EU is pushing ahead with the SIU. Legislative proposals have been announced for the fourth quarter of 2025 and are eagerly awaited, including the role of securitisation. Addressed market participants should therefore take the opportunity to respond to this consultation. The deadline is 10 June 2025.