On 12 December 2025, European Parliament rapporteur Ralf Seekatz presented a draft report on the reform of the Securitisation Regulation (SECR) and the Capital Requirements Regulation (CRR) (see TSI kompakt of 12 December). By 27 January 2026, Members of the European Parliament (MEPs) had submitted around 500 amendments. The picture appears quite heterogeneous, with party political positions varying: Conservatives and Liberals largely support the draft, while Social Democrats and Greens have more fundamental reservations about securitisation.
Next Steps
The rapporteur’s next challenge is to consolidate the amendment proposals and find a compromise solution capable of crafting a majority. Such a compromise appears feasible within the democratic centre of the European Parliament. It is crucial to consider the industry’s core demands, which the TSI – working closely with the BdB – has repeatedly presented in Brussels and Berlin over the past six months (for example, TSI kompakt of October 13).
Timetable for Negotiations
To our knowledge, the Parliament’s Committee on Economic and Monetary Affairs (ECON) will first negotiate the SECR parts in the coming weeks, followed by the relevant CRR rules. A final report is expected to be available in May 2026. Trilogue negotiations with the Council and the Commission will then begin, likely at the start of the second half of the year. In the run-up to this, the industry’s concerns must be emphasised.
Source (partial publications):
www.europarl.europa.eu/committees/en/econ/documents/latest-documents