From 15 December 2025 to 9 February 2026, the European Commission conducted a targeted consultation on its proposals to amend the Securitisation Regulation. This consultation explicitly covered only the proposed changes to the Securitisation Regulation and not to the CRR. Together with the German Banking Industry Committee (GBIC) , Leaseurope and Eurofinas, TSI submitted a joint response, addressing in particular the aspects of the Commission’s proposals outlined below.
Key points of the response
- Definition of public securitisation: The proposed redefinition would unintentionally capture numerous private transactions and therefore needs to be revised.
- Due diligence for non-EU transactions: The unchanged rules for transactions in third countries continue to place EU investors at a significant disadvantage compared with international competitors.
- Transparency requirements: The proposed adjustments are positive but still require clarification in certain details.
- STS and SSPE requirement: In traditional securitisations, the involvement of an SSPE should not be a prerequisite for obtaining STS status.
- STS and unfunded credit protection: The envisaged safeguards excessively restrict the range of potential (re-)insurers acting as providers of unfunded guarantees under STS and should be adapted to market realities.
- Further STS criteria: Some criteria are difficult to implement in practice and should be revised to ensure practical applicability.
- Sanctions regime: The proposed extension of sanctions would create uncertainty among investors and could increase market entry barriers.
Assessment of the consultation and outlook for the further legislative process
The Commission had already presented its reform proposals in June 2025. The timing of this consultation therefore came as something of a surprise, as the Council’s final position (see TSIkompakt of 19 December 2025) and the draft report of the European Parliament’s rapporteur (see TSIkompakt of 12 December 2025) were already available. The Parliament’s final position is expected by May, after which the trilogue negotiations will begin.
At the latest at this stage, the results of this consultation should also be taken into account.