According to our information, negotiations in the European Parliament are dragging on, particularly regarding CRR topics, with political compromises currently being negotiated. Against this backdrop, and in order to ensure that the key substantive positions of the industry do not fall out of focus, TSI, together with the Association of German Banks, support joint industry positions under the leadership of AFME.
Due to the tight timeline – the European Parliament’s position is expected to be finalised by early May – the industry positions focus on the most important core issues and central challenges of the current proposals. The joint letters address CRR and SECR separately and have been sent, among others, to members of the European Parliament.
Key points of the papers
The main contents of the letters are summarised below:
CRR
- No application of the resilience concept to traditional securitisations
- No preferential treatment for individual asset classes or transaction types (ABCP/non-ABCP)
- Elimination of the distinction between originator/sponsor and investor positions
SECR
- No introduction of an additional sanction regime
Assessment
From the perspective of the participating organisations, the above points represent the most significant obstacles to promoting the securitisation market in Europe. If effectiveregulatory relief is to be achieved—leading to market growth and attracting new investors—these issues in particular must be addressed as a matter of urgency.
Outlook
Crunch time: the ECON Committee of the European Parliament aims to agree on a majority-backed position in the first week of May. This would clear the way for the trilogue. According to our current understanding, progress there could be swift: the latest compromise texts appear to have moved noticeably closer to the Council’s position (see TSIkompakt of 19 December 2025). This therefore requires further refinement.