Following intensive negotiations, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) yesterday adopted its position on the revision of the securitisation framework. Rapporteur Ralf Seekatz succeeded in securing a majority across the political centre. This paves the way for a timely start of the trilogue negotiations.
Substantive changes in ECON
Building on Seekatz’s strongly market-oriented draft report (see TSIkompakt of 12 December 2025), ECON has moved closer in key areas to the position of the European Council (see TSIkompakt of 19 December 2025). The main changes at a glance:
CRR
- The originally proposed simplified resilience concept has largely been aligned again with the European Commission’s proposal. Only a limited number of asset classes remain exempt; moreover, the distinction between originators/sponsors and investors has been partially reintroduced. This increases complexity and may lead to unequal treatment.
- Risk-weight floors have been raised.
- The p-factors go beyond the level of ambition of the Commission’s proposal and, in the most favourable case, are aligned with the current Boyer transitional arrangement.
SECR
- Bureaucratic requirements are being expanded, for example through more detailed specifications for highly granular portfolios at Level 2 and through an extension of European supervision for STS securitisations and third-party verifiers.
- The sanctions regime is being broadened, which could potentially deter new investors.
- In the area of unfunded credit protection provided by insurers, very restrictive safeguards are being introduced, which many European insurance companies are unlikely to be able to meet.
Conclusion
TSI and the Association of German Banks, which have closely accompanied the ECON process, expressly welcome the agreement as an important step towards a revised securitisation framework. The objective remains to conclude the legislative process in 2026. At the same time, several initially promising elements have been weakened over the course of the negotiations.
To the joint press release by BdB & TSI
CRR: Compromise Texts A&B
CRR: Compromise Text C (Recitals)
SECR: Compromise Texts A&B
SECR: Compromise Text C (Recitals)
SECR: Compromise Text D (Recitals)