“It’s complicated” – this phrase certainly applies to the structuring of securitisation transactions in general, and even more so to cross-border deals. Here, EU Directive (EU) 2026/799 provides a solution. Without directly addressing securitisation – and independently of the ongoing revision of the European securitisation framework – the EU legislator has turned its attention to
Archives for June 2026
ECJ ruling comes at an inopportune time – market practice regarding the treatment of VAT on servicing in ‘true sale’ securitisations called into question
ECJ narrows scope of tax exemption The Court of Justice of the European Union has clearly narrowed the scope of the tax exemption for the servicing of credit claims following a transfer of claims. If an originator continues to service transferred loans in return for remuneration, the exemption under Article 135(1)(b) to (d) of the
Luxembourg advances the modernisation of its financial centre
Luxembourg overtakes Brussels in modernising its securitisation framework at its domestic financial centre. A modern financial centre must fundamentally adapt to changing conditions. In an environment of increasingly restrictive banking regulation and higher capital costs, asset-backed and more capital-structure-driven financing is gaining importance. To accommodate these more complex transaction structures, Luxembourg aims to further modernise