“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
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27 October 2026
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27 October 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
UK Regulatory Update: Permanent Recognition of EU STS Label / Principles-Based Regulation Pursued
For nearly a year, the securitisation industry in the EU has been closely monitoring developments in Brussels. However, the United Kingdom is also advancing its post-Brexit securitisation framework, adopting approaches that – from a practitioner’s perspective – could provide the UK market with a long-term competitive advantage over the EU (see also TSI kompakt, 17
10th European Benchmark Exercise Report – Market Segment Remains Stable with Financing Volume of €250 Billion
As part of the market-driven initiative by TSI, AFME and EDW, the tenth European Benchmark Exercise (EBE) Report as of 31 December 2025 was published today. The aim of the EBE is to increase market transparency for private true-sale securitisations in the EU and the UK. These include both ABCP and balance-sheet-funded securitisations. Synthetic securitisations