The tax treatment of securitisations in Germany is a recurring source of uncertainty. This is due to both national and European requirements. A current example is the German Defence against Tax Haven Act (Steueroasen-Abwehrgesetz, StAbwG), which can be traced back to an EU initiative in the context of the international BEPS project (Base Erosion and
The PAIs for Securitisations Have Arrived – Tweaking the Exhaust Continues
On 8 July 2024, a Delegated Regulation from the European Commission to supplement the SECR came into force. This RTS relates to STS securitisations in the asset classes auto ABS and RMBS, i.e. securitisations backed by auto financing and residential property loans. The RTS specifies the content, methods, and presentation of information on the Principal
FSB publishes consultation report on the impact of financial market regulation since 2008 on securitisations
In summer 2023, the G20 Financial Stability Board (FSB) published a consultation paper on the effects of the amended financial market regulation on the securitisation market since 2008. TSI participated in this consultation together with the German Banking Industry Committee (see TSI kompakt from 22 September 2023). The FSB has now published the results and
EBA approves waiver for synthetic on-balance-sheet transactions in Italy
The EBA has responded positively to a request from the Italian securitiy markets authority Consob (which is also the competent authority in Italy under the Securitisation Regulation with regard to STS). Consob had proposed a deviation from the requirements of Article 26e(10) of the Securitisation Regulation for Italian banks. This decision could have a positive
AFME proposal to revive securitisations in Europe
The AFME report “EU Securitisation back on track – AFME’s 5-point plan” sets out comprehensive recommendations to revitalise the European securitisation market. The main proposals are summarised here: Increasing the risk sensitivity within the bank prudential framework: AFME proposes to increase the risk sensitivity within the banking prudential framework in order to strengthen the incentives
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