{"id":7907,"date":"2025-06-26T15:21:10","date_gmt":"2025-06-26T13:21:10","guid":{"rendered":"https:\/\/www.tsi-kompakt.de\/?p=7907"},"modified":"2025-08-12T11:28:37","modified_gmt":"2025-08-12T09:28:37","slug":"esma-publishes-feedback-on-the-consultation-on-the-ucits-eligible-assets-directive-feedback-on-securitizations-controversial","status":"publish","type":"post","link":"https:\/\/www.tsi-kompakt.de\/en\/2025\/06\/esma-publishes-feedback-on-the-consultation-on-the-ucits-eligible-assets-directive-feedback-on-securitizations-controversial\/","title":{"rendered":"ESMA publishes feedback on the consultation on the UCITS Eligible Assets Directive &#8211; feedback on securitisations controversial"},"content":{"rendered":"<p><span data-contrast=\"auto\">UCITS (Undertakings for Collective Investments in Transferable Securities) funds may invest in securitisation, subject to a concentration limit of 10%. As part of a consultation on the UCITS Eligible Assets Directive (see <\/span><a href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/04\/eu-commission-consults-hurdles-to-capital-markets-integration-against-the-background-of-the-siu-securitisations-only-mentioned-in-passing\/\"><span data-contrast=\"none\">TSI kompakt of 15 April 2025<\/span><\/a><span data-contrast=\"auto\">), ESMA discussed the pros and cons of adjusting the concentration limit with market participants.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span data-ccp-props=\"{}\"><br \/>\n<\/span>Mixed feedback from the fund industry<\/h3>\n<p><span data-contrast=\"auto\">The majority of consultation participants emphasised the importance of securitisation for the EU capital market. They highlighted their contribution to the growth of the real economy and see the revision of the European securitisation framework as an opportunity. Some proponents pointed to advantages such as higher returns, diversification in times of stress and positive performance in the past. Critics, however, warned of risks, including discrepancies between expected cash flows and the performance of the underlying exposures, as well as credit and counterparty risks.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span data-ccp-props=\"{}\"><br \/>\n<\/span>Recommendations and measures<\/h3>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Reduction of due diligence requirements:<\/span><\/b><span data-contrast=\"auto\"> Some call for less complex and redundant requirements for institutional investors, as these are considered too burdensome.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Adjustment of transparency requirements:<\/span><\/b><span data-contrast=\"auto\"> Proposals include improving disclosure rules.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Additional regulations:<\/span><\/b><span data-contrast=\"auto\"><span data-contrast=\"auto\"> Another response was to allow only STS-securitisations for UCITS funds as well as listing requirements for such debt instruments.<\/span><\/span><\/li>\n<\/ul>\n<h3>Outlook<\/h3>\n<p><span data-contrast=\"auto\">ESMA takes note of the different positions and recommends discussing further changes in future revisions of the UCITS Directive. A consultation is planned for 15 October 2025. The aim is to create balanced regulation that both promotes growth and limits risks. The results of these discussions will certainly also influence the current legislative proposals to strengthen the securitisation markets in Europe (see <\/span><a href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/06\/european-commission-publishes-legislative-proposals-on-securitisations\/\"><span data-contrast=\"none\">TSI kompakt of 17 June 2025<\/span><\/a><span data-contrast=\"auto\">).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><a class=\"tsi-link\" href=\"https:\/\/www.true-sale-international.de\/fileadmin\/tsi-gmbh\/downloads\/TSI_Kompakt\/ESMA34-2087785638-1548_Final_report_on_the_Technical_Advice_on_the_review_of_the_UCITS_EAD.pdf\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"auto\">ESMA final report on the review of the UCITS Eligible Assets Directive<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UCITS (Undertakings for Collective Investments in Transferable Securities) funds may invest in securitisation, subject to a concentration limit of 10%. As part of a consultation on the UCITS Eligible Assets Directive (see TSI kompakt of 15 April 2025), ESMA discussed the pros and cons of adjusting the concentration limit with market participants.\u00a0 Mixed feedback from<\/p>\n<div class=\"read-more\">\n<div class=\"more-dotted-line\"><\/div>\n<p><a class=\"moretag\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/06\/esma-publishes-feedback-on-the-consultation-on-the-ucits-eligible-assets-directive-feedback-on-securitizations-controversial\/\">Read More<\/a><\/div>\n","protected":false},"author":25,"featured_media":6202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[847],"tags":[1233,880,970,709,698,942,720,746,913,755,1234],"class_list":["post-7907","post","type-post","status-publish","format-standard","has-post-thumbnail","category-regulatory-update-en-2","tag-capital-market-financing","tag-capital-markets-union-en","tag-capital-markets-union-en-2","tag-esma-en","tag-european-securitisation-market","tag-regulation-en","tag-verbriefung-en","tag-securitisation-en-2","tag-sts-regulation","tag-sts-verbriefung-en","tag-ucits-funds-en","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ESMA publishes feedback on the consultation on the UCITS Eligible Assets Directive - feedback on securitisations controversial - TSI kompakt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/06\/esma-publishes-feedback-on-the-consultation-on-the-ucits-eligible-assets-directive-feedback-on-securitizations-controversial\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ESMA publishes feedback on the consultation on the UCITS Eligible Assets Directive - feedback on securitisations controversial - TSI kompakt\" \/>\n<meta property=\"og:description\" content=\"UCITS (Undertakings for Collective Investments in Transferable Securities) funds may invest in securitisation, subject to a concentration limit of 10%. As part of a consultation on the UCITS Eligible Assets Directive (see TSI kompakt of 15 April 2025), ESMA discussed the pros and cons of adjusting the concentration limit with market participants.\u00a0 Mixed feedback fromRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/06\/esma-publishes-feedback-on-the-consultation-on-the-ucits-eligible-assets-directive-feedback-on-securitizations-controversial\/\" \/>\n<meta property=\"og:site_name\" content=\"TSI kompakt\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-26T13:21:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-12T09:28:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2019\/11\/Fotolia_157513654_EBA-und-NPL-Verbriefungen.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"849\" \/>\n\t<meta property=\"og:image:height\" content=\"566\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aminata Camara\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aminata Camara\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/06\\\/esma-publishes-feedback-on-the-consultation-on-the-ucits-eligible-assets-directive-feedback-on-securitizations-controversial\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/06\\\/esma-publishes-feedback-on-the-consultation-on-the-ucits-eligible-assets-directive-feedback-on-securitizations-controversial\\\/\"},\"author\":{\"name\":\"Aminata Camara\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#\\\/schema\\\/person\\\/ecb6fb4da24d4ea92f962fafaf29ee79\"},\"headline\":\"ESMA publishes feedback on the consultation on the UCITS Eligible Assets Directive &#8211; 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