On Monday 10 October 2022, the European Commission published its long-awaited report on the functioning of the EU Securitisation Regulation. The Report is the first substantive review of the EU’s securitisation framework since the EUSR entered into force in 2019. No major legislative changes are proposed, however, and many market participants will be disappointed with the Commission’s decision not to pursue certain changes (for instance, redrawing the line between public and private securitisations). There is more promise elsewhere, though: the Commission have invited ESMA to review the transaction reporting templates and to draw up a dedicated reporting template for private securitisations, which may lead to a more targeted disclosure framework in due course.
The key takeaways and our preliminary views on some of the Commission’s recommendations are set out in the briefing note accessible below.
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