Today, the European Commission publishes its Green Paper on the Capital Markets Union. In the paper its sets out five priority for early action, of which the building of a sustainable securitisation market is one. Underlying the seriousness with which the Commission is approaching the securitisation brief, together with the Green Paper was published a consultation on securitisation. This consultation, with a May 13 deadline, requests stakeholder views on the notion of a bifurcated approach to the regulation of securitisation similar to that which PCS has been advocating since its inception. In particular, the consultation explicitly addresses the possibility of a revision to the bank capital rules for bank investors in securitisations. PCS views both these papers as milestones towards the creation of a strong and safe securitisation market in Europe.