Her Majesty's Treasury has published early its response to the European Commission's consultation on the Capital Markets Union (CMU). On the securitisation chapter, HMT's response is supportive of the introduction of a definition of qualifying securitisation through a EU directive. The response was published early (as the deadline in May 13th) to respect the convention whereby the civil service eschews the publication of policy documents close to a general election. The British government's position, which we welcome, appears very much in line with the current direction of travel on securitisation within the Commission. It would seem that growing support is gathering for the implementation of a definition of qualifying securitisation at a European level through a single legislative act. If this does become official policy, one might - with a fair wind- see such a draft act published in the autumn.