European Parliament agrees the text on STS securitisation

This morning, the ECON Committee of the European Parliament voted on its compromise text for the draft STS securitisation legislation. This text is not the actual legislation but is an amended version of the original European Commission text. This amended text will now be brought together with the Council text agreed last December and the two will be subject to a reconciliation process involving the Commission, the Council and Parliament - the trilogue negotiation. The result of this negotiation will be the final text to be voted on and become the STS law. The trilogue will, in all likelihood, begin […]

Rapporteur report on STS securitisation is published

Today, Paul Tang, as Rapporteur, published his preliminary report on STS securitisation. This report will form the basis for the discussions that will now take place within the European Parliament, starting with the first exchange of views amongst ECON Committee members next Tuesday.

Bloomberg covers the industry joint-note

Bloomberg covered the joint-note on STS securitisation in an article stressing some of the issues that required attention. (PCS is quoted). Although Bloomberg’s article legitimately covers the problems with the project, it should also be stressed that the joint-note, in our view, was aimed at correcting essential elements of an otherwise very positive initiative from policy makers and should not be seen as expressing a negative perspective on the initiative as a whole.

A new joint-note shows the depth of consensus over the European Commission’s securitisation proposals

A note on STS securitisation signed by 32 associations and market participants sets out aspects of the Commission’s simple, transparent and standardised securitisation proposals that would need modifications if the project is to revive the European securitisation market. The joint-note on STS securitisation, together with a similar joint position paper published by AFME/EFAMA/ICMA and Insurance Europe, shows the very strong, and unusual, degree of consensus amongst stakeholders over the additional steps necessary to allow securitisation to help fund the European economy. The signatories of the note – and the earlier joint position paper – represent issuers and investors, large and small […]

An excellent corrective piece on securitisation in the Financial Times

Today, the Financial Times published an excellent article penned by Alexander Batchvarov. The article on European securitisation (which lies behind a pay-wall) is a much needed corrective to the rich collection of “urban myths” that sadly still plague the general public’s perception of securitisation. As the article makes plain, securitisation is a technology and, like any other, can be used for good and not-so-good. But the record of this technology as it was deployed in Europe more than stands comparison with its peers.

Rapporteurs and some shadow rapporteurs are appointed by the European Parliament

Today the S&D and the EPP groups have appointed the rapporteurs and shadow rapporteurs on the two key securitisation files to be dealt with in 2016. On the STS securitisation file, as expected, the rapporteurship went to the S&D group in the person of Paul Tang, the Dutch MEP. The EPP shadow rapporteur will be Mr Karas, from Austria. On the CRR file, dealing with changes to the capital requirements for banks investing in securitisations, the rapporteurship will be held by the EPP in the guise of Pablo Zalba Bidegain from Spain. The S&D shadow rapporteur on the CRR file […]

The Council text on CRR Regulation is published

The Council text on the CRR Regulation, which now reflects the position that will be forwarded to the European Parliament has just been published. We expect to issue a fuller analysis as soon as possible.

The Council text on STS Regulation is published

The Council text on the STS Regulation, which now reflects the position that will be forwarded to the European Parliament has just been published. Upon a quick perusal this text seems to be another large step forward from the already excellent work done by the Commission. It appears to address many of the residual concerns that had been expressed by stakeholders, including ourselves, and in particular issues around ABCP and third party certification. We expect to issue a fuller analysis as soon as possible.

Insurance Europe publishes its response to the Commission's proposals on STS securitisation

Insurance Europe, the representative body of the European insurance industry, has published its response to the Commission's STS securitisation proposals. As with many stakeholders in European finance, Insurance Europe is favourable to the Commission's approach to reforming the regulations around securitisation through the STS definition. In common with most other voices in this debate, including PCS, it believes the proposed STS definition is broadly correct and workable. The response does focus though on some of the same issues to which we, at PCS, had drawn attention. These include the non-neutrality of capital charges. The inexplicably high degree of non-neutrality which […]

Oudea skeptical about the Commission’s proposals

Reuters has published an article quoting skeptical remarks made by Frederic Oudea, the boss of Societe Generale, on the impact of the Commission’s securitisation proposals. After an initial welcome of the Commission’s plans, these statements reflect the growing concern of many that despite 85% of the proposals being excellent, the 15% in need of further work may still derail the Commission’s ambition for a revived market. Investors concerns around the lack of a “common language” provided by third party certification, issuer concerns with the nature of the attestation required of them, general concerns about the issue of how a complex definition will […]

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