The promotion of well-functioning cross-border debt securities markets, without unnecessary fragmentation, is at the heart of ICMA’s mission and a priority for ICMA’s members.
This includes a healthy,
efficient international securitisation market promoting global
diversification and financial stability. For this reason, ICMA is
supportive of the AFME request for relief in connection with the Report
from The Commission to the European Parliament and the Council on the
functioning of the Securitisation Regulation dated 10 October 2022 (the
"SECR Report"). The Commission’s interpretation of Article 5(1)(e) has
potential adverse consequences for EU investor choice and
diversification of risk and flows of capital in global markets.
Therefore, ICMA supports this AFME request for guidance to National
Competent Authorities to use their enforcement powers in a proportionate
and risk-based manner.
Letter to the Joint Committee of the ESAs - Securitisation Regulation - Request for Guidance on Article 5(1)(e)
ICMA
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