18 May 2015

ALFI（ルクセンブルク・ファンド業協会）、欧州委員会の証券化に関する市中協議へコメント、高品質な証券化の枠組みにより更なる金融市場の統合が可能になると指摘

On 18 February 2015, the EU Commission presented a consultation on an EU framework for simple, transparent and standardised securitisation. The wish to create a sustainable market for high-quality securitisation which is part of the Commission’s Investment Plan for Europe announced on 26 November 2014 was identified as one of the five areas where short-term action was needed.

In terms of building a market for high-quality securitisation, the Commission, together with other European authorities and central banks, has encouraged the development of a framework that better reflects the different characteristics of securitisations within the strengthened EU regulatory environment. The first step is to identify sound instruments based on clear eligibility criteria. The second step is to adjust the regulatory framework to allow a more risk-sensitive approach.

Further guidance on practical application of the criteria will need to be developed. The Commission should emphasise on the harmonisation of STS criteria across different regulations and propose STS criteria that underline the importance of STS securitisation for the economy and support the revival of the securitisation markets. In this context, the Commission should link its activities at least to the efforts undertaken by EBA and BCBS-IOSCO to develop securitisation criteria. Both, EBA and BCBS-IOSCO, inquired securitisation stakeholders and have received important and detailed feedback that should be considered as a building block for STS criteria.

We propose that all actions in setting STS criteria should be undertaken with the objective of identifying robust and simple criteria practically useful for harmonising regulations across industries and regulatory purposes. In order to provide a harmonised set of STS criteria further guidance on practical application of the criteria will need to be developed to reduce complexity for all securitisation stakeholders in an international context.

Short-term securitisation instruments may provide an important funding source for the European economy, mainly trade receivables, but also short-term loans or leases or other short term assets. The Commission should undertake efforts to develop one single set of STS criteria only and integrate short term securitisation instruments, such as ABCP, into the catalogue of STS criteria without being distinctive for long-term or short-term securitisation instruments.

Complexities and inconsistencies are an important hurdle to the development of the European securitisation market. Market participants look for clarity and consistency. The current situation discourages an important number of market players to engage in securitisation transactions (be it on the seller side or the investor side). The applicable regulation is far from being clear and there are important inconsistencies. In addition, the various regulators adopt different approaches and some are very reluctant to provide any guidance. The market players are currently very concerned that they commit a breach of law in this over regulated and complex area.

This climate of uncertainty (or even anxiety) definitely prevents the development of a successful European securitisation market. The SFS securitisation instrument should include clear provisions and criteria to which sector specific legislation could refer to avoid (or at least considerably reduce) inconsistencies. In addition, it would be crucial that the authorities undertake to provide guidance in a quick and efficient manner in the case of uncertainty in this complex area.

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© ALFI - Association of the Luxembourg Fund Industry