03 March 2016

発行体や市場参加者等の業界団体、シンプルで透明性があり標準化された証券化の枠組み構築に向けた取り組みを支持

 The signatories share the following views:

• Securitisation is an important element of well-functioning financial markets. Prudently deployed and sensibly regulated, it can: o act as a bridge between the banks’ financing and the capital markets;

- enable non-banks to diversify funding sources; and

- provide investors with high quality fixed income securities at attractive yields.

• Securitisation should be treated on a level playing field with other forms of investment. The significant differential treatment in regulations affecting capital, liquidity, transparency and disclosure and derivatives, when compared with other investment instruments, are undermining the ability to use securitisation as a financing tool in Europe.

The industry supports the move to the "direct" approach of risk retention, but is concerned that it should be clear that the obligation only arises for entities involved in the securitisation and in respect of entities established in the EU.

It fully supports appropriate and balanced disclosure for STS that delivers meaningful value for investors and urge that the required information is suitably tailored according to the asset class. Reference should be made to work undertaken in the context of discussions around Article 8(b) of the CRA Regulation, where appropriate, as well as to the existing ECB disclosure templates.

With regard to compliance with the STS framework, the industry fears that many of criteria, as currently described in the legislative proposal, could be subject to a degree of interpretation that is too wide, and could vary across different member states. Therefore, it strongly believe that there should be clarity, consistency, and speed in obtaining the STS designation, along with stability of the STS designation once obtained, in order for the framework to function.

It is essential that the new regime on retention and disclosure applies in respect of transactions established on or after the effective date of such regime only. The “grandfathering” of existing transactions should be extended as much as possible with regard to risk retention and disclosure requirements.

The associations strongly support urgent work on modifications to the CRR (including leverage ratio calculation) and Solvency II calibrations to much better reflect the actual and measurable risks involved in STS securitisations and create a level playing field amongst European capital market instruments of similar risk characteristics.

For the European securitisation market to revive on a safe and robust footing the new STS framework must be attractive for both issuers and investors whilst operating under a strong but fair and rational regulatory regime. The return of a robust investor base, both bank and non-bank, and including investors for every tranche, is essential. The market also needs a more level playing field with other fixed income instruments as well as sensible STS criteria and balanced regulations on capital and liquidity that recognise the strong performance of European securitisation through and since the crisis, as well as the additional strengths of simple transparent and standardised securitisation. The success of the STS framework depends as well on the stability of the label and the ability of the investors and issuers to rely on the STS designation.

Full press release

© AFME