ICMA publishes joint statement on investors’ views on the EU Securitisation Review
21 November 2025 The International Capital Market Association (ICMA) is pleased to announce the publication of a joint statement of views on the package of reforms proposed by the European Commission regarding the EU securitisation framework in June 2025 from the perspective of investors in securitisations (the buy-side). The joint statement sets out the shared views of ICMA and six other trade associations (AFME, AIMA, EFAMA, IACPM, LMA and MFA).
The associations welcome the reforms proposed that have the goal of revitalising the securitisation market in the EU, which is essential to the Savings and Investment Union (SIU), enables funding for SMEs, and supports Europe’s green and digital transitions.
However, increasing investor demand is also essential to revitalising the European securitisation market. The associations are concerned that certain measures currently being considered may discourage rather than encourage investment in securitisation.
In particular, the associations wish to highlight the following:
- The proposed reforms limit global market access, with fewer opportunities for EU savers and businesses to invest in non-EU securitisations.
- Investors are deterred by disproportionate monetary sanctions.
- Reclassifying private securitisations as public securitisations increases the reporting burden on these transactions, which are substantially private in nature or are not intended to fall within the EU securitisation framework.
- Reporting of private securitisations to repositories increases costs with no meaningful benefit.
The associations welcome the European Commission’s commitment to revitalising the EU securitisation market. However, certain elements of the current proposals risk undermining the very objectives they aim to achieve. Ahead of upcoming deliberations, the associations call on EU co-legislators to adopt a more proportionate, pragmatic, and globally aligned approach—one that truly reinvigorates the EU securitisation market and positions it as a vital tool for financing Europe’s growth.
