Letter to the Joint Committee of the ESAs - Securitisation Regulation - Request for Guidance on Article 5(1)(e)

 

9 December Letter to the Joint Committee of the ESAs - Securitisation Regulation - Request for Guidance on Article 5(1)(e)

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.


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