AmCham EU is strongly supportive of EU and other international efforts to revive securitisation and therefore welcomes the Commission’s proposal for Simple, Transparent and Standardised (STS) securitisations. A harmonisation of previously scattered requirements together with the adoption of a single STS definition will bring much needed clarity and create a common language that will help stimulate market interest around securitisation. Key to the success of the initiative will be to ensure that the regulation creates the right incentives for both issuers and investors, adopts an open approach to third countries, and establishes a level playing field between securitisations and other fixed income products. AmCham EU believes it will be essential to avoid regulatory fragmentation, ensure a practical, reliable and fast compliance process, and rapidly provide legal certainty on the capital treatment of STS under Solvency 2.

Read full version of the position here (in English)