Reform Of The EU Securitisation Framework—Part 7: Changes To The SRT Framework

On 17 June 2025, the European Commission (the "Commission") published its proposed measures to revive the securitisation framework in the European Union ("EU"), with a view to making it simpler and more fit for purpose. This Commentary is the seventh in our "Reform of the EU Securitisation Framework" series, which addresses each of the key elements of the proposals in more detail. The other articles in this series can be found here, as they are released.

In Short

The Background: In January 2019, the EU introduced its current regulatory framework for securitisations, seeking to improve transparency, robustness and market confidence following the global financial crisis. Market participants have criticised certain aspects of the framework as being unnecessarily conservative (compared to other assets with similar risk profiles), costly or burdensome, and therefore limiting the development of a healthy securitisation market in the EU. The Commission reached similar