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European Financial Services Round Table
 





Friday, September 18, 2015
EFR letter regarding the working document for a European framework on Securitisation
The development of a framework for Simple Transparent and Standardised (STS) securitisation with a view to reviving the securitisation market in Europe is one of the first concrete actions for building the Capital Markets Union, as key element of the Investment Plan of the Juncker Commission. The European Financial Services Round Table (EFR), whose members are Chairmen and Chief Executive Officers of international banks and insurers with headquarters in Europe, is supportive of the European Commission's policy initiatives concerning the Juncker plan. The EFR's letter raises concerns regarding the working document for a European framework on securitisation since this would seriously diminish the chances of reviving a European high quality securitisation market based on sound practices and contributing to sustainable growth and job creation. The EFR considers the proposals to be still too onerous on capital, too cumbersome administratively and operationally for originators, sponsors and investors, too restrictive in its scope and disconnected from best practice of the market.