What changed between the draft committee report and the plenary report

Removed:EXPLANATORY STATEMENT

Added:‘1. If established in the Union, the originator, sponsor and SSPE of a securitisation shall, in accordance with paragraph 2 of this Article, make at least the following information available to holders of a securitisation position, to the competent authorities referred to in Article 29 and, upon request, to potential investors:’;

Removed:The rapporteur welcomes the adjustments proposed by the Commission, which aim to reduce the high operational costs for issuers and investors in EU securitisations and to simplify certain due diligence and transparency requirements. Reducing undue operational burdens while maintaining high standards of transparency, investor protection, and supervision will be crucial for reviving the European securitisation market.

Added:(aa) the fourth subparagraph is replaced by the following:

Removed:Recent analysis by the European Supervisory Authorities supports this approach. Their 2025 evaluation report highlights that the existing framework has imposed compliance burdens in disclosures that are often described as ‘excessive’, limiting access to securitisation, especially for smaller originators and investors. Simplifying due diligence and disclosure requirements while preserving core supervisory safeguards will enhance market efficiency and support broader participation.

Added:‘In the case of ▌a securitisation of highly-granular pools of ▌ exposures, whether public or private, or in the case of ABCPs, the information described in points (a), (c)(ii) and (e)(i) of the first subparagraph shall be made available in aggregate form to holders of securitisation positions and, upon request, to potential investors.’;

Removed:Moreover, the proposed regulatory recalibration aligns with the objective of making securitisation more risk-sensitive and economically viable. A lighter and proportionate regulatory regime will help unlock capital flows, encourage issuances in Member States with underdeveloped securitisation markets, and ultimately facilitate increased lending to the real economy.

Added:(b) in paragraph 2, the third subparagraph is replaced by the following:

Removed:However, the broadening of the definition of public securitisations to include private transactions could have a severe impact on the market, resulting in unnecessary and disproportionate costs for additional depositories. The determination of whether a transaction is public or private should not be linked to its listing status. Listing is often done for withholding tax purposes, not for trading. As a result, the proposed criterion might capture genuinely private transactions that are listed solely for tax reasons. The rapporteur therefore proposes to maintain the current definition, which has worked well in the past. Retaining the current public/private distinction ensures market functioning without over‑regulating genuinely private transactions, thus supporting efficiency and encouraging wider investor engagement.

Added:‘Private securitisations shall be subject to a distinct and reduced reporting framework that acknowledges their unique characteristics, differing from public securitisation, in a dedicated and simplified reporting template. That dedicated and simplified reporting template shall ensure that essential information relevant to ▌competent authorities is adequately reported, while respecting strict confidentiality requirements, without imposing the full extent of reporting obligations applicable to public securitisations. Private securitisations shall fulfil their obligations under this subparagraph as of [date set in the fourth subparagraphs of paragraphs 3 and 4 of this Article].’;

Removed:The rapporteur welcomes the Commission’s approach to streamlining due diligence requirements for EU securitisations, while noting that many of the proposed reductions in due diligence obligations will also benefit third‑country transactions. This is important for ensuring that international investors are not unduly disadvantaged or excluded.

Added:(ba) the following paragraph is inserted:

Removed:Differentiated requirements under Article 5(1) are justified to ensure an equivalent level of disclosures, given that compliance with the relevant provisions is already supervised within the EU. The main objective is to strengthen the EU securitisation market by reducing administrative costs without compromising financial stability.

Added:‘2a. This Article shall not apply to synthetic securitisations that meet all of the following conditions:

Removed:Channelling more funds into the EU securitisation market will support market growth and development, particularly in Member States where securitisation markets are not yet well established.

Added:(a) the synthetic securitisation is originated by a national promotional bank or institution as defined in Article 2, point (3), of Regulation (EU) 2015/1017;

Removed:The rapporteur is not opposed to extending the scope of administrative sanctions under Article 32 to institutional investors who fail to comply with due diligence requirements. Such inclusion would provide legal clarity and ensure a level playing field, as some Member States already consider institutional investors to fall within the scope of Article 32.

Added:(b) the first-loss tranche is guaranteed by any of the entities referred to in Article 6(5), points (a), (b), (d), (e) and (f);

Removed:Since the due diligence requirements are more principles‑based and the criteria less prescriptive, institutional investors should not face major difficulties in complying with them. However, penalties of up to 10% of annual turnover could discourage investors from participating in the securitisation market. As the responsibilities and risks of institutional investors are not equivalent to those of originators or sponsors, the rapporteur proposes introducing a more proportionate cap on administrative sanctions. This ensures that obligations are enforceable without discouraging legitimate investor participation.

Added:(c) the non-guaranteed tranches are fully retained by the originator until maturity;

Removed:By simplifying disclosure and due diligence requirements, the reform should strengthen transparency and investor confidence across the EU securitisation market. These enhancements should improve market functioning while preserving efficiency, promoting broader investor participation, and supporting the sustainable development of the EU securitisation market.

Added:(d) the guarantor has established and approved the eligibility criteria for the underlying exposures prior to their creation, whereby no other party has discretion to alter or override such criteria; and

Added:(e) the entity referred to in point (b) of this paragraph guarantees the first-loss tranche on a continuous basis and cannot hedge or otherwise transfer the credit risk associated with that tranche to an entity not referred in Article 6(5), points (a), (b), (d), (e) and (f).’;

Added:(c) paragraph 3 is replaced by the following:

Added:‘3. The ESAs shall develop, through the Joint Committee of the European Supervisory Authorities, under the leadership of the EBA and in close cooperation with ESMA and EIOPA, draft regulatory technical standards in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 to specify the information that the originator, sponsor and SSPE shall provide to comply with paragraph 1, first subparagraph, points (a) and (e), and paragraph 2 taking into account:

Added:(a) the usefulness and comparability of information for the holder of the securitisation position and for supervisors;

Added:(b) whether the securitisation is public or private;

Added:(c) whether the securitisation position is of a short-term nature;

Added:(d) in the case of an ABCP transaction, whether that transaction is fully supported by a sponsor;

Added:(da) the data requirements under other Union legal acts that are relevant for monitoring climate change and environmental risks, including those related to physical and transition risks.

Added:For the purposes of paragraph 1, fourth subparagraph, the draft regulatory technical standards referred to in the first subparagraph of this paragraph shall map, with the exception of ABCPs, the granularity of pools of exposures, which allows for aggregated reporting, to specific underlying asset classes, including mortgages, corporate loans, credit cards, consumer loans, auto loans and trade receivables.

Added:The ESAs, through the Joint Committee of the European Supervisory Authorities, under the leadership of the EBA and in close cooperation with ESMA and EIOPA, shall submit those draft regulatory technical standards to the Commission by [6 months after the date of entry into force of this amending Regulation].

Added:The Commission is empowered to supplement this Regulation by adopting the regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010.

Added:The regulatory technical standards shall enter into force [12 months] after the adoption by the Commission

Added:At least every three years from the date of their adoption by the Commission the ESAs, through the Joint Committee of the European Supervisory Authorities, shall assess the regulatory technical standards to determine their continued relevance and accuracy, to ensure they remain effective, up to date, aligned with market practices and needs. The ESAs, through the Joint Committee of the European Supervisory Authorities, shall inform the Commission of the results of the assessment.’

Added:(d) paragraph 4 is replaced by the following:

Added:‘4. In order to ensure uniform conditions of application for the information to be specified in accordance with paragraph 3, the ESAs, through the Joint Committee of the European Supervisory Authorities, under the leadership of the EBA and in close cooperation with ESMA and EIOPA, shall develop draft implementing technical standards in accordance with Article 15 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 specifying the format thereof by means of standardised templates.

Added:The ESAs, through the Joint Committee of the European Supervisory Authorities, shall submit those draft implementing technical standards to the Commission by [6 months after the date of entry into force of this amending Regulation].

Added:The Commission is empowered to adopt the implementing technical standards referred to in this paragraph in accordance with Article 15 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010.

Added:The implementing technical standards shall enter into force [12 months] after the adoption by the Commission.

Added:At least every three years from the date of their adoption by the Commission the ESAs, through the Joint Committee of the European Supervisory Authorities, shall assess the implementing regulatory technical standards to determine their continued relevance and accuracy, to ensure they remain effective, up to date, aligned with market practices and needs. The ESAs, through the Joint Committee of the European Supervisory Authorities, shall inform the Commission of the results of that assessment.’;

Added:(5a) in Article 9, the following paragraph is added:

Added:‘5. This Article shall not apply to synthetic securitisations that meet all of the following conditions:

Added:(a) the synthetic securitisation is originated by a national promotional bank or institution as defined in Article 2, point (3), of Regulation (EU) 2015/1017;

Added:(b) the first-loss tranche is guaranteed by any of the entities referred to in Article 6(5), points (a), (b), (d), (e) and (f);

Added:(c) the non-guaranteed tranches are fully retained by the originator until maturity;

Added:(d) the guarantor has established and approved the eligibility criteria for the underlying exposures prior to their creation, whereby no other party has discretion to alter or override such criteria; and

Added:(e) the entity referred to in point (b) of this paragraph guarantees the first-loss tranche on a continuous basis and cannot hedge or otherwise transfer the credit risk associated with that tranche to an entity not referred in Article 6(5), points (a), (b), (d), (e) and (f).’;

Added:(6) Article 10 is amended as follows:

Added:(a) paragraph 1 is replaced by the following:

Added:‘1. A securitisation repository shall register with ESMA for the purposes of Article 7 under the conditions and the procedure set out in this Article.’;

Added:(b) paragraph 2 is replaced by the following:

Added:‘2. To be eligible to be registered under this Article, a securitisation repository shall be a legal person established in the Union, apply procedures to verify the completeness and consistency of the information made available to it in accordance with Article 7(2) of this Regulation, and meet the requirements laid down in in Articles 78 and 79, and Article 80(1), (2), (3), (5) and (6) of Regulation (EU) No 648/2012. For the purposes of this Article, references in Articles 78 and 80 of Regulation (EU) No 648/2012 to Article 9 thereof shall be construed as references to Article 7 of this Regulation.’

Added:(7) Article 17 is amended as follows:

Added:(a) paragraph 1 is replaced by the following:

Added:‘1. Without prejudice to Article 7(2), the securitisation repository referred to in Article 10 shall collect and maintain details of the securitisation. It shall provide direct and immediate access free of charge to all of the following entities to enable them to fulfil their respective responsibilities, mandates and obligations:

Added:(a) the EBA;

Added:(b) EIOPA;

Added:(c) ESMA;

Added:(d) the ESRB;