EU securitisation reform: Negotiations enter final trilogue phase

In summer 2025, the European Commission adopted a package of legislative measures to simplify and strengthen the EU securitisation framework. As the first legislative initiative under the Savings and Investments Union (SIU) strategy, the proposal aims to revive securitisation activity while maintaining strong safeguards for financial stability and improving the flow of private capital to the real economy.  

The current EU securitisation framework has been in place since 2019 and has significantly enhanced transparency, investor protection and financial stability. However, after six years of implementation, the Commission has acknowledged that certain requirements have had unintended consequences, limiting market development. The proposed reforms aim to address these constraints and encourage greater issuance and investment, enabling financial institutions, including consumer finance companies, to make more effective use of securitisation as a key funding and capital management tool.  

Legislative process: Where things stand

Following the Commission’s proposal, the legislative process has now reached its final preparatory stage ahead of interinstitutional negotiations. The Council adopted its negotiating position in December 2025, and the European Parliament finalised its position in May 2026. Trilogues between the European Parliament, the Council and the Commission started in June 2026.  

Industry relevance

The securitisation file is of particular importance for the consumer credit industry, as securitisation remains a key instrument for diversifying funding sources, optimising capital allocation and supporting new consumer credit activity. A well-calibrated framework is expected to enhance the attractiveness of asset-backed securitisations, thereby strengthening financing capacity for our industry and ultimately improving access to investment for households across Europe.  

Eurofinas’s role and engagement  

Eurofinas has been closely engaged throughout the legislative process, working to ensure that the specific features and needs of the consumer credit industry are properly reflected in the EU securitisation framework. The association has been actively contributing technical expertise to EU institutions, engaging with policymakers in both the European Parliament and the Council, and coordinating with national associations and other key trade bodies to build a consistent industry position.  

As the file moves into trilogue negotiations, Eurofinas continues to engage with Members of the European Parliament, national governments and other stakeholders to support a balanced outcome that strengthens the securitisation framework while ensuring its practical usability for market participants.  

Stakeholders across the financial sector will continue to closely monitor developments as trilogues progress, with a view to ensuring that the final framework supports a more efficient, resilient and growth-oriented securitisation market in the EU.