Confusion dogs start of Europe’s new securitisation rules

Incomplete rules and lack of clarity on designated supervisors thwarts hoped-for revival of key market

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New issuance of European securitisation has come to a near standstill as originators, issuers and investors grapple with unfinished rules over risk retention and disclosure.

“It is a concern that we are in this situation because firms have to comply with the rules but they don’t know all of the details to comply with. It is affecting issuance into the market,” says Anna Bak, an associate director at the Association for Financial Markets in Europe (Afme).

On January 1, a regime known as the

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