On the occasion of a second round of interinstitutional negotiations (‘trilogues’), negotiators from the European Parliament (see EUROPE 13863/16) and the Council of the EU (see EUROPE 13777/24) agreed on Tuesday, 7 July, to continue working at the technical level over the summer on ‘unfunded credit protection’ as well as the sanctions applicable to investors and the exemptions from due diligence and risk retention requirements.
Both institutions’ experts were tasked with refining the proposed wording and reducing the number of differences in preparation for the next political trilogue.
While the first meeting on 17 June had essentially made it possible to identify the main topics of negotiation (see EUROPE 13890/34), EU co-legislators concentrated this time on the European Securitisation Regulation (‘SecReg’), one of the two texts subject to the reform.
Tuesday’s discussions regarding the ‘SecReg’ thus focused on the sanctions regime that would be applicable in the event of non-compliance with the obligations that the regulation imposes on investors. EU co-legislators also exchanged views on exemptions from due diligence and risk retention requirements.
Finally, the negotiations focused on the issue limits applicable to ‘UCITS’ – that is, undertakings for collective investment in transferable securities – funds in the context of securitisation transactions.
The next trilogue is scheduled for Tuesday, 29 September. (Original version in French by Bernard Denuit)