欧洲央行-欧洲央行观点（英）

EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 11 November 2025 on (a) a proposal for a regulation amending Regulation (EU) 2017/2402 laying down a general framework for securitisations and creating specific framework for simple, transparent and standardised securitisation, (b) a proposal for a regulation amending Regulation (EU) 575/2013 on prudential requirements for credit institutions as regards requirements for securitisation exposures, and (c) a draft proposal for a delegated regulation amending Delegated Regulation (EU) 2015/61 as regards the eligibility conditions for securitisations in the liquidity buffer of credit institutions (CON/2025/35) Introduction and legal basis On 15 July 2025 and 9 September 2025, respectively, the European Central Bank (ECB) received requests from the Council of the European Union and the European Parliament for an opinion on (a) a proposal for a regulation amending Regulation (EU) 2017/2402 laying down a general framework for securitisations and creating a specific framework for simple, transparent and standardised securitisation1 (hereinafter the ‘proposed amendments to the Securitisation Regulation’); and (b) a proposal for a regulation amending Regulation (EU) 575/2013 on prudential requirements for credit institutions as regards requirements for securitisation exposures2 (hereinafter the ‘proposed amendments to the CRR’). In addition, on 17 June 2025 the Commission published a draft proposal for a delegated regulation amending Delegated Regulation (EU) 2015/61 as regards the eligibility conditions for securitisations in the liquidity buffer of credit institutions3 (hereinafter the ‘proposed amendments to the liquidity coverage ratio (LCR) delegated regulation’, and together with the proposed amendments to the Securitisation Regulation and the proposed amendments to the CRR, the ‘proposed regulations’). The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the European Union, since the proposed regulations contain provisions affecting: (a) the basic task of the European System of Central Banks (ESCB) of defining and implementing the monetary policy of the Union pursuant to Article 127(2) of the Treaty; (b) the ESCB’s task of contributing to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system pursuant to Article 127(5) of the Treaty; and (c) the tasks conferred on the ECB pursuant to Article 127(6) of the Treaty concerning policies relating to the prudential 1 COM(2025) 826 final. 2 COM(2025) 825 final. 3 Ares(2025)4808223. 2 ECB-PUBLIC supervision of credit institutions. In accordance with Article 17.5, first sentence, of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion. General observations 1. Objectives of the proposed regulations and financial stability