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 leasing 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 leasing industry, as securitisation remains a key instrument for diversifying funding sources, optimising capital allocation and supporting new leasing activity. A well-calibrated framework is expected to enhance the attractiveness of lease-backed securitisations, thereby strengthening financing capacity for leasing companies and ultimately improving access to investment for businesses and households across Europe. 

Leaseurope’s Role and Engagement 

Leaseurope has been closely engaged throughout the legislative process, working to ensure that the specific features and needs of the leasing 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, Leaseurope 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. This engagement aims to secure a regulatory environment that fully recognises the role of lease securitisation as an important financing tool for the real economy. 

Next Steps 

The outcome of the trilogues is expected to improve the regulatory environment for securitisation in Europe and support a renewed issuance of lease securitisations as an important source of funding for the real economy. 

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.