Frankfurt

The European Union's securitisation market has struggled to reach its full potential despite the introduction of the Securitisation Regulation (SECR) in 2019. While the market has shown modest growth in recent years, particularly in synthetic securitisations following the introduction of the Simple, Transparent, and Standardised (STS) framework for on-balance-sheet transactions in 2021, it remains significantly smaller than pre-2008 levels and highly concentrated in a few Member States. The Joint Committee (JC) of the European Supervisory Authorities (ESAs) has published on Monday, 31 March 2025, a comprehensive report evaluating the implementation and functioning of the SECR. This report comes at a critical time as the European Commission considers legislative revisions to the securitisation framework as part of its broader push for a Savings and Investment Union (SIU). The report identifies several areas where amendments could enhance clarity, introduce proportionality, and ensure consistent supervision across the Union, all while maintaining robust investor protection.

As expected in the data privacy and digital space, 2024 shaped up to be a year full of guidance, consultations, regulatory focus areas and legislative updates. Artificial Intelligence (AI) remained a hot topic with advertising technology (AdTech) closely following its heels. With the blizzard of global data protection developments continuing unabated in 2024 with no doubt more to come in 2025, it is a good moment to look back at what 2024 held for businesses as well as to consider what 2025 may hold in the EMEA region.