Effective 1 November 2009, this website is no longer being updated. Please see AFME's new website at www.afme.eu. For content specific to the ESF, please see the page for AFME's new Securitisation Division.

 

White Papers

19 December 2007
EC White Paper on the Integration of EU Mortgage Credit Markets
The European Commission (EC) has released its White Paper on the Integration of EU Mortgage Credit Markets.  The main objectives are facilitating cross-border supply and funding of mortgage credit; increasing product diversity; improving consumer confidence; and facilitating customer mobility.

According to the White Paper, the EC announced a number of tasks or activities for 2008 including:

  • Preparing an impact assessment on pre-contractual information; Annual Percentage Rate of Charge (APRC), responsible lending and early repayment to see if there is a need for legislation;
  • Creating an Expert Group on Credit Histories to improve accessibility, comparability and completeness of credit data;
  • Publishing a study on the role and regulation of non-credit institutions in the EU mortgage markets and on equity release;
  • Presenting a Recommendation for foreclosure procedures and land registry availability and publishing scoreboards for jurisdictions across Europe;
  • Considering the establishment of an Expert Group on Securitisation;
  • Examining market practices and prudential standards for the management of liquidity mis-match risk;
  • Creating incentives to move risk off balance sheet for mortgage lenders;
  • Considering measures to improve transparency for investors. 

The ESF will be actively involved in the work of the EC on the mortgage credit markets and will continue advocating the creation of an Expert Group on Securitisation.

May, 2002
A Framework for European Securitisation
The aim of this document is to set forth visionary and aspirational goals for the evolution and enactment of key legal, regulatory, accounting, capital, and tax provisions, as well as market practice standards and guidelines that collectively define the elements needed to facilitate a more uniform and harmonised framework for securitisation in Europe. As such, the document provides substantive guidance to legislative and regulatory bodies, establishes benchmarks for evaluating and measuring progress toward these goals, and serves as a common mission statement that defines the European Securitisation Forum’s basic objectives.