Due to the complexity and intricacy of existing EU provisions concerning HQS, it is essential to adopt a holistic approach that develops on and harmonises these different sets of requirements. A common framework will help preventing the fragmentation of securitisation markets in terms of criteria for high-quality securitisations, with the possibility to include certain more sensitive elements for each respective sector (banking, insurance, asset management, credit ratings etc.).
However, the definition of criteria should maintain the Commission's overarching goal to support the economy, without discriminating for instance against multi-originator issues.
Moreover, an EU securitisation structure should not be a prerequisite for classification as HQS. In particular, it must be considered that legal harmonisation is likely to take quite some time and waiting for legal adjustments may not allow to pursue the Commission's goal to quickly re-start the securitisation markets.
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