Spanish Securities Commission partners with Bank of Spain and Economy Ministry to advance a European securitisation platform and set up a high-level SME financing working group

The Spanish Securities Commission (CNMV), the Bank of Spain and Spain’s Ministry of Economy, Trade and Enterprise announced joint work with the private sector to strengthen the securitisation market as a route to improve business financing, particularly for small and medium-sized enterprises (SMEs). The initiative includes plans to develop a European securitisation platform and the creation of a high-level working group on SME financing that will be co-chaired by the three institutions. The work is positioned within EU-level efforts under the European Competitiveness Lab promoted by Spain to deepen capital markets integration. The European securitisation platform is being developed with France, Germany, Italy and Luxembourg, with objectives to enable more issuers, especially smaller ones, expand cross-border securitisation activity and simplify supervision. The high-level working group will assess Spanish SMEs’ access to finance and available alternatives, with its first output intended to be a proposal detailing how the European securitisation platform should be configured; the Bank of Spain also highlighted independent ratings and loan securitisation to reduce information asymmetry and free up bank balance sheet capacity, alongside alternatives such as venture capital for more innovative SMEs. Participating countries plan to pool concrete proposals in the first quarter.