Two Years Down the Road: Is the Relationship Between Debt Funds and the Securitisation Regulation Still Foggy?

It has now been two years since Regulation (EU) No. 2017/2402 of 12 December 2017, laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the Securitisation Regulation), entered into force. Although the legal market has become more sophisticated in the interpretation of its provisions and some implementing and delegated acts have been adopted, providing long awaited details as to the disclosure obligations, there is still a proverbial elephant in the room.