Verena Ross, the Chair of the EU financial markets regulator, backed calls for deregulating securitization in the European union.

She said in a conference that the current regulatory framework has not produced the expected results, that regulatory incentives need to be improved to encourage securitization. She said that EU issuance volumes were €600bn in 2008 and were €200bn in 2003.

Changes would likely affect regulatory capital requirements, retention rules, due dilligence requirements and reporting requirements that were added since 2008.

Verena Ross is the Chair of the European Securities and Markets Authority (EMSA).

This follows a report released earlier this month for the European Commission by Mario Draghi that proposes securitization deregulation.

Change may happen quickly – Ross said that the EU Commission is working on a public consultation on securitization regulation, which is expected to be opened “in the coming weeks or months”.