This study analyses the most important regulations for asset-backed securities and covered bonds devised after the global financial crisis in Europe. The study presents three perspectives of these regulations. It discusses the premises and context of these regulations and highlights the asymmetric treatment of these two instruments. The premises of the regulations are inspired by the market criticism and are not in line with the theoretical understandings of securitisation. Moreover, most of these regulations are influenced by the situation in the US market and there is a need to recalibrate these regulations on European realities. The asymmetric treatment given to these instruments is also a matter of concern as it may harm the funding-base diversification. The study emphasises that regulations must be reconsidered and aligned with the European realities creating a level playing field for all the market players and instruments.

中文翻译：

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证券化和担保债券的规定：太多或太少

这项研究分析了在欧洲全球金融危机之后制定的资产支持证券和担保债券最重要的法规。研究提出了这些法规的三种观点。它讨论了这些法规的前提和背景，并强调了这两种工具的不对称处理。该法规的前提是受到市场批评的启发，与证券化的理论理解不符。此外，这些法规中的大多数受美国市场形势的影响，因此有必要针对欧洲现实重新调整这些法规。对这些工具的不对称待遇也是一个令人关注的问题，因为它可能损害资金基础的多元化。