These RTS specify how all markets that do not configure advanced economies should be considered as emerging markets.

In defining markets that configure advanced economies and those that configure emerging markets, a level playing field should be ensured and a risk-based approach should be established.

With regard to markets in member states that are less volatile than those recognized as advanced economies under the Basel Committee on Banking Supervision’s approach, these should be considered as advanced rather than emerging market economies.

The Capital Markets Recovery Package amended the Securitisation Regulation in several aspects, including creating a specific framework for STS on-balance-sheet securitisation to ensure that the Union securitisation framework provides for an additional tool to foster economic recovery in the aftermath of the COVID-19 crisis.