II. The proposed new EU Directive
Alongside the Securitisation Regulation (EU) 2017/2402 (SECR), laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (completed by the relevant Commission implementing acts, DelReg (EU) 2020/1224 and ImplReg (EU) 2020/1225), the proposed Directive on credit servicers, credit purchasers and the recovery of collateral of March 2018 (currently in its final phase, pending adoption) aims at stimulating demand for NPEs. The new proposed Directive aims at developing a competitive and integrated European market for credit purchasers and credit servicers, through their regulation, so as to widen the investor base for EU securitisations and, thus, creating the prerequisites for a secondary market for NPEs. Facilitating the expansion of loan servicers across borders would enable them to tap scale economies, compete for cross-border business and provide their services at more competitive prices to non-bank NPL investors. The Greek legal framework on securitisations (Law 3156/2003), dating back to 2003, has been complemented and enriched by Law 4354/2015, which already entails a vast spectrum of the regulatory requirements entailed in the proposed Directive.