Unlocking the full potential of the savings and investments union (SIU) also means making better use of the regulatory tools we already have – and legislative programmes are a strong case in point.
One year ago, the European Commission adopted measures to support equity investment by institutional investors, helping European businesses and contributing to innovation, growth and the EU’s strategic priorities. This includes increased institutional investor participation in so‑called “legislative programmes”, investment schemes established under EU or national law, that combine public support – such as guarantees or co‑investment – with private financing.
Under the EU Capital Requirements Regulation (CRR), banks investing in equity through such legislative programmes can benefit from more favourable prudential treatment when calculating their capital requirements. In practice, this means they can hold less capital than for other types of equity investment. The Commission’s guidance supports banks and supervisors in the implementation of this measure.
From 30 January 2027 onwards, under the revised Solvency II Delegated Regulation, insurers can also benefit from a preferential prudential treatment when investing in equity under legislative programmes.
To facilitate the use of this instrument, the Commission has also established a public register of legislative programmes. While it does not replace supervisory approval, the register increases transparency for market participants and supports faster decision‑making by banking and insurance supervisors.
Today 15 programmes are listed in the register – 9 managed at EU level, 5 from Italy and 1 from Austria. We encourage Member States and national promotional institutions to bring forward additional legislative programmes to make the most of this tool.
Alexandra Jour-Schroeder is Deputy Director General for Financial Stability, Financial Services and Capital Markets Union at the European Commission. This article was previously published on LinkedIn.
Related links
Press release of 29 October 2025
Questions & answers of 29 October 2025
Savings and investments union
Prudential requirements
Public register of legislative programmes under the Capital Requirements Regulation
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