For months, the Secondary Market Directive has fueled debate within the European credit industry. An intense discussion marked by expectations, concerns, and differing interpretations accompanied the various stages of transposition of Directive (EU) 2021/2167 across Member States. Today, with the regulatory implementation phase completed, many questions remain unanswered.
Has the new regulatory framework truly helped simplify the management and recovery of non-performing exposures, making the market more transparent and efficient? Or has it instead introduced new constraints that risk limiting the circulation and value enhancement of credit portfolios? This is the core issue at the heart of the discussion promoted by Credit Village.
To take stock of the Directive’s concrete effects across different national contexts, Credit Village has organized a webinar scheduled for Tuesday, 21 January 2026, from 12:00 to 13:15. This will be the first truly European-level event designed to provide a comparative reading of the Directive’s impact across different markets, bringing together models, approaches, and regulatory responses, and gathering industry associations and experts who have experienced the Secondary Market Directive firsthand at every stage of its application.
The discussion will feature Carlos Ruiz Cabrera, President of ANGECO for Spain; Michela De Marchi, Secretary General of UNIREC for Italy; Marcel Hofmann, Board Member of BDIU for Germany; Georg Kovacs, President of AMCC for Romania; and Claus Spedtsberg, President of FENCA, the federation representing European debt collection associations. The debate will be moderated by Francesco Uggenti, Director of Business Development at Prelios. These are leading figures from some of the most influential European markets, directly involved in the implementation of the Directive and called upon to compare profoundly different regulatory and operational responses.
The speakers will focus on the key question currently facing the market: has the new regulation truly laid the foundations for a smoother-functioning market, or has it hindered credit flows by impacting market dynamics? This discussion aims to assess whether the goal of a more integrated and efficient European NPE ecosystem is now closer to being achieved or remains an open challenge.
Participation in the webinar is free of charge; registration is available at the following link:
https://secondarymarketdirective-creditvillage.my-stream.it/
