26 This conclusion is consistent with, for example, the findings in Federal Reserve Banks (2017), 2016 Small  Business Credit Survey: Report on Employer Firms (PDF) (New York: Federal Reserve Bank of New York, April). 27 As I have discussed previously, the Federal Reserve has been considering improvements through a number of  work streams.
The STS regulation will only come into force in 2019 as various important technical standards still need to be finalised to provide further regulatory certainty which is important for securitisation market development. EBA is for example mandated to develop guidelines to ensure a common and consistent understanding of the STS criteria throughout the Union.