Details
- Focuses on the legal aspects of securitization from a comparative and systemic perspective
- Transnational approach looks at UK, European and US perspective and includes reference to other jurisdictions including India
- Identifies specific problems that arise in the field of securitization and shows how to solve them within the legal and regulatory framework
- Analyses the role of securitization in the credit crisis
- Coverage of the interaction of securitization with creditor protection rules in the context of insolvency law
- Full consideration of conflicts of laws and extraterritorial jurisdiction issues
The Law of Transnational Securitization focuses on the legal aspects of securitization from a comparative and systemic perspective. It identifies specific problems that arise in the field of securitization, including transnational problems, and shows how to solve them within the legal and regulatory framework. The book covers securitization from a UK, European and US perspective throughout including reference to other jurisdictions including India.
Securitization is a topical subject, as the securitization of mortgage receipts is seen as one of the causes of the financial crisis. There is now an increased focus on the legal, as opposed to transactional, aspects of securitization as it has come under intense scrutiny by regulators. This work explains the situation and suggests ways to improve the system.
The book begins by explaining the elements of a typical securitization transaction, along with different types of securitization, and provides an analysis of the role of securitization in the financial crisis and resulting legal challenges. It includes coverage of the interaction of securitization with creditor and investor protection rules, with an emphasis on insolvency law, involving such issues as a transaction's resilience to bankruptcy. Part III of the work analyses the liabilities of the sponsor/originator and the 'checks-and-balances' in their activity. Also included here is coverage of the duties of 'gatekeepers' such as rating agencies.
A full explanation is included of the regulatory position, incorporating the rules on disclosure and accounting and on financial matters under Basel II. Finally, the book concludes with a detailed consideration of conflicts of laws and states' exercise of extraterritorial jurisdiction issues.
Readership: The Law of Transnational Securitization is essential reading for securities lawyers and other practitioners working in securities, financial and insolvency law in the UK and Europe, academics and postgraduate students in those areas, banks (including US banks doing deals with Europe), investors and policy makers.
Part I: Introduction
1: A Guide to Securitization Regulatory and International Challenges
Part II: Creditor Protection
2: Securitization and Creditor Protection Rules
Part III: Investory Protection
3: Direct Investor Protection: SPV, Managers and Indenture Trustees
4: The Liability of the Sponsor/Originator
5: Gatekeepers' Liability: Underwriters and Rating Agencies
Part IV: Financial Regulation
6: Asset-backed Securities Offerings and Disclosure Duties
7: Prudential Regulation of Securitization
Part V: Transnational Securitization
8: Securitization and Conflict of Laws
9: Securitization and the Limits to the States' Extraterritorial Jurisdiction
David Ramos-Muñoz, Assistant Professor at Universidad Carlos III de Madrid
Kevin Ingram, Partner, Clifford Chance LLP
"This book goes as long way toward providing a comprehensive reference point for improved market understanding of this business, so that sound structures can help restore the crucial investor confidence needed to provide capital to a capital-constrained world ...... I can highly recommend this book as being an essential part of every global securitisation market participants library of essential reading" - Rick Watson, Managing Director, Association for Financial Markets in Europe
"A valuable transactional guide for practitioners in cross- border securitisations, providing a clear and practical view of this complex area" - Javier García de Enterría, Lawyer, Clifford Chance, Madrid
"This book provides an excellent analysis of the relevant aspects of securitisation." - Dr Marek Dubovec, Journal of International Banking Law and Regulation
