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Vol 23 No 5 May/June 2018

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Drafting Commercial Agreements

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Law of Transnational Securitization

ISBN13: 9780199583928
Published: March 2010
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £230.00

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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.

Banking and Finance
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