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The publication contains contributions of experienced lawyers and practitioners from different jurisdictions with the purpose to provide a useful guide to help navigate the intricacies of the diverse financing structures in their respective countries. The country-specific chapters touch upon the differences between the relevant legal, regulatory, insolvency and tax regimes in the area of securitisations.
Belgium
Our associates Sarah Libregts and Marc Vermylen have contributed to 'A Practitioner’s Guide to Principles and Jurisdictions on European Securitisations'.
Sarah Libregts and Marc Vermylen explore various facets, ranging from the utilisation of Belgian securitisation vehicles to the questions surrounding the transfer of securitised receivables. Furthermore, they provide insights into the robustness of securitisations in the face of insolvency and navigate the complex terrain of Belgian tax considerations, offering practitioners a comprehensive understanding of the landscape.
The Belgian chapter delves into a range of subjects, comprising:
- Belgian securitisiation market and legal framework
- Typical securitisation scheme
- Securitisation vehicles
- Assignment of receivables
- True sale and recharacterisation risk
- Choice of law and Belgian private international law
- Transaction security
- Insolvency
- Tax
- Data protection
- Regulatory considerations
Switzerland
Judith Raijmakers and Florian Thomas Willi have authored the Switzerland chapter in 'A Practitioner’s Guide to Principles and Jurisdictions on European Securitisations'.
The Swiss chapter provides an overview of the Swiss securitisation market and sheds light on the applicable legal framework. It further highlights practical considerations for Swiss securitisations, inter alia the setup of SPE’s and the transfer of assets to such SPE (with a focus on the sale and assignment of receivables).
The broad range of topics covered include:
- Description of the Swiss Securitisation Market
- Overview of Regulatory and Supervisory Framework
- Structuring
- Receivables (including the asset transfer method and future receivables)
- Choice of Law
- Insolvency Law
- Consumer Law
- Data Protection
- Tax
- Financial Regulatory Considerations (including listing and CRA regulation)
The Netherlands
The chapter on the Netherlands in 'A Practitioner’s Guide to Principles and Jurisdictions on European Securitisations' has been authored by Willem Jarigsma, Martijn Rongen and Sharita Willigenburg. The chapter provides an overview of the Dutch securitisation market and the legal framework applicable to Dutch securitisations.
The chapter covers, inter alia, the following topics:
- Description of the Dutch securitisation market
- Structure
- Sale and assignment of (consumer) receivables
- Recharacterisation risk
- Debtor’s defences and set-off rights
- Data protection
- Governing law
- Transaction security
- Insolvency issues
- Tax
- Regulatory considerations
