The Law of Transnational Securitization

Hardcover | April 17, 2010

byDavid Ramos-MunozEditorKevin Ingram

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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 andregulatory 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 workexplains 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 securitizationwith 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 coverageof 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.

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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 andregulatory framework. The book covers securitiz...

Dr. David Ramos-Munoz is an Assistant Professor at Universidad Carlos III de Madrid, where he teaches Commercial Law, as well as Company Law and Securities Regulation. He has worked as a lawyer at the firm J andA Garrigues, and at Freshfields in London after winning the Freshfields Financial Times Prize for the Best European Law Stude...
Format:HardcoverDimensions:528 pages, 9.69 × 6.73 × 0.98 inPublished:April 17, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199583927

ISBN - 13:9780199583928

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Table of Contents

Part I: Introduction1. A Guide to Securitization Regulatory and International ChallengesPart II: Creditor Protection2. Securitization and Creditor Protection RulesPart III: Investory Protection3. Direct Investor Protection: SPV, Managers and Indenture Trustees4. The Liability of the Sponsor/Originator5. Gatekeepers' Liability: Underwriters and Rating AgenciesPart IV: Financial Regulation6. Asset-backed Securities Offerings and Disclosure Duties7. Prudential Regulation of SecuritizationPart V: Transnational Securitization8. Securitization and Conflict of Laws9. Securitization and the Limits to the States' Extraterritorial Jurisdiction