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A guide to key resources: structured finance
Practical Law UK Practice Note Overview 0-500-7058 (Approx. 9 pages)
A guide to key resources: structured finance
| Maintained • England, Wales |
A guide to Practical Law Finance's structured finance resources.
Structured finance overview
- For an introduction to structured finance, including an explanation of the key issues affecting structured finance transactions, see Practice note, Structured finance: overview.
- For a global guide to structured finance transactions, see Structured Finance and Securitisation Global Guide.
Examples of structured finance transactions
Securitisation
- For an overview of securitisation, including details of the structure, parties and documents in a typical transaction, see Practice note, Securitisation: overview.
- For a guide to some of the main structures, asset classes and methodologies used in the securitisation market, see Practice note, Types of securitisation.
- For an overview of the eligibility criteria of the Bank of England and the European Central Bank for accepting various forms of asset-backed securities as collateral in their monetary operations, see Practice note, Securitisation: eligible collateral for central bank operations.
Collateralised loan obligations (CLOs)
For an overview of CLOs, including details of the structure, parties and key legal issues involved in executing a typical cash flow transaction, see Practice note, Collateralised loan obligations (CLOs): overview.
Covered bonds
For an overview of UK covered bonds, including a guide to the legislation, deal structure, parties and documentation applicable to a typical covered bond transaction, see Practice note, Covered bonds (UK).
Repackaging
For an introduction to repackaging (repack) transactions, including an explanation of their legal structure and economic rationale, see Practice note, Repacks: understanding repackaging note transactions.
Trade receivables
For an overview of trade receivables securitisation, including typical structuring considerations, see Practice note, Trade receivables securitisation.
Regulation
For an overview of the EU regulatory framework for securitisations, see Practice note, The EU Securitisation Regulation and for the UK regulatory framework for securitisations, see Practice note, The UK Securitisation Regulation.
For an overview of the UK financial services and regulatory issues affecting securitisations, see Practice note, Securitisation: a guide to UK financial services and regulatory issues.
Brexit
For information on the key issues arising from Brexit that may impact on structured finance transactions, see Brexit and structured finance toolkit.
Security in structured finance transactions
General
For an overview of our resources on security and quasi security arrangements, see Practice note, A guide to key resources: security and quasi-security.
Security over assets
Forms of security that can be taken over assets
For an outline of the options available to lenders when taking security, see Practice note, Taking security.
Using trusts to hold security
For an introduction to the function of security trusts and the role of security trustees in finance transactions, including the use of trusts to hold security over an obligor's assets, see Practice note, Security trusts in finance transactions: overview.
Perfection and priority of security
For an introduction to the different methods of perfecting security, the basic rules governing priority and contractual ways in which the rules can be varied, see Practice note, Perfection and priority of security.
Guarantees and indemnities
For a note covering legal and drafting issues relating to guarantees and indemnities, see Practice note, Guarantees and indemnities.
Cross-border security
- For a note providing an overview of the issues that need to be considered when taking security over a foreign asset and/or from a foreign entity, see Practice note, Taking cross-border security.
- For a multi-jurisdictional guide to taking security, see Finance Global Guide.
Credit ratings
For an overview of credit ratings, how they work and the rating agencies' procedures and categories, see Practice note, Credit ratings.
Tax
Tax issues for finance lawyers
For a summary of the tax issues that frequently arise in respect of commercial lending transactions, see Practice note, Tax for banking lawyers.
Tax issues for CLOs
For information on the tax treatment of European CLO transactions, see Practice note, Collateralised loan obligations: tax.
True sale and securitisation: tax issues
For an examination of the UK tax issues that arise on a true sale and a secured loan securitisation, see Practice notes, Securitisation: tax and Securitisation: drafting tax opinions.
Offshore funds: tax issues
For an examination of the various tax issues that arise in respect of offshore companies and offshore unauthorised unit trusts, including a summary of the main UK anti-avoidance provisions that need to be considered in relation to the tax treatment of UK investors investing in offshore funds, see Practice note, Offshore funds: tax overview.
Bonds: tax issues
For a summary of the UK tax issues that frequently arise in bond issues, see Practice note, Bond issues: tax.
Withholding tax
For a summary of the UK withholding tax rules on payments of interest and certain other payments, see Practice note, Withholding tax.
Multi-jurisdictional guide to taxes
For a global guide to taxes on corporate and finance transactions, see Tax on Transactions Global Guide.
Insolvency
The potential implications of insolvency law should be recognised when advising on structured finance transactions. The following resources provide an overview of various insolvency procedures.
Insolvency procedures
For an introduction to the aims of and background to corporate insolvency law, together with a brief overview of the various insolvency procedures available, see Practice note, Corporate insolvency: a guide.
Restructuring
For a note that looks at the key stages involved in restructuring corporate debt, see Practice note, Corporate debt restructuring: step by step.
For information on noteholder meetings held to approve material changes to the terms and conditions of the notes or other transaction documents, see Practice note, Noteholder meetings.
Cross-border restructuring and insolvency
For a global guide to restructuring and insolvency, see Restructuring and Insolvency Global Guide.
Islamic finance
Although a Sharia compliant securitisation is structurally similar to a conventional securitisation, Sharia principles have a significant influence on the structuring of Islamic securitisations and the tradability of securitisation instruments.
- For an introduction to the basic principles of Islamic law (or Sharia) that affect finance transactions, including securitisations, see Practice note, Islamic finance: UK law overview.
- For information on Sharia compliant financing of commercial real estate, including asset-backed structures, see Practice note, Sharia compliant financing of commercial real estate.
Legal opinions in structured finance transactions
For a standard clause true sale opinion for use in a standalone, English law legal opinion or as part of the main, English law transaction legal opinion delivered under a true sale securitisation, see Standard clauses, True sale legal opinion.
For an overview of the matters to be considered when requesting or responding to a request for an English legal opinion and the form and content of the opinion, see Practice note, Legal opinions in finance transactions: overview.
For information on the issues that may arise when drafting a UK tax opinion for a true sale securitisation and the way with which they are usually dealt, see Practice note, Securitisation: drafting tax opinions.
Execution of structured finance documents
For a guide to Practical Law's materials relating to the execution of deeds and documents, including links to the relevant materials on the legal formalities for creating a valid deed and the procedure to follow on a virtual execution of documents, see Executing deeds and documents toolkit.
Practical Law's resources on structured finance
Practical Law Finance resources on structured finance
Links to our resources on structured finance (click on the tab corresponding to each resource):
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