Structured finance and securitisation: Country Q&A tool
Search the Country Q&A in the Structured Finance and Securitisation global guide by question and jurisdiction.
Step 1: Check the boxes to select the questions and the jurisdictions for comparison.
Step 2: Click the "submit" button.
Step 3: Scroll down to view answers and check law stated dates for each jurisdiction.
Market and legal regime
How developed is the market and what notable transactions and new structures have emerged recently?
What impact have central bank programmes (if any) had on the securitisation market in your jurisdiction?
Is securitisation particularly concentrated in certain industry sectors?
What are the main laws governing securitisations?
What is the name of the regulatory authority charged with overseeing securitisation practices and participants in your jurisdiction?
Reasons for doing a securitisation
Accounting practices in your jurisdiction, such as application of the International Financial Reporting Standards (IFRS)?
National or supra-national rules concerning capital adequacy
Risk retention requirements?
Implementation of the Basel III framework in your jurisdiction?
The special purpose vehicle (SPV)
Establishing the SPV
Ensuring the SPV is insolvency remote
Ensuring the SPV is treated separately from the originator
Issuing the securities
Are the securities usually listed on a regulated exchange in your jurisdiction or in another jurisdiction?
If in your jurisdiction, please briefly summarise the main documents required to make an application to list debt securities on the main regulated exchange in your jurisdiction. Are there any share capital requirements?
If a particular exchange (domestic or foreign) is usually chosen for listing the securities, please briefly summarise the main reasons for this.
Constituting the securities
Transferring the receivables
Classes of receivables
Transferring the receivables from the originator to the SPV
Prohibitions or restrictions on transfer
Avoiding the transfer being re-characterised
Can this risk be avoided or minimised?
Are true sale legal opinions typically delivered in your jurisdiction or does it depend on the asset type and/or provenance of the securitised asset?
Ensuring the transfer cannot be unwound if the originator becomes insolvent
Establishing the applicable law
Security and risk
Risk management and liquidity support
Cash flow in the structure
Distribution of funds
The role of the rating agencies
What transfer taxes may apply to the transfer of the receivables? Please give the applicable tax rates and explain how transfer taxes are usually dealt with.
Is withholding tax payable in certain circumstances? Please give the applicable tax rates and explain how withholding taxes are usually dealt with.
Are there any other tax issues that apply to securitisations in your jurisdiction?
Does your jurisdiction's government have an inter-governmental agreement in place with the US in relation to FATCA compliance, and will this benefit locally-domiciled SPVs?