International Comparative Legal Guide to Securitisation

Buch | Softcover

336 Seiten

2025 | 18th Revised edition
Global Legal Group Ltd (Verlag)
9781839184185 (ISBN)

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The
latest edition of ICLG – Securitisation continues to be one of
the most comprehensive comparative guides to the practice of securitisation
available today.

The Guide
is now in its 18th edition, which provides continued proof that it
continues to be as relevant today as ever.

I am
privileged once again, on behalf of Sidley Austin LLP and as the Guide’s
Contributing Editor, to author the Preface to the latest edition of ICLG –
Securitisation, which continues to be one of the most comprehensive
comparative guides to the practice of securitisation available today.

The Guide
is now in its 18th edition, which provides continued proof that it
continues to be as relevant today as ever.

At the
time of writing, in April 2025, the securitisation markets are slightly en
prise in light of a number of factors, both macro-economic (tariffs) as
well as regulatory (the ESA “Article 44” report on the Securitisation
Regulations). That pause follows a
sustained period of high issuance levels, which had been accompanied by a
general positivity in many asset classes around a renewed desire to sustain and
grow the European securitisation markets, evidenced by a growing number of
helpful pronouncements from regulators and law-makers.

Looking back at the year in securitisation, last year
(2024), the financial data (all data from AFME Securitisation Data Report Q4
2024 & 2024 Full Year) records EUR 244.9 bn of securitised product issued
in Europe, an increase of 14.8% (11.9% on an inflation-adjusted basis) from the
EUR 213.3 bn issued in 2023, of which c. EUR 144 bn was placed,
representing c. 58.8% of the total (compared to c. EUR 94.7 bn
placed in 2023, representing c. 44.4% of the total). This was the highest issuance level since
2018 (non-inflation adjusted). Of that
issuance, ABS increased by c. 8.3% but CLOs had a standout year,
increasing c. 87.8% year-on-year in comparison to 2023. RMBS (and at much lower levels, CMBS)
remained at similar levels to 2023 and whilst securitisations of SME loans increased substantially in 2024 this was
down to one transaction (Europe’s much heralded
first middle market CLO) in Q3 2024. STS
issuance represented c. 27% of total issuance, which was perhaps a
little disappointing in light of the EU’s desire to increase that label’s
usage. SRT securitisations continued to
gain ground, increasing in issuance terms to c. EUR 155 bn, up from c.
EUR 118 bn in 2023, c. EUR 106 bn in 2022 and c. EUR 77 bn in
2021 (i.e. over double the issuance levels in 2021).

If 2024 represented a modest increase in issuance levels
across the securitised product spectrum, the pace of global regulation
affecting securitisations also continued unabated, with the major global
regulators across the US, Europe, the UK and other relevant international
jurisdictions continuing to press ahead with consultations and rule-making
workstreams that will continue to affect issuance and structuring of
securitisations across all asset classes and product types (many of which you
can read about in the various chapters of this year’s Guide as usual).

It
seems as critical and worthy a task as ever, therefore, to maintain an accurate
and up-to-date Guide regarding the relevant practices and regulation of
securitisation in a variety of jurisdictions.
The 2025 edition of this Guide seeks to accomplish that objective
by providing global businesses leaders, in-house counsel and international
legal practitioners with ready access to important information regarding the
legislative and regulatory frameworks for securitisation across 20 individual
jurisdictions. It also surveys practices
from the perspective of leading and experienced practitioners in these
jurisdictions through the expert analysis chapters (which continue to be of
even wider scope, and even more thought-provoking content, than previous
editions), and our genuine thanks go to all of the many contributors for
sharing their knowledge and experience again in this year’s Guide.

We
hope that you continue to find the Guide a useful and engaging insight
into the world of securitisation.

Rupert Wall

Contributing Editor

Partner,
Head of Global Finance in Europe and Global Co-Head of Structured and
Asset-Backed Financing Practice Sidley Austin LLP

Securitisation in Matching Adjustment Portfolios Under
Solvency UK Reforms – James Phythian-Adams, Rachpal Thind, Rupert Wall &
Arash Dashtgard, Sidley Austin LLP 1

U.S. and EU CLOs: Market Trends and Recent Regulatory
Developments – Craig Stein, Phillip Azzollini, Daniel Oshinsky & Martin
Sharkey, Schulte Roth & Zabel LLP 5

Cross-border Trade Receivables Securitisations – Key Legal
Issues to Consider – Merryn Craske, Mark Riccardi & Clément Vandevooghel,
Morgan Lewis 12

Structured Finance in Luxembourg: What About Restructuring? –
Natalja Taillefer, Loyens & Loeff Luxembourg

Brazil – Levy & Salomão Advogados: Luiz Roberto de Assis
& Fernando de Azevedo Perazzoli 25

Bulgaria – Tsvetkova Bebov & Partners, member of
Eversheds Sutherland: Nikolay Bebov, Konstantin Mladenov & Petar Ivanov 39

Canada – McMillan LLP: Don Waters, Yonatan (Yoni) Petel,
Michael Burns & Spencer Klug 52

Cayman Islands – Maples Group: James Reeve, Amanda Lazier
& Alicia Thompson 66

England & Wales – Sidley Austin LLP: Rupert Wall & Rei
See 77

Finland – Waselius Attorneys Ltd: Maria Lehtimäki, Niklas
Thibblin & Onni Viljanen101

France – Orrick, Herrington & Sutcliffe (Europe) LLP:
Hervé Touraine & Olivier Bernard 112

Germany – Allen Overy Shearman Sterling LLP: Dr. Stefan
Henkelmann & Martin Scharnke 128

Greece – Bernitsas Law: Athanasia Tsene 145

Ireland – Mason Hayes & Curran LLP: Daragh O'Shea,
Andrew Gill, Eoin Traynor & Jamie Macdonald 159

Jersey – Maples Group: Paul Burton & Amy Black 174

Luxembourg – GSK Stockmann: Andreas Heinzmann &
Katharina Schramm 188

Netherlands – Freshfields LLP: Mandeep Lotay & Dámaris
Engelschman 206

Norway – Advokatfirmaet Thommessen AS: Kristoffer Hegdahl,
Morten Emil Bergan, Markus Kjelløkken & Helge Aanensen Kleven 223

Portugal – VdA: Paula Gomes Freire, Benedita Aires & Sebastião
Nogueira 236

Scotland – Brodies LLP: Marion MacInnes, Bruce Stephen,
Peter Brading & Lindsay Lee 254

Spain – Cuatrecasas: Héctor Bros & Jaime de la Torre 271

Sweden – Roschier Advokatbyrå AB: Johan Häger & Carl
Brodén 292

Switzerland – Walder Wyss Ltd: Lukas Wyss & Maurus
Winzap 304

USA – Sidley Austin LLP: T.J. Gordon & Pietro Fontana 317

Erscheinungsdatum	24.06.2025
Reihe/Serie	International Comparative Legal Guide
Verlagsort	London
Sprache	englisch
Maße	210 x 297 mm
Themenwelt	Recht / Steuern ► Allgemeines / Lexika
	Recht / Steuern ► EU / Internationales Recht
	Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht
ISBN-13	9781839184185 / 9781839184185
Zustand	Neuware