The Transfer of Rights in Securitisations : A Law and Economics Analysis.

Format:

Book

Author/Creator:

Emedosi, Chike.

Language:

English

Subjects (All):

Comparative law.

Law and economics.

Physical Description:

1 online resource (250 pages)

Edition:

1st ed.

Place of Publication:

The Hague : Boom Uitgevers Den Haag, 2024.

Summary:

This book provides a comprehensive study of the laws governing the transfer of money claims and related security rights in England, France, and Scotland. It employs a dual comparative approach, combining a functional method and a law and economics analysis, to identify and evaluate the most efficient legal solutions for transferring claims. The book is aimed at students, academics, and practitioners in banking and finance law, offering insights into the doctrinal analysis of these laws and their implications in the context of the global financial crisis. The author, Dr. Chike J. Emedosi, also explores the policy objectives related to these transfers and proposes a model solution to enhance legal frameworks. Generated by AI.

Contents:

Intro

Table of Contents

Preface

Acknowledgements

Part I

1 INTRODUCTION

1.1 Background

1.2 Structure

2 SECURITISATION AND THE 2007/08 GLOBAL FINANCIAL CRISIS

2.1 Nature and process of securitisation

2.1.1 Definition of securitisation

2.1.2 Process of securitisation

2.2 Origin of securitisation

2.3 The global financial crisis

2.3.1 The subprime mortgage crisis

2.3.2 The interbank credit crisis

2.3.3 The solvency crisis

2.4 The role of securitisation in the global financial crisis

2.4.1 Creation of complex financial products

2.4.2 Amplification of losses

2.4.3 Opacity

2.4.4 The originate-to-distribute narrative

2.5 Conclusion

3 SECURITISATION: ECONOMIC FUNCTION AND VALUE

3.1 Financial value of securitisation

3.1.1 Securitisation as a funding tool

3.1.2 Securitisation as a risk management tool

3.1.3 Securitisation as an investment tool

3.2 Securitisation as an instrument for economic growth after the GFC

3.2.1 Basel III framework

3.2.2 Credit-impact analysis of Basel III and the motivation for the revival of securitisation

3.3 Conclusion

Part II

4 METHODOLOGY FOR ANALYSIS OF TRANSFER SOLUTIONS

4.1 The functional approach

4.1.1 An overview of the approach

4.1.2 Limitations of the approach

4.1.3 Relevance of the approach

4.2 The law and economics approach

4.2.1 An overview of the approach

4.2.2 Basic concepts and models

4.2.3 Pareto efficiency and Kaldor-Hicks efficiency: application and research scope

4.3 Legal transplant

4.3.1 An overview of the concept

4.3.2 Relevance and application to this research

4.4 Conclusion

5 TRANSFER OF RIGHTS UNDER SCOTS LAW

5.1 Security rights in Scots law: nature and constitution

5.1.1 Definition and types of security rights.

5.1.2 Types and constitution of real security rights

5.1.3 Concluding comments

5.2 Accessory principle and transfer of security rights under Scots law

5.2.1 Initial comments

5.2.2 Accessoriness of real security

5.2.3 Concluding comments

5.3 Solutions available for transferring security rights in securitisations under Scots law

5.3.1 Initial comments

5.3.2 Assignation

5.3.3 Trust

5.4 Conclusion

6 TRANSFER OF RIGHTS UNDER ENGLISH LAW

6.1 Accessory principle and transfer of security rights under English law

6.1.1 Overview of the English law of security rights

6.1.2 The accessory principle

6.1.3 Concluding comments

6.2 Solutions available for transferring security rights in securitisations under English law

6.2.1 Initial comments

6.2.2 Novation

6.2.3 Assignment

6.2.4 Trust

6.3 Conclusion

7 TRANSFER OF RIGHTS UNDER FRENCH LAW

7.1 Introduction to the French securitisation legal framework

7.1.1 An overview of the French legal framework prior to the French Securitisation Act of 1988

7.1.2 The 1988 Act and its reforms

7.1.3 New securitisation entities under French law

7.2 Assignment of rights under the FCC

7.2.1 Introduction and general overview

7.2.2 The accessoriness question under articles 1321ff of the FCC

7.2.3 Limitations of assignment of rights under the FCC

7.3 Transfer by way of subrogation

7.3.1 An overview of French law on subrogation

7.3.2 Subrogation: advantages and disadvantages for securitisations

7.4 Assignment under the Dailly law

7.4.1 General overview of Dailly assignment of receivables

7.4.2 Dailly assignments: advantages and disadvantages for securitisations

7.5 Assignment under French securitisation law (i.e. FCT assignment or French bordereau)

7.5.1 General overview of FCT assignments.

7.5.2 FCT assignments: advantages and disadvantages for securitisations

7.6 Conclusion

8 LAW AND ECONOMICS ANALYSIS

8.1 The publicity principle

8.1.1 Nature

8.1.2 Scots law

8.1.3 English law and French law

8.1.4 Concluding comments

8.2 Comparative analysis

8.2.1 Initial comments

8.2.2 Policy one: debtors should be protected

8.2.3 Policy two: third-party protection

8.2.4 Policy three: facilitation of future receivables transfers

8.2.5 Policy four: facilitation of non-publicity transfer

8.2.6 Policy five: validity of transfer

8.2.7 Policy six: the accessorium principle

8.2.8 Efficiency analysis

8.3 A case for a model solution

8.3.1 Initial comments

8.3.2 The accessorium principle revisited

8.3.3 Effect of the assignor's insolvency on assignments of future receivables

8.3.4 Registration costs

8.3.5 Registration-only approach for securitisations

8.3.6 Concluding comments

8.4 Transferability of the model solution

8.4.1 Initial comments

8.4.2 The divergence

8.4.3 Applicability in English law

8.4.4 Applicability in French law

9 CONCLUSION

BIBLIOGRAPHY.

Notes:

Description based on publisher supplied metadata and other sources.

Part of the metadata in this record was created by AI, based on the text of the resource.

ISBN:

9789400114296

940011429X

9789400114616

OCLC:

1452598843