The financial crisis was triggered by a building-up of risk in securitization transactions. These depend to a large extent on the asset insulation achieved through Special Purpose Vehicles (SPVs). Yet what are SPVs? From a legal perspective, they may be corporations, trusts or LLCs. However, the crisis, and securitization's part in it, raises pressing questions about how SPVs should be classified to facilitate a greater degree of control. This article discusses securitization, the role of SPVs, and the characterization issue and its consequences.
ramos munoz david (2009). Living on the Edge: Securitization Supervision and Characterization Problems. EUROPEAN COMPANY LAW, 6(5), 217-227.
Living on the Edge: Securitization Supervision and Characterization Problems
RAMOS MUNOZ, DAVID
2009
Abstract
The financial crisis was triggered by a building-up of risk in securitization transactions. These depend to a large extent on the asset insulation achieved through Special Purpose Vehicles (SPVs). Yet what are SPVs? From a legal perspective, they may be corporations, trusts or LLCs. However, the crisis, and securitization's part in it, raises pressing questions about how SPVs should be classified to facilitate a greater degree of control. This article discusses securitization, the role of SPVs, and the characterization issue and its consequences.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
