NORWAY Law and Practice Contributed by: Markus Nilssen, Vanessa Kalvenes and Marcus Cordero-Moss, BAHR
BAHR Tjuvholmen Allé 16 0252 Oslo Norway Tel: +47 2100 0050 Email: post@bahr.no Web: www.bahr.no
1. Specific Financial Asset Types 1.1 Common Financial Assets There is no active securitisation market in Nor - way for the time being and therefore no market practice exists regarding commonly securitised financial assets. 1.2 Structures Relating to Financial Assets See 1.1 Common Financial Assets . 1.3 Applicable Laws and Regulations
the originator by way of a true sale. The issuer finances the acquisition of the financial assets with proceeds from notes issued by it to inves - tors in the capital markets. In synthetic securiti - sation, the credit risk associated with the finan - cial assets is transferred to the SPE with the use of financial guarantees or credit derivatives. If it is a funded transaction, the SPE issues credit- linked notes to investors to put up the cash that is required as collateral for the SPE’s obligations as credit protection seller. For further details on SPEs, see 6.2 SPEs . 2.2 Sponsors The original lender, originator, servicer and spon - sor will typically be the same entity, normally a bank. In these circumstances, the original lend - er/originator will normally remain the debtors’ primary point of contact for dealings with their loan after the securitisation. Under Regulation (EU) 2017/2402 (the “Secu - ritisation Regulation”), it is required that the sponsor either be an investment firm or a credit institution. 2.3 Originators/Sellers The originator/seller is the entity which was involved in the original agreement which created the financial assets being securitised or which
See 1.1 Common Financial Assets . 1.4 Special Purpose Entity (SPE) Jurisdiction See 1.1 Common Financial Assets . 1.5 Material Forms of Credit Enhancement See 1.1 Common Financial Assets .
2. Roles and Responsibilities of the Parties 2.1 Issuers In a traditional securitisation transaction, the issuer is a bankruptcy-remote SPE which acquires the underlying financial assets from
315 CHAMBERS.COM
Powered by FlippingBook