i Table of contents 492

Securitisation 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		6
Contributed by Tamara Box and Sarah Caldwell, Reed Smith		6
CAYMAN ISLANDS		12
Law and Practice		12
Contributed by Travers Thorp Alberga		12
CHINA		32
Law and Practice		32
Contributed by Zhong Lun Law Firm		32
CYPRUS		63
Law and Practice		63
Contributed by Koushos Korfiotis Papacharalambous LLC		63
FINLAND		79
Law and Practice		79
Contributed by Waselius		79
Trends and Developments		94
Contributed by Waselius		94
GHANA		100
Law and Practice		100
Contributed by B&P Associates		100
Trends and Developments		119
Contributed by B&P Associates		119
GREECE		125
Law and Practice		125
Contributed by Sardelas Petsa Law Firm		125
Trends and Developments		151
Contributed by Sardelas Petsa Law Firm		151
HONG KONG		156
Law and Practice		156
Contributed by Mayer Brown		156
IRELAND		180
Trends and Developments		180
Contributed by Matheson LLP		180
JAPAN		189
Law and Practice		189
Contributed by Anderson Mori & Tomotsune		189
Trends and Developments		214
Contributed by Atsumi & Sakai		214
LUXEMBOURG		222
Law and Practice		222
Contributed by Loyens & Loeff Luxembourg S.à r.l.		222
Trends and Developments		246
Contributed by GSK Stockmann SA		246
MALAYSIA		253
Law and Practice		253
Contributed by Adnan Sundra & Low		253
Trends and Developments		271
Contributed by Adnan Sundra & Low		271
NETHERLANDS		276
Law and Practice		276
Contributed by Freshfields LLP		276
NEW ZEALAND		295
Law and Practice		295
Contributed by Russell McVeagh		295
NORWAY		313
Law and Practice		313
Contributed by BAHR		313
PERU		325
Trends and Developments		325
Contributed by Rubio Leguía Normand		325
PORTUGAL		331
Law and Practice		331
Contributed by VdA		331
SINGAPORE		355
Law and Practice		355
Contributed by Rajah & Tann Singapore LLP		355
SPAIN		372
Law and Practice		372
Contributed by Cuatrecasas		372
SWEDEN		394
Law and Practice		394
Contributed by Advokatfirman Vinge KB		394
Trends and Developments		413
Contributed by Advokatfirman Vinge KB		413
SWITZERLAND		418
Law and Practice		418
Contributed by Walder Wyss Ltd		418
Trends and Developments		432
Contributed by Walder Wyss Ltd		432
UK		438
Law and Practice		438
Contributed by Slaughter and May		438
UAE		457
Trends and Developments		457
Contributed by Curtis, Mallet-Prevost, Colt & Mosle LLP		457
USA		464
Law and Practice		464
Contributed by A&O Shearman		464
1. Specific Financial Asset Types		16
1.1 Common Financial Assets		16
1.2 Structures Relating to Financial Assets		17
1.3 Applicable Laws and Regulations		19
1.4 Special Purpose Entity (SPE) Jurisdiction		20
1.5 Material Forms of Credit Enhancement		21
2. Roles and Responsibilities of the Parties		21
2.1 Issuers		21
2.2 Sponsors		21
2.3 Originators/Sellers		21
2.4 Underwriters and Placement Agents		22
2.5 Servicers		22
2.6 Investors		22
2.7 Bond/Note Trustees		22
2.8 Security Trustees/Agents		22
3. Documentation		23
3.1 Bankruptcy-Remote Transfer of Financial Assets		23
3.2 Principal Warranties		24
3.3 Principal Perfection Provisions		25
3.4 Principal Covenants		25
3.5 Principal Servicing Provisions		25
3.6 Principal Defaults		25
3.7 Principal Indemnities		25
3.8 Bonds/Notes/Securities		26
3.9 Derivatives		26
3.10 Offering Memoranda		26
4. Laws and Regulations Specifically Relating to Securitisation		27
4.1 Specific Disclosure Laws or Regulations		27
4.2 General Disclosure Laws or Regulations		27
4.3 Credit Risk Retention		27
4.4 Periodic Reporting		27
4.5 Activities of Rating Agencies		27
4.6 Treatment of Securitisation in Financial Entities		28
4.7 Use of Derivatives		28
4.8 Investor Protection		28
4.9 Banks Securitising Financial Assets		28
4.10 SPEs or Other Entities		28
4.11 Activities Avoided by SPEs or Other Securitisation Entities		28
4.12 Participation of Government-Sponsored Entities		28
4.13 Entities Investing in Securitisation		28
4.14 Other Principal Laws and Regulations		28
5. Synthetic Securitisation		29
5.1 Synthetic Securitisation Regulation and Structure		29
6. Structurally Embedded Laws of General Application		29
6.1 Insolvency Laws		29
6.2 SPEs		29
6.3 Transfer of Financial Assets		30
6.4 Construction of Bankruptcy-Remote Transactions		30
6.5 Bankruptcy-Remote SPE		30
7. Tax Laws and Issues		30
7.1 Transfer Taxes		30
7.2 Taxes on Profit		30
7.3 Withholding Taxes		30
7.4 Other Taxes		31
7.5 Obtaining Legal Opinions		31
8. Accounting Rules and Issues		31
8.1 Legal Issues With Securitisation Accounting Rules		31
8.2 Dealing With Legal Issues		31
1. Specific Financial Asset Types		36
1.1 Common Financial Assets		36
1.2 Structures Relating to Financial Assets		36
1.3 Applicable Laws and Regulations		37
1.4 Special Purpose Entity (SPE) Jurisdiction		38
1.5 Material Forms of Credit Enhancement		38
2. Roles and Responsibilities of the Parties		38
2.1 Issuers		38
2.2 Sponsors		39
2.3 Originators/Sellers		39
2.4 Underwriters and Placement Agents		39
2.5 Servicers		40
2.6 Investors		40
2.7 Bond/Note Trustees		40
2.8 Security Trustees/Agents		41
3. Documentation		41
3.1 Bankruptcy-Remote Transfer of Financial Assets		41
3.2 Principal Warranties		41
3.3 Principal Perfection Provisions		42
3.4 Principal Covenants		43
3.5 Principal Servicing Provisions		43
3.6 Principal Defaults		44
3.7 Principal Indemnities		44
3.8 Bonds/Notes/Securities		44
3.9 Derivatives		45
3.10 Offering Memoranda		45
4. Laws and Regulations Specifically Relating to Securitisation		46
4.1 Specific Disclosure Laws or Regulations		46
4.2 General Disclosure Laws or Regulations		47
4.3 Credit Risk Retention		47
4.4 Periodic Reporting		48
4.5 Activities of Rating Agencies		48
4.6 Treatment of Securitisation in Financial Entities		49
4.7 Use of Derivatives		50
4.8 Investor Protection		51
4.9 Banks Securitising Financial Assets		52
4.10 SPEs or Other Entities		53
4.11 Activities Avoided by SPEs or Other Securitisation Entities		53
4.12 Participation of Government-Sponsored Entities		53
4.13 Entities Investing in Securitisation		54
4.14 Other Principal Laws and Regulations		55
5. Synthetic Securitisation		55
5.1 Synthetic Securitisation Regulation and Structure		55
6. Structurally Embedded Laws of General Application		55
6.1 Insolvency Laws		55
6.2 SPEs		56
6.3 Transfer of Financial Assets		57
6.4 Construction of Bankruptcy-Remote Transactions		59
6.5 Bankruptcy-Remote SPE		59
7. Tax Laws and Issues		59
7.1 Transfer Taxes		59
7.2 Taxes on Profit		60
7.3 Withholding Taxes		60
7.4 Other Taxes		61
7.5 Obtaining Legal Opinions		61
8. Accounting Rules and Issues		61
8.1 Legal Issues With Securitisation Accounting Rules		61
8.2 Dealing With Legal Issues		62
1. Specific Financial Asset Types		66
1.1 Common Financial Assets		66
1.2 Structures Relating to Financial Assets		66
1.3 Applicable Laws and Regulations		66
1.4 Special Purpose Entity (SPE) Jurisdiction		66
1.5 Material Forms of Credit Enhancement		67
2. Roles and Responsibilities of the Parties		67
2.1 Issuers		67
2.2 Sponsors		67
2.3 Originators/Sellers		67
2.4 Underwriters and Placement Agents		67
2.5 Servicers		67
2.6 Investors		68
2.7 Bond/Note Trustees		68
2.8 Security Trustees/Agents		68
3. Documentation		68
3.1 Bankruptcy-Remote Transfer of Financial Assets		68
3.2 Principal Warranties		68
3.3 Principal Perfection Provisions		69
3.4 Principal Covenants		70
3.5 Principal Servicing Provisions		70
3.6 Principal Defaults		70
3.7 Principal Indemnities		71
3.8 Bonds/Notes/Securities		71
3.9 Derivatives		71
3.10 Offering Memoranda		71
4. Laws and Regulations Specifically Relating to Securitisation		72
4.1 Specific Disclosure Laws or Regulations		72
4.2 General Disclosure Laws or Regulations		72
4.3 Credit Risk Retention		72
4.4 Periodic Reporting		72
4.5 Activities of Rating Agencies		73
4.6 Treatment of Securitisation in Financial Entities		73
4.7 Use of Derivatives		73
4.8 Investor Protection		73
4.9 Banks Securitising Financial Assets		74
4.10 SPEs or Other Entities		74
4.11 Activities Avoided by SPEs or Other Securitisation Entities		74
4.12 Participation of Government-Sponsored Entities		75
4.13 Entities Investing in Securitisation		75
4.14 Other Principal Laws and Regulations		75
5. Synthetic Securitisation		75
5.1 Synthetic Securitisation Regulation and Structure		75
6. Structurally Embedded Laws of General Application		75
6.1 Insolvency Laws		75
6.2 SPEs		75
6.3 Transfer of Financial Assets		75
6.4 Construction of Bankruptcy-Remote Transactions		77
6.5 Bankruptcy-Remote SPE		77
7. Tax Laws and Issues		77
7.1 Transfer Taxes		77
7.2 Taxes on Profit		77
7.3 Withholding Taxes		77
7.4 Other Taxes		77
7.5 Obtaining Legal Opinions		78
8. Accounting Rules and Issues		78
8.1 Legal Issues With Securitisation Accounting Rules		78
8.2 Dealing With Legal Issues		78
1. Specific Financial Asset Types		83
1.1 Common Financial Assets		83
1.2 Structures Relating to Financial Assets		83
1.3 Applicable Laws and Regulations		83
1.4 Special Purpose Entity (SPE) Jurisdiction		83
1.5 Material Forms of Credit Enhancement		84
2. Roles and Responsibilities of the Parties		84
2.1 Issuers		84
2.2 Sponsors		84
2.3 Originators/Sellers		84
2.4 Underwriters and Placement Agents		84
2.5 Servicers		85
2.6 Investors		85
2.7 Bond/Note Trustees		85
2.8 Security Trustees/Agents		85
3. Documentation		85
3.1 Bankruptcy-Remote Transfer of Financial Assets		85
3.2 Principal Warranties		86
3.3 Principal Perfection Provisions		86
3.4 Principal Covenants		86
3.5 Principal Servicing Provisions		86
3.6 Principal Defaults		87
3.7 Principal Indemnities		87
3.8 Bonds/Notes/Securities		87
3.9 Derivatives		87
3.10 Offering Memoranda		87
4. Laws and Regulations Specifically Relating to Securitisation		87
4.1 Specific Disclosure Laws or Regulations		87
4.2 General Disclosure Laws or Regulations		88
4.3 Credit Risk Retention		88
4.4 Periodic Reporting		88
4.5 Activities of Rating Agencies		88
4.6 Treatment of Securitisation in Financial Entities		89
4.7 Use of Derivatives		89
4.8 Investor Protection		89
4.9 Banks Securitising Financial Assets		89
4.10 SPEs or Other Entities		89
4.11 Activities Avoided by SPEs or Other Securitisation Entities		90
4.12 Participation of Government-Sponsored Entities		90
4.13 Entities Investing in Securitisation		90
4.14 Other Principal Laws and Regulations		90
5. Synthetic Securitisation		90
5.1 Synthetic Securitisation Regulation and Structure		90
6. Structurally Embedded Laws of General Application		90
6.1 Insolvency Laws		90
6.2 SPEs		91
6.3 Transfer of Financial Assets		91
6.4 Construction of Bankruptcy-Remote Transactions		92
6.5 Bankruptcy-Remote SPE		92
7. Tax Laws and Issues		92
7.1 Transfer Taxes		92
7.2 Taxes on Profit		92
7.3 Withholding Taxes		92
7.4 Other Taxes		92
7.5 Obtaining Legal Opinions		93
8. Accounting Rules and Issues		93
8.1 Legal Issues With Securitisation Accounting Rules		93
8.2 Dealing With Legal Issues		93
1. Specific Financial Asset Types		104
1.1 Common Financial Assets		104
1.2 Structures Relating to Financial Assets		104
1.3 Applicable Laws and Regulations		104
1.4 Special Purpose Entity (SPE) Jurisdiction		104
1.5 Material Forms of Credit Enhancement		105
2. Roles and Responsibilities of the Parties		105
2.1 Issuers		105
2.2 Sponsors		105
2.3 Originators/Sellers		105
2.4 Underwriters and Placement Agents		105
2.5 Servicers		106
2.6 Investors		106
2.7 Bond/Note Trustees		106
2.8 Security Trustees/Agents		106
3. Documentation		106
3.1 Bankruptcy-Remote Transfer of Financial Assets		106
3.2 Principal Warranties		107
3.3 Principal Perfection Provisions		107
3.4 Principal Covenants		107
3.5 Principal Servicing Provisions		107
3.6 Principal Defaults		107
3.7 Principal Indemnities		108
3.8 Bonds/Notes/Securities		108
3.9 Derivatives		108
3.10 Offering Memoranda		108
4. Laws and Regulations Specifically Relating to Securitisation		109
4.1 Specific Disclosure Laws or Regulations		109
4.2 General Disclosure Laws or Regulations		109
4.3 Credit Risk Retention		110
4.4 Periodic Reporting		110
4.5 Activities of Rating Agencies		110
4.6 Treatment of Securitisation in Financial Entities		111
4.7 Use of Derivatives		111
4.8 Investor Protection		111
4.9 Banks Securitising Financial Assets		111
4.10 SPEs or Other Entities		112
4.11 Activities Avoided by SPEs or Other Securitisation Entities		112
4.12 Participation of Government-Sponsored Entities		113
4.13 Entities Investing in Securitisation		113
4.14 Other Principal Laws and Regulations		113
5. Synthetic Securitisation		114
5.1 Synthetic Securitisation Regulation and Structure		114
6. Structurally Embedded Laws of General Application		114
6.1 Insolvency Laws		114
6.2 SPEs		115
6.3 Transfer of Financial Assets		115
6.4 Construction of Bankruptcy-Remote Transactions		116
6.5 Bankruptcy-Remote SPE		116
7. Tax Laws and Issues		117
7.1 Transfer Taxes		117
7.2 Taxes on Profit		117
7.3 Withholding Taxes		117
7.4 Other Taxes		118
7.5 Obtaining Legal Opinions		118
8. Accounting Rules and Issues		118
8.1 Legal Issues With Securitisation Accounting Rules		118
8.2 Dealing With Legal Issues		118
1. Specific Financial Asset Types		129
1.1 Common Financial Assets		129
1.2 Structures Relating to Financial Assets		129
1.3 Applicable Laws and Regulations		130
1.4 Special Purpose Entity (SPE) Jurisdiction		131
1.5 Material Forms of Credit Enhancement		131
2. Roles and Responsibilities of the Parties		131
2.1 Issuers		131
2.2 Sponsors		132
2.3 Originators/Sellers		132
2.4 Underwriters and Placement Agents		132
2.5 Servicers		132
2.6 Investors		133
2.7 Bond/Note Trustees		133
2.8 Security Trustees/Agents		133
3. Documentation		134
3.1 Bankruptcy-Remote Transfer of Financial Assets		134
3.2 Principal Warranties		134
3.3 Principal Perfection Provisions		134
3.4 Principal Covenants		135
3.5 Principal Servicing Provisions		135
3.6 Principal Defaults		136
3.7 Principal Indemnities		136
3.8 Bonds/Notes/Securities		137
3.9 Derivatives		137
3.10 Offering Memoranda		137
4. Laws and Regulations Specifically Relating to Securitisation		137
4.1 Specific Disclosure Laws or Regulations		137
4.2 General Disclosure Laws or Regulations		138
4.3 Credit Risk Retention		138
4.4 Periodic Reporting		139
4.5 Activities of Rating Agencies		140
4.6 Treatment of Securitisation in Financial Entities		140
4.7 Use of Derivatives		141
4.8 Investor Protection		142
4.9 Banks Securitising Financial Assets		142
4.10 SPEs or Other Entities		142
4.11 Activities Avoided by SPEs or Other Securitisation Entities		142
4.12 Participation of Government-Sponsored Entities		142
4.13 Entities Investing in Securitisation		143
4.14 Other Principal Laws and Regulations		143
5. Synthetic Securitisation		143
5.1 Synthetic Securitisation Regulation and Structure		143
6. Structurally Embedded Laws of General Application		144
6.1 Insolvency Laws		144
6.2 SPEs		144
6.3 Transfer of Financial Assets		145
6.4 Construction of Bankruptcy-Remote Transactions		146
6.5 Bankruptcy-Remote SPE		147
7. Tax Laws and Issues		148
7.1 Transfer Taxes		148
7.2 Taxes on Profit		148
7.3 Withholding Taxes		148
7.4 Other Taxes		148
7.5 Obtaining Legal Opinions		149
8. Accounting Rules and Issues		149
8.1 Legal Issues With Securitisation Accounting Rules		149
8.2 Dealing With Legal Issues		150
1. Specific Financial Asset Types		159
1.1 Common Financial Assets		159
1.2 Structures Relating to Financial Assets		159
1.3 Applicable Laws and Regulations		159
1.4 Special Purpose Entity (SPE) Jurisdiction		160
1.5 Material Forms of Credit Enhancement		160
2. Roles and Responsibilities of the Parties		160
2.1 Issuers		160
2.2 Sponsors		160
2.3 Originators/Sellers		160
2.4 Underwriters and Placement Agents		161
2.5 Servicers		161
2.6 Investors		161
2.7 Bond/Note Trustees		161
2.8 Security Trustees/Agents		162
3. Documentation		162
3.1 Bankruptcy-Remote Transfer of Financial Assets		162
3.2 Principal Warranties		162
3.3 Principal Perfection Provisions		163
3.4 Principal Covenants		163
3.5 Principal Servicing Provisions		163
3.6 Principal Defaults		164
3.7 Principal Indemnities		164
3.8 Bonds/Notes/Securities		164
3.9 Derivatives		164
3.10 Offering Memoranda		165
4. Laws and Regulations Specifically Relating to Securitisation		165
4.1 Specific Disclosure Laws or Regulations		165
4.2 General Disclosure Laws or Regulations		165
4.3 Credit Risk Retention		168
4.4 Periodic Reporting		168
4.5 Activities of Rating Agencies		169
4.6 Treatment of Securitisation in Financial Entities		169
4.7 Use of Derivatives		170
4.8 Investor Protection		170
4.9 Banks Securitising Financial Assets		172
4.10 SPEs or Other Entities		173
4.11 Activities Avoided by SPEs or Other Securitisation Entities		173
4.12 Participation of Government-Sponsored Entities		173
4.13 Entities Investing in Securitisation		173
4.14 Other Principal Laws and Regulations		173
5. Synthetic Securitisation		173
5.1 Synthetic Securitisation Regulation and Structure		173
6. Structurally Embedded Laws of General Application		173
6.1 Insolvency Laws		173
6.2 SPEs		174
6.3 Transfer of Financial Assets		175
6.4 Construction of Bankruptcy-Remote Transactions		176
6.5 Bankruptcy-Remote SPE		177
7. Tax Laws and Issues		177
7.1 Transfer Taxes		177
7.2 Taxes on Profit		177
7.3 Withholding Taxes		177
7.4 Other Taxes		177
7.5 Obtaining Legal Opinions		178
8. Accounting Rules and Issues		178
8.1 Legal Issues With Securitisation Accounting Rules		178
8.2 Dealing With Legal Issues		178
1. Specific Financial Asset Types		193
1.1 Common Financial Assets		193
1.2 Structures Relating to Financial Assets		193
1.3 Applicable Laws and Regulations		194
1.4 Special Purpose Entity (SPE) Jurisdiction		194
1.5 Material Forms of Credit Enhancement		195
2. Roles and Responsibilities of the Parties		195
2.1 Issuers		195
2.2 Sponsors		195
2.3 Originators/Sellers		195
2.4 Underwriters and Placement Agents		195
2.5 Servicers		196
2.6 Investors		196
2.7 Bond/Note Trustees		196
2.8 Security Trustees/Agents		197
3. Documentation		197
3.1 Bankruptcy-Remote Transfer of Financial Assets		197
3.2 Principal Warranties		197
3.3 Principal Perfection Provisions		198
3.4 Principal Covenants		198
3.5 Principal Servicing Provisions		198
3.6 Principal Defaults		198
3.7 Principal Indemnities		199
3.8 Bonds/Notes/Securities		199
3.9 Derivatives		199
3.10 Offering Memoranda		199
4. Laws and Regulations Specifically Relating to Securitisation		199
4.1 Specific Disclosure Laws or Regulations		199
4.2 General Disclosure Laws or Regulations		200
4.3 Credit Risk Retention		200
4.4 Periodic Reporting		200
4.5 Activities of Rating Agencies		201
4.6 Treatment of Securitisation in Financial Entities		201
4.7 Use of Derivatives		201
4.8 Investor Protection		201
4.9 Banks Securitising Financial Assets		201
4.10 SPEs or Other Entities		202
4.11 Activities Avoided by SPEs or Other Securitisation Entities		203
4.12 Participation of Government-Sponsored Entities		203
4.13 Entities Investing in Securitisation		203
4.14 Other Principal Laws and Regulations		203
5. Synthetic Securitisation		204
5.1 Synthetic Securitisation Regulation and Structure		204
6. Structurally Embedded Laws of General Application		205
6.1 Insolvency Laws		205
6.2 SPEs		208
6.3 Transfer of Financial Assets		210
6.4 Construction of Bankruptcy-Remote Transactions		211
6.5 Bankruptcy-Remote SPE		211
7. Tax Laws and Issues		211
7.1 Transfer Taxes		211
7.2 Taxes on Profit		211
7.3 Withholding Taxes		211
7.4 Other Taxes		212
7.5 Obtaining Legal Opinions		212
8. Accounting Rules and Issues		213
8.1 Legal Issues With Securitisation Accounting Rules		213
8.2 Dealing With Legal Issues		213
1. Specific Financial Asset Types		225
1.1 Common Financial Assets		225
1.2 Structures Relating to Financial Assets		226
1.3 Applicable Laws and Regulations		226
1.4 Special Purpose Entity (SPE) Jurisdiction		227
1.5 Material Forms of Credit Enhancement		227
2. Roles and Responsibilities of the Parties		227
2.1 Issuers		227
2.2 Sponsors		227
2.3 Originators/Sellers		227
2.4 Underwriters and Placement Agents		227
2.5 Servicers		227
2.6 Investors		228
2.7 Bond/Note Trustees		228
2.8 Security Trustees/Agents		228
3. Documentation		228
3.1 Bankruptcy-Remote Transfer of Financial Assets		228
3.2 Principal Warranties		228
3.3 Principal Perfection Provisions		229
3.4 Principal Covenants		229
3.5 Principal Servicing Provisions		229
3.6 Principal Defaults		229
3.7 Principal Indemnities		229
3.8 Bonds/Notes/Securities		230
3.9 Derivatives		230
3.10 Offering Memoranda		230
4. Laws and Regulations Specifically Relating to Securitisation		230
4.1 Specific Disclosure Laws or Regulations		230
4.2 General Disclosure Laws or Regulations		231
4.3 Credit Risk Retention		231
4.4 Periodic Reporting		232
4.5 Activities of Rating Agencies		233
4.6 Treatment of Securitisation in Financial Entities		234
4.7 Use of Derivatives		234
4.8 Investor Protection		235
4.9 Banks Securitising Financial Assets		235
4.10 SPEs or Other Entities		236
4.11 Activities Avoided by SPEs or Other Securitisation Entities		237
4.12 Participation of Government-Sponsored Entities		238
4.13 Entities Investing in Securitisation		238
4.14 Other Principal Laws and Regulations		239
5. Synthetic Securitisation		239
5.1 Synthetic Securitisation Regulation and Structure		239
6. Structurally Embedded Laws of General Application		239
6.1 Insolvency Laws		239
6.2 SPEs		240
6.3 Transfer of Financial Assets		241
6.4 Construction of Bankruptcy-Remote Transactions		243
6.5 Bankruptcy-Remote SPE		243
7. Tax Laws and Issues		243
7.1 Transfer Taxes		243
7.2 Taxes on Profit		244
7.3 Withholding Taxes		244
7.4 Other Taxes		244
7.5 Obtaining Legal Opinions		244
8. Accounting Rules and Issues		245
8.1 Legal Issues With Securitisation Accounting Rules		245
8.2 Dealing With Legal Issues		245
1. Specific Financial Asset Types		256
1.1 Common Financial Assets		256
1.2 Structures Relating to Financial Assets		256
1.3 Applicable Laws and Regulations		257
1.4 Special Purpose Entity (SPE) Jurisdiction		257
1.5 Material Forms of Credit Enhancement		257
2. Roles and Responsibilities of the Parties		257
2.1 Issuers		257
2.2 Sponsors		257
2.3 Originators/Sellers		257
2.4 Underwriters and Placement Agents		258
2.5 Servicers		258
2.6 Investors		259
2.7 Bond/Note Trustees		259
2.8 Security Trustees/Agents		259
3. Documentation		259
3.1 Bankruptcy-Remote Transfer of Financial Assets		259
3.2 Principal Warranties		260
3.3 Principal Perfection Provisions		260
3.4 Principal Covenants		260
3.5 Principal Servicing Provisions		261
3.6 Principal Defaults		261
3.7 Principal Indemnities		262
3.8 Bonds/Notes/Securities		262
3.9 Derivatives		262
3.10 Offering Memoranda		262
4. Laws and Regulations Specifically Relating to Securitisation		264
4.1 Specific Disclosure Laws or Regulations		264
4.2 General Disclosure Laws or Regulations		264
4.3 Credit Risk Retention		264
4.4 Periodic Reporting		264
4.5 Activities of Rating Agencies		264
4.6 Treatment of Securitisation in Financial Entities		265
4.7 Use of Derivatives		265
4.8 Investor Protection		265
4.9 Banks Securitising Financial Assets		265
4.10 SPEs or Other Entities		266
4.11 Activities Avoided by SPEs or Other Securitisation Entities		266
4.12 Participation of Government-Sponsored Entities		266
4.13 Entities Investing in Securitisation		266
4.14 Other Principal Laws and Regulations		266
5. Synthetic Securitisation		266
5.1 Synthetic Securitisation Regulation and Structure		266
6. Structurally Embedded Laws of General Application		266
6.1 Insolvency Laws		266
6.2 SPEs		266
6.3 Transfer of Financial Assets		267
6.4 Construction of Bankruptcy-Remote Transactions		268
6.5 Bankruptcy-Remote SPE		269
7. Tax Laws and Issues		269
7.1 Transfer Taxes		269
7.2 Taxes on Profit		269
7.3 Withholding Taxes		270
7.4 Other Taxes		270
7.5 Obtaining Legal Opinions		270
8. Accounting Rules and Issues		270
8.1 Legal Issues With Securitisation Accounting Rules		270
8.2 Dealing With Legal Issues		270
1. Specific Financial Asset Types		279
1.1 Common Financial Assets		279
1.2 Structures Relating to Financial Assets		279
1.3 Applicable Laws and Regulations		280
1.4 Special Purpose Entity (SPE) Jurisdiction		280
1.5 Material Forms of Credit Enhancement		280
2. Roles and Responsibilities of the Parties		281
2.1 Issuers		281
2.2 Sponsors		281
2.3 Originators/Sellers		281
2.4 Underwriters and Placement Agents		282
2.5 Servicers		282
2.6 Investors		282
2.7 Bond/Note Trustees		283
2.8 Security Trustees/Agents		283
3. Documentation		283
3.1 Bankruptcy-Remote Transfer of Financial Assets		283
3.2 Principal Warranties		285
3.3 Principal Perfection Provisions		285
3.4 Principal Covenants		285
3.5 Principal Servicing Provisions		285
3.6 Principal Defaults		286
3.7 Principal Indemnities		286
3.8 Bonds/Notes/Securities		286
3.9 Derivatives		286
3.10 Offering Memoranda		286
4. Laws and Regulations Specifically Relating to Securitisation		287
4.1 Specific Disclosure Laws or Regulations		287
4.2 General Disclosure Laws or Regulations		287
4.3 Credit Risk Retention		287
4.4 Periodic Reporting		288
4.5 Activities of Rating Agencies		289
4.6 Treatment of Securitisation in Financial Entities		289
4.7 Use of Derivatives		289
4.8 Investor Protection		289
4.9 Banks Securitising Financial Assets		290
4.10 SPEs or Other Entities		290
4.11 Activities Avoided by SPEs or Other Securitisation Entities		290
4.12 Participation of Government-Sponsored Entities		290
4.13 Entities Investing in Securitisation		290
4.14 Other Principal Laws and Regulations		290
5. Synthetic Securitisation		290
5.1 Synthetic Securitisation Regulation and Structure		290
6. Structurally Embedded Laws of General Application		291
6.1 Insolvency Laws		291
6.2 SPEs		292
6.3 Transfer of Financial Assets		292
6.4 Construction of Bankruptcy-Remote Transactions		292
6.5 Bankruptcy-Remote SPE		292
7. Tax Laws and Issues		292
7.1 Transfer Taxes		292
7.2 Taxes on Profit		293
7.3 Withholding Taxes		293
7.4 Other Taxes		294
7.5 Obtaining Legal Opinions		294
8. Accounting Rules and Issues		294
8.1 Legal Issues With Securitisation Accounting Rules		294
8.2 Dealing With Legal Issues		294
1. Specific Financial Asset Types		299
1.1 Common Financial Assets		299
1.2 Structures Relating to Financial Assets		299
1.3 Applicable Laws and Regulations		299
1.4 Special Purpose Entity (SPE) Jurisdiction		299
1.5 Material Forms of Credit Enhancement		300
2. Roles and Responsibilities of the Parties		300
2.1 Issuers		300
2.2 Sponsors		300
2.3 Originators/Sellers		300
2.4 Underwriters and Placement Agents		300
2.5 Servicers		300
2.6 Investors		300
2.7 Bond/Note Trustees		300
2.8 Security Trustees/Agents		301
3. Documentation		301
3.1 Bankruptcy-Remote Transfer of Financial Assets		301
3.2 Principal Warranties		301
3.3 Principal Perfection Provisions		301
3.4 Principal Covenants		301
3.5 Principal Servicing Provisions		302
3.6 Principal Defaults		302
3.7 Principal Indemnities		303
3.8 Bonds/Notes/Securities		303
3.9 Derivatives		303
3.10 Offering Memoranda		303
4. Laws and Regulations Specifically Relating to Securitisation		303
4.1 Specific Disclosure Laws or Regulations		303
4.2 General Disclosure Laws or Regulations		303
4.3 Credit Risk Retention		305
4.4 Periodic Reporting		305
4.5 Activities of Rating Agencies		305
4.6 Treatment of Securitisation in Financial Entities		305
4.7 Use of Derivatives		306
4.8 Investor Protection		307
4.9 Banks Securitising Financial Assets		307
4.10 SPEs or Other Entities		307
4.11 Activities Avoided by SPEs or Other Securitisation Entities		307
4.12 Participation of Government-Sponsored Entities		307
4.13 Entities Investing in Securitisation		307
4.14 Other Principal Laws and Regulations		307
5. Synthetic Securitisation		307
5.1 Synthetic Securitisation Regulation and Structure		307
6. Structurally Embedded Laws of General Application		308
6.1 Insolvency Laws		308
6.2 SPEs		308
6.3 Transfer of Financial Assets		309
6.4 Construction of Bankruptcy-Remote Transactions		310
6.5 Bankruptcy-Remote SPE		310
7. Tax Laws and Issues		310
7.1 Transfer Taxes		310
7.2 Taxes on Profit		311
7.3 Withholding Taxes		311
7.4 Other Taxes		311
7.5 Obtaining Legal Opinions		311
8. Accounting Rules and Issues		312
8.1 Legal Issues With Securitisation Accounting Rules		312
8.2 Dealing With Legal Issues		312
1. Specific Financial Asset Types		316
1.1 Common Financial Assets		316
1.2 Structures Relating to Financial Assets		316
1.3 Applicable Laws and Regulations		316
1.4 Special Purpose Entity (SPE) Jurisdiction		316
1.5 Material Forms of Credit Enhancement		316
2. Roles and Responsibilities of the Parties		316
2.1 Issuers		316
2.2 Sponsors		316
2.3 Originators/Sellers		316
2.4 Underwriters and Placement Agents		317
2.5 Servicers		317
2.6 Investors		317
2.7 Bond/Note Trustees		317
2.8 Security Trustees/Agents		317
3. Documentation		318
3.1 Bankruptcy-Remote Transfer of Financial Assets		318
3.2 Principal Warranties		318
3.3 Principal Perfection Provisions		318
3.4 Principal Covenants		318
3.5 Principal Servicing Provisions		318
3.6 Principal Defaults		318
3.7 Principal Indemnities		318
3.8 Bonds/Notes/Securities		318
3.9 Derivatives		318
3.10 Offering Memoranda		318
4. Laws and Regulations Specifically Relating to Securitisation		318
4.1 Specific Disclosure Laws or Regulations		318
4.2 General Disclosure Laws or Regulations		319
4.3 Credit Risk Retention		319
4.4 Periodic Reporting		319
4.5 Activities of Rating Agencies		320
4.6 Treatment of Securitisation in Financial Entities		320
4.7 Use of Derivatives		321
4.8 Investor Protection		321
4.9 Banks Securitising Financial Assets		321
4.10 SPEs or Other Entities		321
4.11 Activities Avoided by SPEs or Other Securitisation Entities		321
4.12 Participation of Government-Sponsored Entities		321
4.13 Entities Investing in Securitisation		322
4.14 Other Principal Laws and Regulations		322
5. Synthetic Securitisation		322
5.1 Synthetic Securitisation Regulation and Structure		322
6. Structurally Embedded Laws of General Application		322
6.1 Insolvency Laws		322
6.2 SPEs		323
6.3 Transfer of Financial Assets		323
6.4 Construction of Bankruptcy-Remote Transactions		323
6.5 Bankruptcy-Remote SPE		323
7. Tax Laws and Issues		323
7.1 Transfer Taxes		323
7.2 Taxes on Profit		324
7.3 Withholding Taxes		324
7.4 Other Taxes		324
7.5 Obtaining Legal Opinions		324
8. Accounting Rules and Issues		324
8.1 Legal Issues With Securitisation Accounting Rules		324
8.2 Dealing With Legal Issues		324
1. Specific Financial Asset Types		334
1.1 Common Financial Assets		334
1.2 Structures Relating to Financial Assets		334
1.3 Applicable Laws and Regulations		334
1.4 Special Purpose Entity (SPE) Jurisdiction		334
1.5 Material Forms of Credit Enhancement		335
2. Roles and Responsibilities of the Parties		335
2.1 Issuers		335
2.2 Sponsors		335
2.3 Originators/Sellers		335
2.4 Underwriters and Placement Agents		335
2.5 Servicers		335
2.6 Investors		336
2.7 Bond/Note Trustees		336
2.8 Security Trustees/Agents		338
3. Documentation		338
3.1 Bankruptcy-Remote Transfer of Financial Assets		338
3.2 Principal Warranties		338
3.3 Principal Perfection Provisions		338
3.4 Principal Covenants		339
3.5 Principal Servicing Provisions		339
3.6 Principal Defaults		340
3.7 Principal Indemnities		340
3.8 Bonds/Notes/Securities		341
3.9 Derivatives		341
3.10 Offering Memoranda		341
4. Laws and Regulations Specifically Relating to Securitisation		341
4.1 Specific Disclosure Laws or Regulations		341
4.2 General Disclosure Laws or Regulations		343
4.3 Credit Risk Retention		343
4.4 Periodic Reporting		344
4.5 Activities of Rating Agencies		345
4.6 Treatment of Securitisation in Financial Entities		345
4.7 Use of Derivatives		346
4.8 Investor Protection		346
4.9 Banks Securitising Financial Assets		346
4.10 SPEs or Other Entities		346
4.11 Activities Avoided by SPEs or Other Securitisation Entities		346
4.12 Participation of Government-Sponsored Entities		346
4.13 Entities Investing in Securitisation		346
4.14 Other Principal Laws and Regulations		347
5. Synthetic Securitisation		347
5.1 Synthetic Securitisation Regulation and Structure		347
6. Structurally Embedded Laws of General Application		347
6.1 Insolvency Laws		347
6.2 SPEs		349
6.3 Transfer of Financial Assets		350
6.4 Construction of Bankruptcy-Remote Transactions		352
6.5 Bankruptcy-Remote SPE		352
7. Tax Laws and Issues		353
7.1 Transfer Taxes		353
7.2 Taxes on Profit		353
7.3 Withholding Taxes		353
7.4 Other Taxes		354
7.5 Obtaining Legal Opinions		354
8. Accounting Rules and Issues		354
8.1 Legal Issues With Securitisation Accounting Rules		354
8.2 Dealing With Legal Issues		354
1. Specific Financial Asset Types		358
1.1 Common Financial Assets		358
1.2 Structures Relating to Financial Assets		358
1.3 Applicable Laws and Regulations		358
1.4 Special Purpose Entity (SPE) Jurisdiction		359
1.5 Material Forms of Credit Enhancement		359
2. Roles and Responsibilities of the Parties		359
2.1 Issuers		359
2.2 Sponsors		360
2.3 Originators/Sellers		360
2.4 Underwriters and Placement Agents		360
2.5 Servicers		360
2.6 Investors		360
2.7 Bond/Note Trustees		360
2.8 Security Trustees/Agents		361
3. Documentation		361
3.1 Bankruptcy-Remote Transfer of Financial Assets		361
3.2 Principal Warranties		361
3.3 Principal Perfection Provisions		361
3.4 Principal Covenants		361
3.5 Principal Servicing Provisions		361
3.6 Principal Defaults		362
3.7 Principal Indemnities		362
3.8 Bonds/Notes/Securities		362
3.9 Derivatives		362
3.10 Offering Memoranda		363
4. Laws and Regulations Specifically Relating to Securitisation		363
4.1 Specific Disclosure Laws or Regulations		363
4.2 General Disclosure Laws or Regulations		363
4.3 Credit Risk Retention		363
4.4 Periodic Reporting		363
4.5 Activities of Rating Agencies		364
4.6 Treatment of Securitisation in Financial Entities		365
4.7 Use of Derivatives		365
4.8 Investor Protection		366
4.9 Banks Securitising Financial Assets		366
4.10 SPEs or Other Entities		366
4.11 Activities Avoided by SPEs or Other Securitisation Entities		367
4.12 Participation of Government-Sponsored Entities		367
4.13 Entities Investing in Securitisation		367
4.14 Other Principal Laws and Regulations		367
5. Synthetic Securitisation		367
5.1 Synthetic Securitisation Regulation and Structure		367
6. Structurally Embedded Laws of General Application		367
6.1 Insolvency Laws		367
6.2 SPEs		368
6.3 Transfer of Financial Assets		368
6.4 Construction of Bankruptcy-Remote Transactions		370
6.5 Bankruptcy-Remote SPE		370
7. Tax Laws and Issues		370
7.1 Transfer Taxes		370
7.2 Taxes on Profit		370
7.3 Withholding Taxes		370
7.4 Other Taxes		371
7.5 Obtaining Legal Opinions		371
8. Accounting Rules and Issues		371
8.1 Legal Issues With Securitisation Accounting Rules		371
8.2 Dealing With Legal Issues		371
1. Specific Financial Asset Types		375
1.1 Common Financial Assets		375
1.2 Structures Relating to Financial Assets		375
1.3 Applicable Laws and Regulations		376
1.4 Special Purpose Entity (SPE) Jurisdiction		376
1.5 Material Forms of Credit Enhancement		376
2. Roles and Responsibilities of the Parties		377
2.1 Issuers		377
2.2 Sponsors		377
2.3 Originators/Sellers		377
2.4 Underwriters and Placement Agents		378
2.5 Servicers		378
2.6 Investors		378
2.7 Bond/Note Trustees		379
2.8 Security Trustees/Agents		379
3. Documentation		379
3.1 Bankruptcy-Remote Transfer of Financial Assets		379
3.2 Principal Warranties		380
3.3 Principal Perfection Provisions		380
3.4 Principal Covenants		381
3.5 Principal Servicing Provisions		381
3.6 Principal Defaults		382
3.7 Principal Indemnities		382
3.8 Bonds/Notes/Securities		382
3.9 Derivatives		383
3.10 Offering Memoranda		383
4. Laws and Regulations Specifically Relating to Securitisation		383
4.1 Specific Disclosure Laws or Regulations		383
4.2 General Disclosure Laws or Regulations		384
4.3 Credit Risk Retention		384
4.4 Periodic Reporting		385
4.5 Activities of Rating Agencies		385
4.6 Treatment of Securitisation in Financial Entities		385
4.7 Use of Derivatives		386
4.8 Investor Protection		387
4.9 Banks Securitising Financial Assets		387
4.10 SPEs or Other Entities		388
4.11 Activities Avoided by SPEs or Other Securitisation Entities		388
4.12 Participation of Government-Sponsored Entities		388
4.13 Entities Investing in Securitisation		388
4.14 Other Principal Laws and Regulations		388
5. Synthetic Securitisation		388
5.1 Synthetic Securitisation Regulation and Structure		388
6. Structurally Embedded Laws of General Application		389
6.1 Insolvency Laws		389
6.2 SPEs		389
6.3 Transfer of Financial Assets		390
6.4 Construction of Bankruptcy-Remote Transactions		390
6.5 Bankruptcy-Remote SPE		390
7. Tax Laws and Issues		391
7.1 Transfer Taxes		391
7.2 Taxes on Profit		391
7.3 Withholding Taxes		392
7.4 Other Taxes		393
7.5 Obtaining Legal Opinions		393
8. Accounting Rules and Issues		393
8.1 Legal Issues With Securitisation Accounting Rules		393
8.2 Dealing With Legal Issues		393
1. Specific Financial Asset Types		397
1.1 Common Financial Assets		397
1.2 Structures Relating to Financial Assets		397
1.3 Applicable Laws and Regulations		398
1.4 Special Purpose Entity (SPE) Jurisdiction		398
1.5 Material Forms of Credit Enhancement		398
2. Roles and Responsibilities of the Parties		398
2.1 Issuers		398
2.2 Sponsors		398
2.3 Originators/Sellers		398
2.4 Underwriters and Placement Agents		399
2.5 Servicers		399
2.6 Investors		399
2.7 Bond/Note Trustees		399
2.8 Security Trustees/Agents		399
3. Documentation		399
3.1 Bankruptcy-Remote Transfer of Financial Assets		399
3.2 Principal Warranties		400
3.3 Principal Perfection Provisions		401
3.4 Principal Covenants		401
3.5 Principal Servicing Provisions		402
3.6 Principal Defaults		402
3.7 Principal Indemnities		403
3.8 Bonds/Notes/Securities		403
3.9 Derivatives		403
3.10 Offering Memoranda		403
4. Laws and Regulations Specifically Relating to Securitisation		403
4.1 Specific Disclosure Laws or Regulations		403
4.2 General Disclosure Laws or Regulations		404
4.3 Credit Risk Retention		404
4.4 Periodic Reporting		404
4.5 Activities of Rating Agencies		404
4.6 Treatment of Securitisation in Financial Entities		405
4.7 Use of Derivatives		405
4.8 Investor Protection		405
4.9 Banks Securitising Financial Assets		405
4.10 SPEs or Other Entities		405
4.11 Activities Avoided by SPEs or Other Securitisation Entities		405
4.12 Participation of Government-Sponsored Entities		406
4.13 Entities Investing in Securitisation		406
4.14 Other Principal Laws and Regulations		406
5. Synthetic Securitisation		406
5.1 Synthetic Securitisation Regulation and Structure		406
6. Structurally Embedded Laws of General Application		406
6.1 Insolvency Laws		406
6.2 SPEs		407
6.3 Transfer of Financial Assets		408
6.4 Construction of Bankruptcy-Remote Transactions		410
6.5 Bankruptcy-Remote SPE		410
7. Tax Laws and Issues		411
7.1 Transfer Taxes		411
7.2 Taxes on Profit		411
7.3 Withholding Taxes		411
7.4 Other Taxes		411
7.5 Obtaining Legal Opinions		411
8. Accounting Rules and Issues		411
8.1 Legal Issues With Securitisation Accounting Rules		411
8.2 Dealing With Legal Issues		412
1. Specific Financial Asset Types		422
1.1 Common Financial Assets		422
1.2 Structures Relating to Financial Assets		422
1.3 Applicable Laws and Regulations		422
1.4 Special Purpose Entity (SPE) Jurisdiction		422
1.5 Material Forms of Credit Enhancement		423
2. Roles and Responsibilities of the Parties		423
2.1 Issuers		423
2.2 Sponsors		423
2.3 Originators/Sellers		423
2.4 Underwriters and Placement Agents		424
2.5 Servicers		424
2.6 Investors		424
2.7 Bond/Note Trustees		424
2.8 Security Trustees/Agents		424
3. Documentation		424
3.1 Bankruptcy-Remote Transfer of Financial Assets		424
3.2 Principal Warranties		424
3.3 Principal Perfection Provisions		425
3.4 Principal Covenants		425
3.5 Principal Servicing Provisions		425
3.6 Principal Defaults		425
3.7 Principal Indemnities		425
3.8 Bonds/Notes/Securities		426
3.9 Derivatives		426
3.10 Offering Memoranda		426
4. Laws and Regulations Specifically Relating to Securitisation		426
4.1 Specific Disclosure Laws or Regulations		426
4.2 General Disclosure Laws or Regulations		427
4.3 Credit Risk Retention		427
4.4 Periodic Reporting		427
4.5 Activities of Rating Agencies		427
4.6 Treatment of Securitisation in Financial Entities		427
4.7 Use of Derivatives		428
4.8 Investor Protection		428
4.9 Banks Securitising Financial Assets		428
4.10 SPEs or Other Entities		428
4.11 Activities Avoided by SPEs or Other Securitisation Entities		428
4.12 Participation of Government-Sponsored Entities		428
4.13 Entities Investing in Securitisation		428
4.14 Other Principal Laws and Regulations		429
5. Synthetic Securitisation		429
5.1 Synthetic Securitisation Regulation and Structure		429
6. Structurally Embedded Laws of General Application		429
6.1 Insolvency Laws		429
6.2 SPEs		429
6.3 Transfer of Financial Assets		429
6.4 Construction of Bankruptcy-Remote Transactions		429
6.5 Bankruptcy-Remote SPE		430
7. Tax Laws and Issues		430
7.1 Transfer Taxes		430
7.2 Taxes on Profit		430
7.3 Withholding Taxes		430
7.4 Other Taxes		430
7.5 Obtaining Legal Opinions		430
8. Accounting Rules and Issues		431
8.1 Legal Issues With Securitisation Accounting Rules		431
8.2 Dealing With Legal Issues		431
1. Specific Financial Asset Types		441
1.1 Common Financial Assets		441
1.2 Structures Relating to Financial Assets		441
1.3 Applicable Laws and Regulations		442
1.4 Special Purpose Entity (SPE) Jurisdiction		443
1.5 Material Forms of Credit Enhancement		444
2. Roles and Responsibilities of the Parties		444
2.1 Issuers		444
2.2 Sponsors		444
2.3 Originators/Sellers		445
2.4 Underwriters and Placement Agents		445
2.5 Servicers		445
2.6 Investors		445
2.7 Bond/Note Trustees		446
2.8 Security Trustees/Agents		446
3. Documentation		446
3.1 Bankruptcy-Remote Transfer of Financial Assets		446
3.2 Principal Warranties		447
3.3 Principal Perfection Provisions		447
3.4 Principal Covenants		447
3.5 Principal Servicing Provisions		447
3.6 Principal Defaults		448
3.7 Principal Indemnities		448
3.8 Bonds/Notes/Securities		448
3.9 Derivatives		448
3.10 Offering Memoranda		449
4. Laws and Regulations Specifically Relating to Securitisation		449
4.1 Specific Disclosure Laws or Regulations		449
4.2 General Disclosure Laws or Regulations		449
4.3 Credit Risk Retention		449
4.4 Periodic Reporting		450
4.5 Activities of Rating Agencies		450
4.6 Treatment of Securitisation in Financial Entities		450
4.7 Use of Derivatives		451
4.8 Investor Protection		451
4.9 Banks Securitising Financial Assets		451
4.10 SPEs or Other Entities		451
4.11 Activities Avoided by SPEs or Other Securitisation Entities		451
4.12 Participation of Government-Sponsored Entities		452
4.13 Entities Investing in Securitisation		452
4.14 Other Principal Laws and Regulations		452
5. Synthetic Securitisation		453
5.1 Synthetic Securitisation Regulation and Structure		453
6. Structurally Embedded Laws of General Application		453
6.1 Insolvency Laws		453
6.2 SPEs		453
6.3 Transfer of Financial Assets		454
6.4 Construction of Bankruptcy-Remote Transactions		454
6.5 Bankruptcy-Remote SPE		454
7. Tax Laws and Issues		455
7.1 Transfer Taxes		455
7.2 Taxes on Profit		455
7.3 Withholding Taxes		455
7.4 Other Taxes		455
7.5 Obtaining Legal Opinions		456
8. Accounting Rules and Issues		456
8.1 Legal Issues With Securitisation Accounting Rules		456
8.2 Dealing With Legal Issues		456
1. Specific Financial Asset Types		467
1.1 Common Financial Assets		467
1.2 Structures Relating to Financial Assets		467
1.3 Applicable Laws and Regulations		468
1.4 Special Purpose Entity (SPE) Jurisdiction		469
1.5 Material Forms of Credit Enhancement		469
2. Roles and Responsibilities of the Parties		469
2.1 Issuers		469
2.2 Sponsors		469
2.3 Originators/Sellers		470
2.4 Underwriters and Placement Agents		470
2.5 Servicers		470
2.6 Investors		470
2.7 Bond/Note Trustees		470
2.8 Security Trustees/Agents		470
3. Documentation		471
3.1 Bankruptcy-Remote Transfer of Financial Assets		471
3.2 Principal Warranties		471
3.3 Principal Perfection Provisions		472
3.4 Principal Covenants		472
3.5 Principal Servicing Provisions		472
3.6 Principal Defaults		472
3.7 Principal Indemnities		473
3.8 Bonds/Notes/Securities		473
3.9 Derivatives		474
3.10 Offering Memoranda		474
4. Laws and Regulations Specifically Relating to Securitisation		474
4.1 Specific Disclosure Laws or Regulations		474
4.2 General Disclosure Laws or Regulations		475
4.3 Credit Risk Retention		476
4.4 Periodic Reporting		477
4.5 Activities of Rating Agencies		477
4.6 Treatment of Securitisation in Financial Entities		478
4.7 Use of Derivatives		479
4.8 Investor Protection		481
4.9 Banks Securitising Financial Assets		481
4.10 SPEs or Other Entities		481
4.11 Activities Avoided by SPEs or Other Securitisation Entities		482
4.12 Participation of Government-Sponsored Entities		483
4.13 Entities Investing in Securitisation		484
4.14 Other Principal Laws and Regulations		484
5. Synthetic Securitisation		484
5.1 Synthetic Securitisation Regulation and Structure		484
6. Structurally Embedded Laws of General Application		485
6.1 Insolvency Laws		485
6.2 SPEs		486
6.3 Transfer of Financial Assets		488
6.4 Construction of Bankruptcy-Remote Transactions		489
6.5 Bankruptcy-Remote SPE		489
7. Tax Laws and Issues		489
7.1 Transfer Taxes		489
7.2 Taxes on Profit		490
7.3 Withholding Taxes		491
7.4 Other Taxes		491
7.5 Obtaining Legal Opinions		491
8. Accounting Rules and Issues		492
8.1 Legal Issues With Securitisation Accounting Rules		492
8.2 Dealing With Legal Issues		492

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