Charlotte GAUCHON
Rights and obligations of security holders and shareholders in securitisation: what the law says
By Charlotte GAUCHON20 July 2025Investing in a securitisation transaction, while potentially lucrative, involves the investor in a complex legal framework. Whether you hold fund units, securitisation company shares or debt securities, your position is defined by a set of precise rights and obligations. Understanding this framework is essential to securing your investment and understanding your room for manoeuvre. The key players in a securitisation transaction, particularly the investors, operate in an ecosystem where each role is strictly defined by law. Ignoring these rules can expose you to unforeseen risks. It is therefore essential to seek legal advice for investors and shareholders on banking and financial law in order to navigate these financial arrangements with confidence. The role and non-interference of unit-holders in securitisation funds Securitisation funds (fonds commun de titrisation - FCT), which have no legal personality,...
Credit enhancement mechanisms and asset/liability management in securitisation: an in-depth approach
Banking and securities lawSecuritisation is a sophisticated financial technique that goes well beyond the simple pooling of assets. For such an operation to succeed and inspire investor confidence, it must be accompanied by robust risk management mechanisms and secure financial flows. This is where asset/liability management and financial...Taxation of securitisation in France: issues for securitisation undertakings and investors
Banking and securities lawSecuritisation is a powerful financial engineering tool, making it possible to transform illiquid assets into marketable securities. While understanding the key mechanism of securitisation is a first step, mastering the tax implications is a determining factor both for the entities that use it and for the...Post-IPO support: stabilisation and liquidity contracts
Banking and securities lawGoing public is a decisive step for a company, but the success of the operation is not measured solely on the day of the first listing. The period that follows is just as decisive in building investor confidence and ensuring the company's long-term value.Non-regulated markets: Alternext and Marché Libre for IPOs
Banking and securities lawGoing public is a decisive step in a company's growth, but the road to the financial markets can seem complex. For many small and medium-sized enterprises (SMEs), the requirements of regulated markets are a major obstacle. Fortunately, there are alternatives: Multilateral Trading Facilities (MTFs),...IPO prospectus: legal obligations and responsibilities
Banking and securities lawThe prospectus is the cornerstone of any initial public offering. This dense, regulated document has a dual mission: to inform potential investors and to engage the responsibility of the company going public. Inaccurate information or omissions can have considerable legal and financial consequences....Admission to trading on regulated markets: procedures and conditions
Banking and securities lawListing on a regulated market is a decisive step in the life of a company, often marking a transition to a new dimension of growth and recognition. This process, far from being a mere formality, is a demanding one that subjects the company to a set of strict rules designed to...Initial public offering: the complete legal guide for companies
Banking and securities lawAn Initial Public Offering (IPO) is a transformative step for a company, giving it access to the capital markets. Far from being a simple financial operation, it is a complex legal process, requiring meticulous preparation and the involvement of many players. The aim of this article is to...Penalties for unlawful direct marketing of banking and financial services: civil and criminal liability
Commercial, business and competition law, Off-premises salesCanvassing is an activity governed by a strict set of rules designed to protect savers and investors. When these rules are not complied with, the consequences can be particularly serious for direct marketers, but also for the institutions that employ them. Far from being a...Distance selling of banking and financial services: specific rules and consumer protection
Commercial, business and competition law, Off-premises salesThe dematerialisation of banking and financial services has profoundly transformed consumer habits. Opening an account, subscribing to a savings product or taking out a loan can now be done in just a few clicks, without ever meeting an adviser in person. However, this ease of access has been accompanied by a protective legal framework designed to restore the balance...Direct marketing of banking and financial services: a complete guide to regulations and obligations
Commercial, business and competition law, Off-premises salesBanking and financial canvassing, the practice of approaching potential customers outside traditional branches, is an activity that is strictly regulated by law to protect savers. Given the proliferation of offers and the complexity of the products on offer, it is essential to understand the framework that governs...Cooperation and competition between credit institutions: legal issues
Banking and securities lawThe banking sector operates on an apparent paradox: intense competition coexists with indispensable collaboration. Credit institutions, while rivals on the market, are forced to cooperate to ensure the operation of common infrastructures and to carry out large-scale financial operations. This duality places...Credit institution law: a comprehensive guide to banking institutions in France
Banking and securities lawThe French banking and financial sector is characterised by a dense ecosystem and rigorous regulation. For businesses and individuals alike, understanding who is authorised to provide banking services is an essential prerequisite. The term "credit institution" covers a wide range of different situations, shaped by history, the...Protective pledge of shares and securities: procedure, effects and conversion
Law of guarantees, security interests and enforcement measures, PledgingWhen a creditor seeks to secure the recovery of its debt, the rights that its debtor holds in a company are a prime target. The protective pledge of company shares or securities is an effective procedure for 'freezing' these assets pending a court decision....Pledging of business assets: constitution, publicity and issues
Law of guarantees, security interests and enforcement measures, PledgingWhen a claim appears to be under threat, creditors have a number of legal tools at their disposal to guarantee future payment. Within the panorama of legal securities under French law, the protective pledge of a business is a particularly effective measure. It makes it possible to take security over one of the company's most valuable assets,...Over-indebtedness and mortgages: specific debt relief and cancellation measures
Mortgages, Credit and consumer lawTaking out a mortgage is a decisive step in the life of an individual or an entrepreneur. However, the ups and downs of life can turn this project into a financial burden, leading to over-indebtedness. Far from being inevitable, over-indebtedness linked to a property loan is governed by...Indemnity for early repayment (ira) on a mortgage loan: legal regime and disputes
Mortgages, Credit and consumer lawEarly repayment of a mortgage is an important step in a borrower's financial life, often prompted by an unexpected influx of cash, the purchase of a loan on more favourable terms or the sale of the property being financed. While this is a consumer's right, it is not a legal right.Home loan renegotiation and consolidation: understanding the legal issues
Mortgages, Credit and consumer lawManaging a mortgage, a major financial commitment for most households and businesses, can change. Whether to take advantage of falling interest rates or to overcome financial difficulties, borrowers have two main options: renegotiation and consolidation. These...Interdependence of mortgage loan and financed contract: the resolutory condition
Mortgages, Credit and consumer lawIn the borrower's mind, buying a property and taking out a loan to finance it are two sides of the same coin. However, in law, these two contracts could have separate fates. Aware of this risk, the legislator has created a strong legal link between the mortgage contract and the loan....Failure to obtain a home loan: repayment of sums paid and penalties
Mortgages, Credit and consumer lawThe purchase of a property is often conditional on obtaining finance. French law has introduced a major protective mechanism for non-professional buyers: the condition precedent that the property loan must be obtained. This clause, incorporated into the promise to sell, renders the contract null and void if the loan is not granted. This is a...Condition precedent for obtaining a property loan: issues and case law
Mortgages, Credit and consumer lawBuying a property is a decisive step, financed in the vast majority of cases by a loan. To protect the non-professional buyer, the legislator has introduced an essential security mechanism: the condition precedent that the loan must be obtained. This provision links the validity of the sale to the granting of finance...
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