By Raphaël MORENON
11 August 2025
Securitisation is a sophisticated financing mechanism that transforms illiquid assets into tradable financial securities. At the heart of this operation is a legal entity, the securitisation undertaking, whose choice of form is not insignificant. Under French law, there is a duality of structures: the fonds commun de titrisation (FCT) and the société de titrisation (ST). Understanding their respective regimes is essential for any economic player considering using this key mechanism of banking and financial law. This initial decision determines the flexibility, governance and international visibility of the transaction. Our firm, with its extensive experience in banking and finance law, offers you a comparative analysis of these two vehicles to help you make the right strategic choice within the legal framework for securitisation vehicles in France. Dual forms of securitisation vehicle: a strategic choice The French legislator, in the Ordinance of 13 December 2006,...
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