By Raphaël MORENON
11 August 2025
Securitisation is a sophisticated financing mechanism that transforms illiquid assets into financial securities that can be traded on the markets. At the heart of this financial engineering is the securitisation vehicle (SPV), a dedicated structure whose role is not limited to the simple purchase of receivables. Its main purpose, as defined by law, is to gain exposure to risks in order to finance or hedge them. Understanding the different ways in which securitisation exposes investors to risk is therefore essential to grasping the flexibility and power of this tool. This technical article extends our analysis of the legal framework for securitisation undertakings in France, by detailing the typology and regime for these exposures. The complexity of these arrangements requires a detailed analysis, often carried out with the support of a lawyer with expertise in banking and financial law. The principle of exposure to risk: a...
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