Securitisation
The players in a securitisation transaction: roles, responsibilities and interdependencies
By Charlotte GAUCHON16 June 2025By its very nature and purpose, a securitisation transaction involves a number of players whose roles are distinct but closely interdependent. Understanding who does what, and why, is fundamental to understanding the structure of these financial arrangements. Far from being a simple transaction, securitisation is a veritable ecosystem in which each player holds a share of responsibility that guarantees the balance of the whole. To fully grasp the overall mechanics of a securitisation transaction, it is therefore essential to start by identifying the protagonists and their respective functions. The originator: the seller of the receivables At the origin of any securitisation transaction is the originator. This is the entity, usually a credit institution or a large company, that holds the initial portfolio of receivables. These receivables can be very diverse in nature: property loans, consumer credit, trade receivables, etc.
STS securitisation: simple, transparent and standardised for the European market
Banking and securities law, SecuritisationIn the wake of the 2008 financial crisis, the word "securitisation" has long been associated with opaque and risky finance. Yet this financing tool remains essential to the economy, enabling banks and companies to transform illiquid assets such as loan portfolios into securities...Recovery of securitised receivables: issues and legal developments
Banking and securities law, SecuritisationThe life of a receivable does not end with its transfer. When a company transfers a portfolio of receivables to a financing organisation as part of a securitisation transaction, a key question arises: who is legally entitled to claim payment from the debtor? The answer, far from being...The legal framework for securitisation vehicles in France: securitisation funds and securitisation companies
Banking and securities law, SecuritisationSecuritisation is a sophisticated financial mechanism based on legal vehicles specifically designed to isolate assets and issue securities. For companies seeking to optimise their balance sheet or access new sources of finance, understanding how these entities work is essential. In France, special purpose vehicles...Securitisation: understanding this key mechanism in banking and finance law
Banking and securities law, SecuritisationSecuritisation is a financial mechanism that is often perceived as complex and sometimes associated with past economic turbulence. Yet it is a powerful and structuring financing tool for banks and large companies alike. Understanding its fundamental principles enables us to grasp how assets, such as receivables, can be...
EN 
FR