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Legislative developments in securitisation in France: a detailed history of reforms
By Raphaël MORENON11 August 2025Few financial mechanisms are as markedly dual as securitisation. A powerful financing tool for companies, securitisation has also become synonymous with the 2008 financial crisis. This complex reputation masks a rich legal reality and a constant evolution in French law, which has taken several decades to tame and regulate this technique. Understanding the history of this framework means deciphering how France has gradually built a legal environment for what is now a key instrument in its economy. To navigate through this dense subject, it is often essential to be assisted by a lawyer with expertise in banking and financial law. This article sets out to retrace the major stages in the development of this legislation, a journey that perfectly illustrates the way in which the law adapts to innovations in finance. For an overview of the mechanism, please consult our main page on...
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When regulators poke holes in banking secrecy: the state of play
Banking secrecy is not the airtight safe that some people think it is. Although this principle protects the confidentiality of customers' financial information, there are many exceptions to it, particularly when it comes to the regulatory authorities. The latter have extensive prerogatives to access banking data as part of their duties...Exceptions to banking secrecy for judicial and tax authorities
Closed doors, locked safes, sealed registers... The principle of banking secrecy seems impenetrable. Yet it is not absolute in France. The law provides for a number of situations in which this secrecy must give way, particularly in the face of certain public authorities acting in the public interest. Understanding these exceptions is essential for customers...Understanding banking secrecy in France
Banking secrecy is often seen as a bulwark against curiosity, including that of the state. This ancient principle, whose origins go back to centuries-old commercial practices designed to protect business confidentiality, was not formally enshrined in France until 1984. It is, however, less protective than might be thought...Creditors' general right of lien: what you need to know
When it comes to creditors' rights, the general right of pledge is their minimum protection. This essential but limited mechanism helps explain why some creditors seek additional security. These guarantees, such as mortgages, have specific implications for the parties, such as exploring the rights and obligations...Liens in insolvency proceedings: who gets paid first?
When a company goes through a financial crisis and enters receivership, the normal interplay of security interests is disrupted. This is especially true for the owner of a mortgaged asset, whose rights and obligations are affected. The usual rules of the Civil Code give way to a new logic...Classification of property security interests: order and priorities
Security law organises competition between creditors. Who will be paid first if the debtor cannot honour all his debts? This is not a theoretical question. It determines the effectiveness of collateral and, for owners of mortgaged property, their rights and obligations. Why classify mortgages?The right of retention in property matters: a little-known legal weapon
The right of retention is an effective but often neglected mechanism in security law. Although it is widely recognised for movable property, its application to immovable property remains more delicate, raising questions about the rights and obligations of the owner of an asset encumbered by a security on immovable property. A legal nature...Mortgages: the king of property collateral
Mortgages dominate the real estate security landscape. This security, which does not involve dispossessing the debtor, offers the creditor effective protection. For the owner of the encumbered property, it implies a series of specific rights and obligations that it is essential to be familiar with. Definition and characteristics A mortgage is an accessory real right that encumbers...Property ownership as a guarantee: absolute protection
The credit crisis is driving creditors to seek increasingly effective protection. In this context, security property is emerging as a powerful alternative to traditional guarantees. Ownership security: an old concept revisited Ownership security is based on a simple idea: to use the right of ownership itself...The property pledge: an outdated form of security
The property pledge remains the forgotten property security. Unlike mortgages, which dominate the legal landscape, pledges of immovable property - formerly known as antichrèse - suffer from a marked lack of interest in practice. Definition and specific features Pledging of real estate is defined as "the assignment of real estate as security for an obligation with a...
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