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Securitisation company and securitisation mutual fund: comparative legal regimes and specific features
By Raphaël MORENON11 August 2025Securitisation 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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> The practice of seizing propertyA practical, chronological and exhaustive study of the implementation of a property seizure procedure.
We put all our expertise to work to achieve a simple objective: to prevent a property seizure.
The two faces of provisional enforcement: de jure and optional
The principle of the suspensive effect of ordinary remedies is one of the pillars of French private judicial law. However, provisional execution is an exception to this principle, allowing a decision to be enforced immediately despite an appeal or opposition. This derogation is not insignificant: it considerably alters the balance of power between the parties...Advertising and information on home loans
Taking out a mortgage is often the project of a lifetime. The opacity that has long characterised this sector has led the legislator, notably through the reform of home credit and your rights, to impose strict rules to protect borrowers. Advertising and pre-contractual information are at the heart of...Central bodies in cooperative banking networks: role and powers
In the complex architecture of the French cooperative banking networks, the central bodies occupy a pivotal position. These entities ensure the cohesion and strategic steering of banking groups whose decentralised structure might seem incompatible with modern prudential requirements. The legal uniqueness of these bodies is based on their dual role of...The euro and its impact on leasing contracts
A recurring concern for companies when the euro was introduced was that of current leasing contracts. These contracts, which are executed successively over several years, seemed to be particularly exposed to currency turbulence. Twenty years on, these questions are still relevant when analysing the legal mechanisms applicable...Bank sub-participation: a hidden risk transfer mechanism
In the world of structured finance, bank sub-participation operates in the shadows. Unlike direct syndication, where all the lenders sign the contractual documentation, this mechanism allows a bank to transfer all or part of its credit risk to other institutions, often without the borrower's knowledge. 1....Syndicated loans: mechanisms and legal issues
Major property, industrial or infrastructure projects require colossal amounts of financing. A single bank can rarely take them on alone. This is where syndicated loans come in. Definition and typology of syndicated loans Definition and legal framework A syndicated loan is a transaction in which several banks join forces to grant a single loan....Specialised cooperative structures: cooperative banks and mutual guarantee companies
The financial sector is home to cooperative structures with a variety of legal forms. In addition to the major networks such as Crédit Agricole and Banques Populaires, two little-known models deserve attention: cooperative banks and mutual guarantee companies. These structures are governed by specific rules and operate...Transfer, assignment and fraud exception in documentary credits
In international trade, the documentary credit is a powerful tool for securing payments. Its strength lies in its independence from the underlying commercial contract. But what happens when the exporter wishes to mobilise the credit before it has even been realised? The circulation of documentary credits is governed by specific rules...Documents and compliance in documentary credits: the decisive examination criterion
A poorly checked documentary credit can turn a promised international transaction into a legal nightmare. Examination of the documents is the critical stage where everything can come to a head. In my practice as a lawyer specialising in international banking law, this moment of verification crystallises the tensions between importers, exporters and banks. A minor discrepancy in...Legal relations in documentary credits: who owes what to whom?
In international commercial transactions, the documentary credit offers valuable security to the parties. This payment technique is based on a complex network of obligations between buyer, seller and banks. Let's untangle these legal relationships and their practical implications. Relationship between buyer and seller The buyer (principal) undertakes to open a documentary...
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