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Types of risk exposure of securitisation vehicles: typology and legal regime
By Raphaël MORENON11 August 2025Securitisation 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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> 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 documentary credit: mechanism and fundamental principles
In international trade, payment is often the nerve centre of a transaction. The importer fears paying without receiving the goods ordered. The exporter fears delivery without payment. The documentary credit solves this equation by offering a mutual guarantee to both parties. This legal and financial instrument, a pillar of the...Evolution and changes in cooperative banks: between the historical model and the universal bank
The metamorphosis of the cooperative banking sector is currently being examined by lawyers and economists alike. From a model based on community solidarity and mutual aid to major players in the global financial system, cooperative banks have undergone a remarkable evolution while maintaining certain distinctive legal features. The origins of the cooperative banking model The...The different applications of banker's drafts in practice
In the world of bank guarantees, del credere holds a special place. This payment guarantee offered by a credit institution is a valuable but little-known tool for securing commercial transactions. The diversity of forms of del credere Bank del credere is defined as a guarantee by which a credit institution guarantees the payment...Bank account management: entry of receivables, charges, seizures and multiple accounts
The relationship between customer and bank is based on the bank account, a central instrument in our economic life. Behind its apparent simplicity lies a legally sophisticated mechanism. By understanding how it works, you can better protect your rights. The entry of receivables into an account A little-known legal mechanism The entry of a receivable into an account...Classification and hierarchy of security interests: who comes before whom?
When it comes to credit, not all creditors are in the same boat. When several creditors come forward at the same time to be paid, the question of ranking becomes decisive. The ranking of movable securities is one of the most technical issues in securities law - and potentially one of the most...Control and application of banking ethics rules: who supervises the banks?
When your bank charges what you consider to be excessive fees or refuses to close your account, do you know who regulates these practices? The banking sector is not a lawless area. In addition to the banker's general responsibility, there are specific mechanisms that govern the behaviour of financial institutions, ensuring that...Export credits: issues and general framework
html In a context of fierce international competition, companies that export need appropriate financial solutions. Export credits are an essential lever for conquering foreign markets. They can be used to finance international commercial operations and secure transactions. Definition and economic context Export credits...Financial vs. operational leasing - Understanding the fundamental differences
In asset financing, the distinction between financial and operational leasing raises decisive legal, accounting and tax issues. This differentiation determines how transactions are treated and structures contractual relations. Contrary to the traditionally narrow French view of leasing, the European approach reveals considerable complexity. Criteria for...European regulation of cross-border financial services
Leasing has become an essential financing tool in the European single market. Its cross-border dimension raises complex legal issues. This article analyses the regulatory framework for financial institutions operating across national borders. Freedom to provide services in the European Banking Directive...International leasing and the Ottawa Convention
Cross-border financing requires appropriate legal frameworks. International leasing meets this need but creates areas of legal uncertainty. The Ottawa Convention attempts to remedy this. Definition and characteristics of international leasing A leasing transaction becomes international when the parties are governed by different legal systems. The contract...
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