Getting The Deal Through logo
Getting The Deal Through

    Expand All / Collapse All

  • 1.

    What legislation governs securitisation in your jurisdiction? Has your jurisdiction enacted a specific securitisation law?

  • 2.

    Does your jurisdiction define which types of transactions constitute securitisations?

  • 3.

    How large is the market for securitisations in your jurisdiction?

  • 4.

    Which body has responsibility for the regulation of securitisation?

  • 5.

    Must originators, servicers or issuers be licensed?

  • 6.

    What will the regulator consider before granting, refusing or withdrawing authorisation?

  • 7.

    What sanctions can the regulator impose?

  • 8.

    What are the public disclosure requirements for issuance of a securitisation?

  • 9.

    What are the ongoing public disclosure requirements following a securitisation issuance?

  • 10.

    Outside licensing considerations, are there any restrictions on which entities can be originators?

  • 11.

    What types of receivables or other assets can be securitised?

  • 12.

    Are there any limitations on the classes of investors that can participate in an offering in a securitisation transaction?

  • 13.

    Who may act as custodian, account bank and portfolio administrator or servicer for the securitised assets and the securities?

  • 14.

    Are there any special considerations for securitisations involving receivables with a public-sector element?

  • 15.

    Which forms can special purpose vehicles take in a securitisation transaction?

  • 16.

    What is involved in forming the different types of SPVs in your jurisdiction?

  • 17.

    Is it possible to stipulate which jurisdiction’s law applies to the assignment of receivables to the SPV?

  • 18.

    May an SPV acquire new assets or transfer its assets after issuance of its securities? Under what conditions?

  • 19.

    What are the registration requirements for a securitisation?

  • 20.

    Must obligors be informed of the securitisation? How is notification effected?

  • 21.

    What confidentiality and data protection measures are required to protect obligors in a securitisation? Is waiver of confidentiality possible?

  • 22.

    Are there any rules regulating the relationship between credit rating agencies and issuers? What factors do ratings agencies focus on when rating securitised issuances?

  • 23.

    What are the chief duties of directors and officers of SPVs? Must they be independent of the originator and owner of the SPV?

  • 24.

    Are there regulations requiring originators and arrangers to retain some exposure to risk in a securitisation?

  • 25.

    What types of collateral/security are typically granted to investors in a securitisation in your jurisdiction?

  • 26.

    How is the interest of investors in a securitisation in the underlying security perfected in your jurisdiction?

  • 27.

    How do investors enforce their security interest?

  • 28.

    Is commingling risk relating to collections an issue in your jurisdiction?

  • 29.

    What are the primary tax considerations for originators in your jurisdiction?

  • 30.

    What are the primary tax considerations for issuers in your jurisdiction? What structures are used to avoid entity-level taxation of issuers?

  • 31.

    What are the primary tax considerations for investors?

  • 32.

    How are SPVs made bankruptcy-remote?

  • 33.

    What factors would a court in your jurisdiction consider in making a determination of true sale of the underlying assets to the SPV (eg, absence of recourse for credit losses, arm’s length)?

  • 34.

    What are the factors that a bankruptcy court would consider in deciding to consolidate the assets and liabilities of the originator and the SPV in your jurisdiction?

  • Updates and trends

Walkers works in exclusive association with Kevin Taylor, trading as 'Walkers Bermuda', a full service commercial law firm providing advice on all aspects of Bermuda law, with particular emphasis on matters of corporate and international finance law and insolvency and dispute resolution.

View more information about Walkers Bermuda


Hamilton
Park Place
Third Floor, 55 Par La Ville Road
HM11
Hamilton
Bermuda
T: +1 441 242 1500


Testimonials

Briefing Signup

Sent approximately once a month, the free GTDT Briefing service alerts you of the latest titles to be published on GTDT Online.

Sign up to be notified of new content

Subscribe



Follow Getting the Deal Through for the latest updates on law and regulation worldwide

Follow us on LinkedIn