Penn, G;
Papadogiannis, T;
(2021)
Regulating Securitisation in the Aftermath of the Global Financial Crisis: Lessons from Europe.
Journal of International Banking Law and Regulation
, 36
(6)
pp. 225-248.
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Abstract
The conventional narrative surrounding securitisation after the Global Financial Crisis was based on a fundamentally flawed understanding of the real role and purpose of the financing technique. It failed sufficiently to distinguish between transactions that were entered into to support real economy lending, and/or as a means of transferring risk for regulatory capital purposes, and more complex structures that were developed later to profit from arbitrage opportunities. Falling under the spell of this conventional narrative, the regulator developed post-crisis an ever-changing, all-encompassing and highly punitive regulatory framework that resulted in the virtual disappearance of the European securitisation market. A new regulatory framework was introduced in 2019 and, although not yet finalised, it does go some way towards addressing the shortcomings of its predecessor. It remains to be seen whether the new regime will suceed in primary objection of reviving the market; early indications suggest further changes will be required.
Type: | Article |
---|---|
Title: | Regulating Securitisation in the Aftermath of the Global Financial Crisis: Lessons from Europe |
Open access status: | An open access version is available from UCL Discovery |
Publisher version: | https://uk.westlaw.com/Document/I1FB5C9B0B70C11EBB... |
Language: | English |
Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
Keywords: | Economic conditions; EU law; Financial regulation; Securitisation |
UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws |
URI: | https://discovery.ucl.ac.uk/id/eprint/10131216 |
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