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.

Preview

Text Penn_Regulating Securitisation in the Aftermath of the Global Financial Crisis - Lessons from Europe (Final Author Version).pdf - Accepted Version Download (411kB) | Preview

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.

Download activity - last month

Export as JSONXMLCSV

Download activity - last 12 months

Export as XMLCSVJSON

Downloads by country - last 12 months

Export as CSVXMLJSON

Archive Staff Only

View Item