Securitisation laws prevailing in various countries are listed below :

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  • Singapore:
  1. Monetary Authority of Singapore (MAS) Guidelines on Securitisation (The guidelines were finalized in 2000)
  2. Amendment in 2018
    http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Finance%20Companies/Notices/MAS%20Notice%20832%20%20Amendment%20%202018.pdf
  3. Amendment in 2007
    http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Commercial%20Banks/Regulations%20Guidance%20and%20Licensing/Notices/MAS%20Notice%20628%20(2007).pdf
  4. News on Securitisation
    http://vinodkothari.com/2013/11/sing/
  5. Rules on Securitisation
    http://vinodkothari.com/seclawsg/
  • USA:
  1. 15 U.S. Code § 78o–11. Credit risk retention:
    https://www.law.cornell.edu/uscode/text/15/78o-11
  2. Dodd-Frank Wall Street Reform and Consumer Protection Act [Public Law 111–203] [As Amended Through P.L. 115–174, Enacted May 24, 2018]
    https://legcounsel.house.gov/Comps/Dodd-Frank%20Wall%20Street%20Reform%20and%20Consumer%20Protection%20Act.pdf
  3. Securitisation Market
    http://vinodkothari.com/secusa/
  4. Laws on Securitisation
    http://vinodkothari.com/seclawus/
  • Australia:
  1. Australian Prudential Standard (APS) 120 made under section 11AF of the Banking Act 1959 (the Banking Act) By Australian Prudential Regulation Authority
    https://www.apra.gov.au/sites/default/files/aps_120_securitisation.pdf
  2. Covered Bonds issued under Part II, Division 3A of the Banking Act 1959 (Cth)
    https://www.legislation.gov.au/Details/C2017C00067
  3. Laws on Securitisation
    http://vinodkothari.com/seclawaustral/
  4. Securitisation Market
    http://vinodkothari.com/austral/
  • Indonesia:
  1. Bank Indonesia Regulation No. 7/4/PBI/2005 Prudential Principles in Asset Securitisation for Commercial Banks
    https://www.bi.go.id/en/peraturan/perbankan/Pages/bir%207405.aspx
  2. Securitisation Market
    http://vinodkothari.com/secindon/
  • Hong Kong: 
  1. There is no specific legislative regime for securitisation. Securitisation is subject to various Hong Kong laws, depending on the transaction structure, transaction parties, underlying assets, and the nature of the offering of the securities
  2. Securitisation Market
    http://vinodkothari.com/sechong/
  • Canada:
  1. Office of the Superintendent of Financial Institutions, Government of Canada
    http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/CAR18_chpt7.aspx
  2. Securitisation Market
    http://vinodkothari.com/seccanad/
  • European Union:(UK, Germany, France,Italy, Sweden, Poland, Spain, Greece, Finland, Malta)
  1. Regulation(EU) 2017/2402 (the Securitisation Regulation) as on December 12,2017
    https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R2402
  2. Regulation (EU) 2017/2402 of the European Parliament and of the Council of September 30, 2015
    https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A52015PC0472
  3. Securitisation Market:
    http://vinodkothari.com/europe/

 

  • Italy:
  1. Law 130 of 30 April 1999, Italian securitisation law
    https://www.housing-finance-network.org/fileadmin/user_upload/hfn/Country_Law/Law-Italy/2006-00281.pdf
  2. Securitistion Market
    http://vinodkothari.com/secitaly/
  • Greece:
  1. GREEK LAW 3156/2003
    http://www.greeklawdigest.gr/topics/finance-investment/item/317-securitization-law-bonds-l-3156-2003
  • France:
  1. Order No. 2017-1432 of October 4, 2017 , Modernizing the Legal Framework for Asset Management and Debt Financing (Initial Version)
    https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000035720833&categorieLien=id
    Version in force on 26/03/2019
    https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000035720833&dateTexte=20190326
  2. Securitisation Market:
    http://vinodkothari.com/france/
  • Japan: Securitisation in Japan is governed by laws and regulations applicable to specific types of transactions such as the Civil Code (Law No. 89, 1896), the Trust Act (Law No. 108, 2006) and the Financial Instruments and Exchange Law (Law No. 25, 1948) (FIEL).
  1. https://www.fsa.go.jp/common/law/fie01.pdf
  2. http://jafbase.fr/docAsie/Japon/CodCiv.pdf
  3. http://www.japaneselawtranslation.go.jp/law/detail_download/?ff=09&id=1946
  4. Laws on Securitisation
    http://vinodkothari.com/seclawjapan/
  5. Securitisation Market
    http://vinodkothari.com/japan/
  • China:
  1. Administrative Rules for Pilot Securitization of Credit Assets(the Administrative Rules) on April 2005
    http://www.cbrc.gov.cn/EngdocView.do?docID=1720
  2. Securitisation Market
    http://vinodkothari.com/secchina-2/
  • Ireland:
  1. European Union (General Framework For Securitisation And Specific Framework For Simple, Transparent And Standardised Securitisation) Regulations 2018 (Central Bank of Ireland)
    http://www.irishstatutebook.ie/eli/2018/si/656/made/en/pdf
  • South Africa:
  1. In South Africa, securitisations are regulated according to the securitisation regulations issued under the Banks Act 94 of 1990 (the Banks Act)
    https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/2591/Banks+Amendment+Act+2007%5B1%5D.pdf
  1. Government Gazette 30628 of 1 January 2008 (Securitisation Regulations)
    https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/2734/30628%20sec%20schemes%202008.pdf
  2. Laws on Securitisation
    http://vinodkothari.com/seclawsa/
  3. Securitisation Market
    http://vinodkothari.com/secafric/
  • Morocco:
  1. Law No. 33-06 on Securitization
  2. Draft amendment of Law on Securitization
    http://www.sgg.gov.ma/portals/0/AvantProjet/8/Projet_loi_Amendement-titrisation_Ang.pdf
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