SECURITISATION LAWS

[ Please help by contributing laws of your jurisdiction by writing to me.]

• See our page on Legal issues
• For articles, see our articles section
• Vinod Kothari's Article on Law of Assignment of Receivables, 6th January, 2011

UNCITRAL has recently finalised the draft convention on Assignment of Receivables in International Trade. The draft has been recommended for adoption by the General Assembly of the UN. We place here the full text of the draft along with official comments.

Argentina:

Australia:

See our page here

Regulation exempting special purpose vehicles from licensing – here

Brazil:

Full Text of ORDINANCE No 2493/98: click here.

China:

Administrative guidelines for Pilot projects in asset securitisation (English translation courtesy Gide): click here.

Colombia:

Text of mortgage securitization decree: click here.

Ecuador:

Full Text of Securitization law in Ecuador, in Spanish: click here.

France:

Full Text of new French law of 26th Nov 2004: click here.

Full Text of Decree no. 89-158 of 9 March 1989 and extracts from law No.88-1201 of 23 December 1988, in French: click here.

Hong Kong:

Full text of regulatory guidelines of Hong Kong Monetary Authority: click here

Finland:

Financial Supervision GUIDELINE 103.11 J. No. 15/269/96 Issued on 16 January 1996 – click here

India:

Full text along with Vinod Kothari's comments on RBI Guidelines of 2 Feb 2006- click here

Full text of the new Secrutisation law – click here
New Secrutisation law – Vinod Kothari's quick notes

RMBS guidelines of the Reserve Bank of India: click here for Vinod Kothari's article
Draft of Securitisation Bill as suggested by Andhyarujina Committee (Doc file; shall open with Word): click here
Full text of stamp duty notifications of different States: click here

Indonesia:

Full text of Bapebam regulations on securitisation (PDF file): click here and here

Italy:

Full text of Legge 30 aprile 1999, n. 130 (in Italian): click here

Japan:

See Vinod Kothari's notes here

Korea:

Text of the Government's Official release explaining (English) the features of the law: click here

Latvia:

Text of the Mortgage Bonds Law of 1998 : click here

Lebanon:

Text of Asset Securitization Law : click here

Luxembourg:

Text of the Luxembourg securitisation law: click here

Malaysia:

Islamic Financial Services Act 2013. Click here! 

Full text of Malaysian Securities Commission's ABS guidelines April 2001 click here
Text of the Stamp duty exemption notification: click here

Morocco:

Full text of Morocco securitisation law contributed by MAGHREBTITRISATION

New Zealand:

An article by an official of the Reserve Bank of New Zealand on the regulatory framework in the country click here

Pakistan:

• Securitisation rules of SECP : click here
• Prudential requirements of State Bank of Pakistan – click here

Peru:

Link to Peru laws (in Spanish): click here

Philippines:

Text of Philippines CIRCULAR NO. 185 of 1998 : click here

Full text of the Philippines securitisation law – click here

SPV Rules (for NPLs?): click here

Portugal:

Text of securitization law in Portugal (in Portugese): click here

Singapore:

Text of the regulatory guidelines of the Monetary Authority of Singapore
dated 6th Sept., 2000 (complete text with 4 annexures): click here

Spain:

• Text of Spanish law, translated into English on Freshfields website:click here
• Text of the Spanish law on securitisation transactions, in Spanish: click here
• Full set of Spanish regulations on securitization, on CNMV website.

South Africa:

Text of the new Securitisation enactment 4th June 2004 – click here;

if you fail to find it on this external link, click on the Reserve Bank of South Africa website and search for Gazette no 26415

Text of the new regulations of 13th Dec 2001 [pdf]: click here
Text of the South African law on securitisation transactions: click here

Thailand:

Text of the Thai royal decree on SPV law for securitisation transactions: click here

Turkey:

Communique of the securities regulator (Capital Markets Board of Turkey) on issue and registration of asset backed securities – click here.

USA:

New materials on SEC's proposed disclosure norms on ABS.MBS transactions

A new page on Revised article 9 of Uniform Commercial Code: click here
Text of rule 3a-7 of the Investment Company Act : click here
Narrative of Art. 9 on Secured Transactions : click here
Text of sec. 912 of Bankruptcy Reforms Act : click here

Zimbabwe

A research paper on the securitization environment in Zimbabwe, by Tawanda Hondora, can be viewed here.