High Quality Securitisation and EU Capital Markets Union Is it Possible?

Bavoso, Vincenzo

doi:10.2139/ssrn.2697556

Cited by 4 publications

(6 citation statements)

References 32 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…The notional value shall be determined for the off-balance sheet items. Bavoso (2015aBavoso ( , 2015b, highlights that the risk retention of five percent (5%) is quite controversial. Similar rules used to exist in the past and originators often used to bear the first loss in the lower Securitisation tranches anyway.…”

Section: Risk Retention Rulesmentioning

confidence: 99%

“…5.3.1. The Simple, Transparent and Standard Securitisation (STS) Principle Bavoso (2013Bavoso ( , 2015bBavoso ( , 2015c highlights that the task of defining securitisation for the STS criteria has been challenging and it still presents some unaddressed questions. The proposed features capture and mitigate the significant risk drivers, as highlighted by the recent financial crisis, which does not directly relate to the riskiness of the underlying exposures.…”

Section: Ongoing Transparency Obligationsmentioning

confidence: 99%

See 1 more Smart Citation

A Study of the Implications of the European Securitisation Regulation 2017/2402 on Malta

Micallef

Grima

Seychell

et al. 2020

Laws

View full text Add to dashboard Cite

A decade ago, the financial world was taken by surprise, when prominent credit institutions filed for bankruptcy. The financial crisis phenomena spurred the need for regulating Securitisation and enhancing the capital requirements framework. In response, the Basel Committee initiated the regulatory treatment for the Simple Transparent and Comparable Securitisation (STC Securitisation), the USA passed the Dodd–Frank Act and the EU introduced Securitisation Regulation No. 2017/2402 to address the causes and failures, which were identified, following the aftermath of this financial crisis. With this article, we aim to analyse the main provisions of the Regulation No. 2017/2402 on Malta as a jurisdiction for securitisation and provide an insight on the prospective market development. To reach our aim we analysed scholarly documentation (academic chapters, journals, articles and monographs), rules, guidelines, recommendations, directives and regulations and use the case study methodology, as suggested by Yin (2003) and Yazan (2015), on Malta. In our opinion, recently, Malta has made significant improvements in the securitisation sector, mostly evidenced by the introduction of the legislation. All interviewees emphasised that Malta has substantial opportunities for further growth in the securitisation market and it is encouraged to be exploited well.

show abstract

Section: Risk Retention Rulesmentioning

confidence: 99%

Section: Ongoing Transparency Obligationsmentioning

confidence: 99%

A Study of the Implications of the European Securitisation Regulation 2017/2402 on Malta

Micallef

Grima

Seychell

et al. 2020

Laws

View full text Add to dashboard Cite

show abstract

“…Doubts have been raised in the literature, among other things because the main supervisory tasks and powers are allocated to national authorities (Articles 29-30). 52 At the central level, the three European Supervisory Authorities (ESAs, that is, ESMA, the EBA and EIOPA, the European Insurance and Occupational Pensions Authority) play chiefly coordinating roles (Article 36). However, the European Systemic Risk Board (ESRB) is entrusted with macroprudential oversight of the EU securitisation market (Article 31).…”

Section: Sustainability In the Securitisation Regulationmentioning

confidence: 99%

EU Securitisation Regulation: legal ordering in symbiosis with transnational bodies

Juutilainen¹

2020

The Role of the EU in Transnational Legal Ordering

View full text Add to dashboard Cite

This Chapter studies the EU Securitisation Regulation of 2017, with particular focus on its criteria for simple, transparent and standardised (STS) securitisation, as an instance of transnational legal ordering. Two discrete aspects of transnationalisation stand out. The first aspect explains why the Securitisation Regulation should be regarded as transnational legal ordering, although it is by form ordinary EU legislation. The explanation is found in what can be described as a symbiotic relationship between the EU and transnational bodies, particularly the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO), and in the involvement of a broad epistemic community in international finance. The second aspect of transnationalisation focuses on the potential extra-EU effects of the Securitisation Regulation. Possible scenarios include fragmentation of global markets, but also the Securitisation Regulation becoming a model for other jurisdictions, and norm export through a future equivalence regime for third-country securitisers.

show abstract

“…European financial model which assumes the dominant role of commercial banks in the process of collection and allocation of capital between the entities of the economic system associated with strong regulation in the area of capital, supervision and banking risk arising as a consequence of the financial crisis, have reduced banks' willingness to jeopardize their operation in relation to lending, at the same time pointing out that the opportunity to stimulate economic growth in the EU by the banks will be extremely limited 4 .…”

Section: Rationale For Creation Of the Capital Market Unionmentioning

confidence: 99%

“…The multidimensional nature of social enterprises highlights a variety of motives, types of projects and strategies designed to increase social welfare. This means that it's necessary to separate the different types of social entrepreneurs solving specific social problems with 4 the available resources, primarily financial 8 . Among those, one should distinguish entities that are able to mobilize the forces and capabilities to solve social problems in the entire world.…”

Section: Social Enterprises -The Scale and Scope Of Activitiesmentioning

confidence: 99%

Capital Market Union: Creating New Opportunities to Social Enterprises

Mikołajczak¹

2018

HSS

View full text Add to dashboard Cite

The objective of the paper is to examine the studied enterprises in terms of use of the planned Capital Market Union changes, mainly an access to equity and debt instruments. Existing gap in the capital available to the social enterprises (SE) points to significant constraints in banking industry's financing ability, and the author explore the question of what potential opportunities for the development of financial instruments supporting social enterprises sectors can be created in the context of the establishment of the CMU. In the current discussion about CMU much space has been devoted to its impact on the SME sector. However, It doesn't take up the theoretical review of the likely consequences of the project for social enterprises. The analysis of available documents indicate that financing opportunities in the social enterprise sector in the result of CMU project will depend on the scale and scope of the social impact of social enterprises. The main implications of the paper contribute towards understanding how CMU project can translate into diversification and greater availability of financial sources supporting social enterprises, more effective SE funding policy design and more accurate implications forecasting for creating capital market dedicated for SE. Managers of social entrepreneurs will find the results useful for developing their business strategies, being more aware of the possible implications of CMU project.

show abstract

High Quality Securitisation and EU Capital Markets Union Is it Possible?

Abstract: The resurrection of the securitisation market lies at the heart of the recent EU project to build a pan-European capital markets union (CMU). This is in line with

Cited by 4 publications

References 32 publications

A Study of the Implications of the European Securitisation Regulation 2017/2402 on Malta

A Study of the Implications of the European Securitisation Regulation 2017/2402 on Malta

EU Securitisation Regulation: legal ordering in symbiosis with transnational bodies

Capital Market Union: Creating New Opportunities to Social Enterprises

Contact Info

Product

Resources

About