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The law of 22 March 2004 enables the creation of securitisation vehicles in the form of regulated or unregulated securitisation companies and securitisation funds. These vehicles can be used to securitise any type of asset or risk and can be set up as an umbrella structure, that is, with segregated compartments enabling the same vehicle to be used securely for separate securitisation transactions. The law offers statutory protection on a number of standard securitisation issues such as true sale, ring fencing, non petition and limited recourse.

The wide range of securitisation transactions covered by the law and a regime of tax neutrality give this investment vehicle additional potential and a correspondingly wide range of vehicles have been set up for different types of securitisation.

Practical guide:
How to set up a securitisation vehicle