Guide to a standard securitisation

This article explains the basic elements of a "standard securitisation", and examines the key legal and regulatory issues to consider when structuring a securitisation. In particular, the article covers the originator, the SPV, the securities, transferring the receivables, security and risk issues, cash flow in the structure, the role of the rating agencies, regulatory issues, and tax issues. It also sets out, in table format, the main classes of receivables, parties, and documents involved in a typical transaction.

This article is part of the global guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-guide.