Footnote:
In: Capital Markets Law Journal, Vol. 5, No. 4, 2010
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 1, 2010 erstellt
Description:
In the aftermath of the 2007-2008 financial crisis, the public asks for action on the basis of ‘macro' solutions. This article proposes to take a ‘micro' view, and examine basic questions about the way securitization transactions (a major element in the crisis) were actually structured, and how investors' interests were protected. In so doing, it compares the law in countries such as the USA, UK, Spain, France, Italy, Luxembourg or Portugal.The article reaches the conclusion that deals that were very complex and sophisticated, lacked effective internal self-enforcing mechanisms, which, in the view of the asymmetry of information between sponsors/underwriters and investors, were necessary. By making some proposals for reform, it tries to open a debate on the need to revitalize securitization markets by changing the way transactions work from the inside-out