Securitisation Vehicles: Structuring, Risks & Regulation
Food for Thought – Luxembourg Brunch Briefing is a series designed to bring together asset managers and service providers to exchange perspectives, explore emerging trends, and foster meaningful collaboration.
Our upcoming session, “Securitisation Vehicles: Structuring, Risks & Regulation”, will provide a practical deep dive into securitisation vehicles (SVs), focusing on how they are designed, governed, and structured to meet regulatory, commercial, and investor requirements.
Our guest speakers from NautaDutilh, Aline Nassoy, Corporate Counsel, and Audrey Derep, Tax Counsel, will discuss the distinction between regulated and unregulated securitisation vehicles, examining when each framework is appropriate, and they will examine the core structuring considerations of SVs, including their tax treatment, the choice of legal form, the use of compartmentalisation to isolate assets and liabilities, and tranching techniques to allocate risk and return across different classes of investors.
A key focus will be the mechanisms used to ensure robustness and investor protection, including security packages, pledge arrangements, and bankruptcy remoteness features. These elements are critical in insulating the vehicle from insolvency risks and maintaining the integrity of the securitised assets.
Finally, the session will address risk retention requirements, highlighting the regulatory rationale and practical implications for originators, sponsors, and investors.
Key Discussion Points
Regulated vs unregulated SVs
Structuring of SVs (choice of legal form, compartmentalisation, tranching)
Tax treatment
Security and pledge arrangements / Bankruptcy remoteness
Limited recourse / non petition
Risk retention rules
Why attend
Understand securitisation vehicle structures clearly and practically
Learn how to navigate regulatory vs flexible structuring approaches
Enhance your ability to identify and mitigate structural risks
Stay aligned with regulatory requirements, including risk retention
Gain actionable insights applicable to real-world transactions