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Regulations for Securitisation and Covered Bonds: Too Much or Too Little

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  • Arif Ahmed

    (Assistant Professor, FAST School of Management, National University of Computer and Emerging Sciences (FAST-NUCES), Lahore-Campus, . The author would like to express his gratitude to Gabriella Chiesa of University of Bologna and Alessio Pacces of Faculty of Law, University of Amsterdam for their guidance and to the participants of EDLE Seminar Series at Rotterdam Institute of Law and Economics (RILE) for their useful feedback and comments. All errors are the author’s.Pakistan)

Abstract

This study analyses the most important regulations for asset-backed securities and covered bonds devised after the global financial crisis in Europe. The study presents three perspectives of these regulations. It discusses the premises and context of these regulations and highlights the asymmetric treatment of these two instruments. The premises of the regulations are inspired by the market criticism and are not in line with the theoretical understandings of securitisation. Moreover, most of these regulations are influenced by the situation in the US market and there is a need to recalibrate these regulations on European realities. The asymmetric treatment given to these instruments is also a matter of concern as it may harm the funding-base diversification. The study emphasises that regulations must be reconsidered and aligned with the European realities creating a level playing field for all the market players and instruments.

Suggested Citation

  • Arif Ahmed, 2019. "Regulations for Securitisation and Covered Bonds: Too Much or Too Little," European Company and Financial Law Review, De Gruyter, vol. 16(5), pages 535-556, October.
    • Handle: RePEc:bpj:eucflr:v:16:y:2019:i:5:p:535-556:n:1
    DOI: 10.1515/ecfr-2019-0019
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