The French securitization market has experienced a significant boom over the last 18 months, as corporates and French financial institutions alike learn to reap the benefits of an increasingly flexible and reliable legal framework introduced by the law of December 23 1988. This established a new type of entity, the fonds commun de créances (FCC) aimed at providing market participants with a vehicle for securitization structures. In so doing, France was the first civil law country to deal successfully with the constraints imposed by the civil law regime in terms of the transfer of assets and create an entity capable of matching the flexibility available in Anglo Saxon jurisdictions.
March 01 2001