France

Recent and major changes in the securitisation legal framework

Emmanuelle Leroy, partner in the finance group of Norton Rose’s Paris office.

France is keen to encourage, in a real and tangible way, the development of securitisation. Since its creation in 1988, the fonds commun de créances (FCC) has proved to be an adequate securitisation vehicle and its legal framework has always been adapted to the needs of market participants. In terms of volume, the French market ranks behind a number of its competitors. However, a recent securitisation reform is expected to have a positive impact on the market.