Commendation, caution and concern – Belgian law and policy making affecting the Belgian ABS marketTerug Meer details
The Belgian legislation has actively contributed over the past twenty years to the construction of a robust legal framework designed for the Belgian securitization market; the framework is built out of a number of structural elements. Firstly, there is a set of self-standing legislation particularly designed to structuring securitisation in the Belgian market. Secondly, we identify legislation to pro-actively modify certain existing regulations that turn out counterproductive for an efficient regulated securitisation market. Thirdly, we are also able to identify items that still remain unresolved or are up for improvement, and where legislation could be designed to address. Finally, it is found that newly adopted legislation in certain particular fields may not necessarily have taken into account an adverse or counterproductive impact on pre-existing legislation, in which circumstances it may turn out necessary to intervene and rectify. It is difficult to anticipate the interaction between the Belgian rules affecting securitisations and the impact of the European Commission's STS framework initiatives. The real challenge seems to be avoiding that a well-intended but at the end overly burdensome EU initiative may be imposed on a well-functioning Belgian regulatory environment. Hence the importance of balance since the STS regulation should boost market confidence whilst avoiding to destabilise existing regulatory framework.
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