Securitisation - Introduction to the Luxembourg regulatory framework
Over the past years, securitisation, a complex structured financing process, has evolved as the preferred funding and risk transfer method. It is promoted by the European Commission as one of the instruments of choice in the context of the Capital Market Union. Despite the general economic downturn, and decreased reputation of securitisation products, the Luxembourg securitisation market continues to grow steadily. In addition, Luxembourg securitisation vehicles are used in many structures in asset management, private equity or real estate in order to optimise the investors' benefits.
In this type of structured financing, a pool of financial assets (such as receivables, loans, mortgages, or leases) is transferred to a "Special Purpose Vehicle" (SPV) which issues securities, backed solely by the assets transferred and the payments derived from those assets.
It is therefore critical for Luxembourg corporate services, domiciliation companies, asset managers, private bankers and other service providers to understand the complete value chain of the securitisation business and to appreciate the opportunities and challenges it offers in a European context.
Duration: 3h
Language: Available in English, French, and German. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this training, participants will be able to:
- explain the complete securitisation value chain;
- get an overview of the Luxembourg securitisation market with examples;
- appreciate the business opportunities for Luxembourg financial institutions;
- define the impacts on regulatory, accounting and tax issues.
Content
- Introduction and basic principles of securitisation in general
- Securitisation in Luxembourg
- Main regulatory frameworks
- Luxembourg market overview
- Luxembourg securitisation law
- Forms of Luxembourg securitisation vehicles
- Regulation of securitisation vehicles
- Multi-compartment vehicles
- Tax aspects
- EU securitisation regulatory framework
Target audience
- Domiciliation companies and trustees
- Professionals of the financial sector involved in the management and/or administration of structured finance products
- Tax and regulatory representatives
- Private bankers
Our lead experts
This training is coordinated by Holger von Keutz and Markus Zenz, Partners at PwC Luxembourg.
Holger von Keutz is a partner with over 28 years of audit experience, specialising in the audit of securitisation structures and banks. He holds a degree in business mathematics from the University of Trier and is qualified as a German ‘Wirtschaftsprüfer’ and a Luxembourg ‘Réviseur d’entreprises agréé’. Holger leads the PwC securitisation industry in Luxembourg and serves as an elected ExCo member of the Luxembourg Capital Markets Association (LuxCMA). He is a co-author of PwC publications on securitisations, a speaker at conferences and webinars, and a trainer and developer for internal and external training programs. He is responsible for numerous securitisation transactions and contributes to strategic decisions within PwC’s securitisation practice.
Markus Zenz is a partner at PwC Luxembourg with over 17 years of expertise in auditing alternative investment funds and securitisation vehicles. As a recognised specialist in securitisation, he leads and signs numerous complex audits across diverse asset classes. Markus actively contributes to PwC Luxembourg’s securitisation core group and shapes market practices through his involvement with ALFI and LuxCMA working groups, chairing the LuxCMA securitisation working group. He frequently speaks at industry conferences and webinars. Markus holds a Master’s in Business Administration from the University of Mannheim, with academic experience at the University of Edinburgh, and is a Fellow Chartered Certified Accountant with ACCA, also certified in Luxembourg as "Réviseur d’entreprises agréé" and "Expert comptable."
