Legal Business

The Finance View: Bigger, simpler, cheaper? How to position the modern securitisation counsel

Michael West assesses the impact of the ongoing rehabilitation of structured finance

Securitisation lawyers have been hard pressed since the financial crisis, diversifying their practices and often even ditching the S word. However, relief has been increasingly at hand in the last two years as the thinking of regulators and policy-makers has swung from seeing the financing tool as a cause of the banking crisis to key for getting more investment into the economy. Highlighting this shift at a speech to the Global ABS 2015 conference in Barcelona in June, the Bank of England’s executive director of prudential policy David Rule gave public backing to proposals to create EU-wide criteria for simple, standard and transparent (SST) products, a move he said would ‘play an essential role in de-stigmatising European securitisation, helping the market to develop on a sustainable track and attracting a broader investor base’.