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- W3121564747 abstract "There are few types of securities as internationally traded as those issued in securitization (also spelled securitisation) transactions. The postfinancial crisis regulatory responses to securitization in the United States and Europe are, at least in part, political and ad hoc. To achieve a more systematic regulatory framework, this article examines how existing regulation should be supplemented by identifying the market failures that apply distinctively to securitization and analyzing how those market failures could be corrected. Among other things, the article argues that Europe’s regulatory framework for simple, transparent, and standardised (“STS”) securitizations goes a long way towards addressing complexity as a market failure, and that the United States should consider a similar regulatory approach. INTRODUCTION 2 I. U.S. REGULATORY RESPONSES 3 A. Disclosure 4 B. Risk-Retention 4 C. Rating-Agency Reform 5 D. Capital Requirements 6 II. EUROPEAN REGULATORY RESPONSES 7 A. Disclosure 8 B. Risk-Retention 9 C. Rating-Agency Reform 10 D. Capital Requirements 10 E. Due Diligence Requirements 10 III. CRITIQUING THE U.S. AND EUROPEAN REGULATORY RESPONSES 10 A. Critique of Disclosure 11 1 Stanley A. Star Professor of Law & Business, Duke University School of Law; Founding Director, Duke Global Financial Markets Center; Senior Fellow, the Centre for International Governance Innovation. E-mail: schwarcz@law.duke.edu. For valuable comments, I thank Orkun Akseli and other participants in the November 2015 European University Institute conference on the transnationalisation of debt and solidarity in Europe, also sponsored by the European Research Council, the Finnish Academy, and the University of Helsinki Faculty of Law. I also thank Theodore D. Edwards, Dominic Lerario, and Ethan Mann for invaluable research assistance." @default.
- W3121564747 created "2021-02-01" @default.
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- W3121564747 date "2016-01-01" @default.
- W3121564747 modified "2023-09-27" @default.
- W3121564747 title "Securitization and Post-Crisis Financial Regulation" @default.
- W3121564747 hasPublicationYear "2016" @default.
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