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Spanish Securitisation Legal Framework
Law 2/81, of March 25 and Royal Decree 685/82, of March 17: define Mortgage Participations (PH's) and Mortgage Backed Securities without references to its securitisation.
Law 19/1992 of July 7
First Law to treat Securitisation: Mortgage Participations (PH's) can be securitised through Mortgage Securitisation Funds.
Meanwhile, Mortgage Securitisation Fund Management Companies (Sociedades Gestoras de Fondos de Titulización Hipotecaria, "SGFTH") are created
RDL926/1998, of may 14
Securitisation is extended beyond Mortgage Participations (PH's) to include other assets. Asset Securitisation Funds are created and the SGFTH are transformed into Asset Securitisation Fund Management Companies (Sociedades Gestoras de Fondos de Titulización, "SGFT").
Within this Law's legal framework:
OM1999, of May 28: Securitisation of loans granted to small and medium sized businesses (FTPYMES) is enabled. Possibility for the bonds to benefit from the Spanish State guarantee
FINANCIAL LAW 44/2002, of November 24: defines Mortgage Transfer Certificates (CTH's),
LAW 13/2003, of May 23 enables securitisation of concessions and public works.
OM EHA/3536/2005, of November 10: determines future credit rights that can be integrated to a Securitisation Fund and the necessary conditions for the transfer. It also qualifies the CNMV (Comission Nacional del Mercado de Valores) to rule and publish specific regulations on accounting matters and information diffusion about the Asset Securitisation Funds and its Asset Securitisation Fund Management Companies (sociedades Gestoras)
Law 5/2015 of April 27
Title III. Legal Framework of Securitization
This law recasts the existing regulatory dispersion in the Spanish legal framework for securitization, to ensure coherence and system of all the precepts that regulate this area, providing greater clarity and legal certainty to the regulatory framework