Standards, Contracts and Codes
Edited by Marta Cantero Gamito and Hans -W. Micklitz
Chapter 9: EU Securitisation Regulation: legal ordering in symbiosis with transnational bodies
This chapter studies the EU Securitisation Regulation of 2017, with particular focus on its criteria for simple, transparent and standardised (STS) securitisation, as an instance of transnational legal ordering. Two discrete aspects of transnationalisation stand out. The first aspect explains why the Securitisation Regulation should be regarded as transnational legal ordering, although it is by form ordinary EU legislation. The explanation is found in what can be described as a symbiotic relationship between the EU and transnational bodies, particularly the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO), and in the involvement of a broad epistemic community in international finance. The second aspect of transnationalisation focuses on the potential extra-EU effects of the Securitisation Regulation. Possible scenarios include fragmentation of global markets, but also the Securitisation Regulation becoming a model for other jurisdictions, and norm export through a future equivalence regime for third country securitisers.
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