Introduction to securitisation

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 instrument 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.

By the end of this course, 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.

• 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 - Spotlight on ATAD
• EU securitisation regulation

Attendance certificate

This training is coordinated by Holger von Keutz and Markus Zenz, Partners at PwC Luxembourg.

With more than 25 years of experience in the assurance and assurance related services of PwC Luxembourg, Holger is specialised in the audit of banks, securitisation structures and investment funds.

Furthermore, he has developed a strong expertise in IFRS, Lux GAAP and HGB accounting frameworks. Within the area of internal and external trainings in relation with his specialisation, Holger is strongly involved in the design and development of our learning solutions.

In addition, he is a lecturer in auditing and consolidation at the Trier University of applied sciences.

With more than 15 years of work experience at PwC Luxembourg, Markus has conducted audits for banks, investment funds, and securitisation vehicles.

For several years now, he has specialised in securitisation and acts as engagement leader and signing partner for many securitisation audits. Markus is one of PwC Luxembourg's specialists for securitisation and is a member of our securitisation core group.

He also regularly contributes to industry working groups at ALFI and LuxCMA and is a speaker at conferences and webinars. He is the co-chairman of the LuxCMA working group on the securitisation regulation.