Spanish securitisation tied up in red tape

Spain focus

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It is rare that regulators and market participants sing from the same hymn sheet. It is even rarer in the Spanish securitisation market, where regulations have been one of the major inhibiting factors to the growth of the securitisation business.

"The regulators and courts are unfamiliar with the fundamentals of securitisation and its importance in other countries," says Fernando Bautista, partner at law firm Freshfields in Madrid. "Maybe the courts do not understand modern transacti

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