What legislation governs securitisation in your jurisdiction? Has your jurisdiction enacted a
specific securitisation law?
Securitisation is regulated in Greece by Law 3156/2003 (the GSL), which was enacted in 2003 to provide the framework for securitising trade receivables and real estate receivables. The GSL, as regards trade receivables, has been proven a complete and comprehensive legal instrument and has been successfully applied with practically no amendments since its introduction. The Greek market has known only a couple of transactions by originators outside the banking business environment as, until now, the vast majority of securitisation transactions in Greece have been transfers of loan and credit portfolios by banks and other financial institutions.
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Reproduced with permission from Law Business Research Ltd. This article was first published in March 2020.