SPV In In Financial Asset Securitization Deals

In today's world more and more organizations are faced with problems of financing their activities, often to improve production, the transition to a new level of optimization, applications of new technologies or, for example, financing the entire project requires capital investment, then they are forced to turn to the Bank for a loan, but there are situations in which available funds in the Bank may not be enough, or the financial institution in granting such loan may violate the Central Bank regulations, for example, in relation to capital adequacy. In this case, the Bank, in order not to lose the client, needs to have a sufficient amount of money without violating the established standards, and in this case, they can help the instrument of securitization of financial assets. Securitization is one of the ways to raise funds available only to banks. This mechanism is a way to refinance liabilities by raising funds from the capital market. Initially, securitization originated in the United States in the 1970s and was caused by the need to transform Bank assets into free cash. The assets in this process were the right of banks to claim payments from debtors under the loan agreement. The transformation process took place due to the transfer to a potential buyer-investor of security secured by the Bank's claim to the debtor on the loan. In the 1970s, securitization occurred mainly in relation to the mortgage pool. Prior to this practice, banks were portfolio lenders, as they held loan agreements until they were fully repaid. In this regard, there was no possibility of further development of banking activities, because, first, banks could not issue new loans (including due to a lack of available funds), second, there was a risk of default on loans issued, which the Bank had to bear, and, third, all credit agreements are accounted for as assets on the Bank's balance sheet, and therefore there may be problems with compliance with the Basel standards, and as a result, there may be a risk of loss of the license. Doctrinal sources describe the different structure of the transaction. Some distinguish 2 main stages of the transaction, others 3 or even 4. It seems to me that securitization takes place in 3 stages. I believe that securitization transactions are a fairly developed and promising tool for the Bank, as it gives them a large number of advantages. The subject of this study is one of the main participants in the securitization transaction – a special purpose company. The following issues will be considered in this work: • Purpose of creating a special purpose company; • Implementation of the principles of the securitization transaction through a special purpose company, as well as the issue of minimizing the risk of "remoteness from bankruptcy" will be considered separately»; • Legal nature and status of a special purpose company in the Russian Federation; * Analysis of the legal basis for creating and operating a special purpose company in foreign countries, using the example of Luxembourg and South Korea; * Organization of the interaction of the special purpose company with other participants of the transaction. The special purpose company is one of the key figures in the securitization deal. This is confirmed by the fact that it participates in almost all processes and is a party to contractual relations with other participants in the transaction. In the doctrine, there are different points of view regarding the legal nature of such a company, but I am of the opinion that it is still a legal entity that has limited legal capacity, mediated by the goals of its creation.