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Russia Proposes Securitisation Law for the Domestic ABS Market
The Russian Federal Service for Financial Markets (“FSFM”) has prepared two draft laws to amend existing legislation in order to facilitate the domestic securitisation of assets in Russia and the taking of security over receivables and bank accounts (the “Draft Securitisation Law”). The Draft Securitisation Law was submitted to the State Duma on 1st September.
The aim of the Draft Securitisation Law is to create a legal framework for the domestic securitisation of various assets other than mortgages, which are currently regulated by a separate law on Mortgage-Backed Securities (the “MBS Law”). Draft Securitisation Law does not contemplate the adoption of a separate securitisation law but instead provides for various changes to existing laws, including the Russian Civil Code, the Tax Code, banking, insolvency and securities laws. The MBS Law will also be amended by the Draft Securitisation Law for consistency purposes.
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