Clifford Chance combines cross-jurisdictional expertise and a dedicated regulatory team with a broad portfolio of relevant skillsets. The deep bench consists of structured finance practice head Jonathan Lewis; securitisation, factoring and structured finance expert, Julien Rocherieux; regulatory specialist Frédérick Lacroix who is the head of the financial services and asset management practice; derivatives specialist Cédric Burford and securities experts Aline Cardin and Alex Bafi. With French, US and English law capabilities and the firm's own office network, the team is a popular choice for cross-border work. The team enjoys an outstanding reputation for its role in innovative market transactions and the scope of its expertise - which includes handling commercial paper receivables, RMBS transactions and alternative market funding for infrastructure, real estate and loans by use of debt funds, as well as hedging transactions, synthetic securitisation and clearing work. Another stand-out feature is a particularly diverse client list that includes banks and financial institutions, as well as asset managers, companies and funds, but also features a number of European and other supra-national institutions along with domestic public institutions.

Grégory Benteux head's the securitisation and structured finance team at CMS, which demonstrates particular strength advising on the structuring of trade receivables and financing receivables, including the prudential treatment and other regulatory aspects of receivables transactions. Additionally, the practice group has carved out a niche as specialists in non-performing loans and unlikely-to-pay loans, as well as  housing experts in transactions regarding more exotic assets, such as tax receivables and receivables over public entities. Other specialisms include green derivatives, advisory work on the impact of changes to derivatives and securities regulation, and off-balance sheet treatments. Cross-border matters account for a significant portion of the caseload, especially transactions involving German or English law for which the French team joins forces with colleagues from the firm's relevant local offices. Marc-Etienne Sébire is overall head of the capital markets practice to which the securitisation and structured finance group belongs.

In Xavier de Kergommeaux, Gide Loyrette Nouel A.A.R.P.I. counts one of France's most renowned structured finance experts among its ranks. De Kergommeaux is particularly active regarding public-sector loan company mandates and building society-related work. Arnaud Duhamel and Laurent Vincent co-lead the derivatives practice, which has a strong focus on equity derivatives and financing. Overall, the group shoulders an impressive caseload -often including innovative transactions- and is consistently visible among those legal practices shaping the regulatory framework in France - regarding covered bonds, for example. In addition to its strong presence in France, the firm also offers derivatives and structured finance expertise from its London office where Dimitrios Logizidis and Karine Imbrosciano frequently cooperate with their French colleagues to assist with cross-border matters, often pan-European in nature. Counsel Clément Vandevooghel, a former legal counsel at Natixis, specialises in structured finance. Under the name of Gide 255, the firm's innovation team, the practice has assisted several clients in connection with collateral tokens and on applications of these tokens to derivatives structures.

Drawing on the firm's strength in France as well as on its presence in other key markets (including the US, other European jurisdictions, the Middle East and Asia), Jones Day specialises in cross-border transactions. Christine Van Gallebaert and senior associate David Aumain lead a structured finance and securitisation practice the strengths of which range from covered bonds, (including green covered bonds), to the setting up of the newly created sociétés de financement spécialisé. The derivatives team, co-led by the renowned Alban Caillemer du Ferrage and equity derivatives and OTC derivatives specialist Qian Hu, is a regular contributor to the legislative modification of regulatory law in France - not least because of Caillemer du Ferrages has been official counsel to the International Swaps and Derivatives Association for some two decades and is also official French counsel on swaps and derivatives to a number of other professional associations, including the Securities Industry and Financial Market Association. The practice group's experience in assisting with regulatory-related litigation and investigation matters is a stand-out feature. Another asset is its experience in joining forces with the restructuring team, especially in asset recovery and investigation matters.

Latham & Watkins offers French, US and English law capabilities from its Paris office and impresses with experience in multi-jurisdictional transactions (and related disputes), and its strength in advising on highly complex transactions - frequently involving large amounts. In addition to the structured finance transactional practice, the team also assists with related regulatory issues., while overall, complex equity derivative and hedging transactions account for a significant part of the caseload. Practice head Thomas Vogel and his team, including Suzana Sava-Montanari, who made partner in March 2021, act for a diverse client roster that features financial institutions -primarily investment banks and asset managers- as well as corporates, high-net-worth individuals and sovereign funds.

Complex structured finance transactions, particularly large securitisations of financial assets and cross-border transactions, constitute the core pillar of Orrick Rambaud Martel's structured finance and securitisation practice. Covered bonds, the securitisation of auto loans, RMBS and CMBS transactions, the securitisation of entire businesses, synthetic securitisation deals and transactions involving non-performing loans are all areas in which the team demonstrates expertise. Practice head Hervé Touraine and his team, -especially Olivier Bernard - also contribute to the development of the sector's regulatory framework in France, primarily through Touraine's role as chairman of the Securitisation Commission of Paris. In addition to an already impressive client roster that includes major financial institutions as well as corporates, the group has attracted a number of new clients recently, steadily gaining market share.

De Pardieu Brocas Maffei combines a strong OTC derivatives practice with in-depth knowledge of debt and equity securities law. Practice heads Corentin Coatalem and Olivier Hubert count major French and international financial institutions, companies, investment funds and institutional investors among their clients. As part of the firm's wider capital markets and financing team, the group is able to provide complementary expertise in-house. Colleagues from other practice areas, notably the firm's dispute resolution specialists, also frequently join forces with their capital market colleagues.

The team at Dentons assists with derivatives and structured finance transactions, with the derivatives practice and securitisation matters forming the heart of the practice. The restructuring of corporates' derivatives operations and risk management netting are particular areas of strength but the group acts on a wide range of transactions, including OTC derivatives. On the securitisation side, the practice demonstrates expertise in a large number of asset classes, including trade receivables, residential and commercial mortgage-backed securities, auto loans and dealer floor plans. Thanks to the firm's sizeable international footprint, the Paris team is able to advise on intended changes of regulatory frameworks for derivatives in emerging markets, such as those of Egypt and Kazakhstan. Following the arrival of practice head Julien Bacus and of counsel Charles Tissier in 2018, the team has clearly established itself as a key player in the French market.

The team at Hogan Lovells (Paris) LLP is the continental linchpin for transactions governed by English law. The group is highly experienced in multi-jurisdictional matters, especially those involving Luxembourgean law, and in high demand from French and European financial institutions and corporates, especially from the firm's core sectors: insurance/reinsurance, automotive, energy and transport. With a number of 'market-firsts' marking the group's track record, including a whole business securitisation of new mobility services receivables, and handling a wide range of asset classes (including travel receivables, residential mortgage loans, and dealer floorplans), the practice is known for its ability to assist with innovative transactions. The trio at the helm of the debt capital markets practice is composed of the highly versatile Sharon Lewis, who also heads the financial institutions sector group and is, in addition, admitted to the bar of England and Wales; Vincent Fidelle, who specialises in bond issues and covered bonds, among other matters; and Katia Merlini, who focuses primarily on derivatives, structured debt issuances, synthetic securitisation transactions. However, Baptiste Gelpi moved to Reed Smith in March 2020.

The White & Case LLP team focuses on derivatives and securitisation matters. The group of practice head Philippe Herbelin, chief among them counsel Emmanuel Lebaube, continues to bolster its track record as advisor-of-choice on pioneering transactions, such as the first synthetic SRT under French law since 2008. Lebaube also shoulders one of the country's most prolific securitisation practices, including the majority of France's STS transactions in 2019. Asset-based securities and RMBS account for a particularly significant portion of the caseload. Covered bonds are another key specialism, while the group's integration into the firm's broader capital markets practice and international office network allow for cross-border strength and well-rounded capital market advice.