ARTICLE · 05 OCTOBER 1995

Corporate law - Securitization - The Belgian Legal Framework

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The Law of August 5, 1992 which was implemented by the Royal Decree of November 29, 1993 (amended by the Royal Decree of April 7, 1995) introduced a Belgian legal framework for off-balance securitization of receivables.

The Belgian securitization system consists of a transfer by a company of its receivables to a vehicle which is especially incorporated with a view to securitization, a so-called Special Purpose Vehicle or "S.P.V.". This S.P.V. is financed by the issuance of securities.

The Belgian S.P.V. is called an "institution for investment in receivables" which can either take the form of a fund or a company. Each institution must be managed by a management company. A Belgian S.P.V. can issue both equity and debt instruments. At least some part of its securities must be offered to the public, thus excluding the possibility for a 100 % private placement (cfr. infra with respect to a bill of law on private placement). The securities issued by a Belgian S.P.V. must also be

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