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ARTICLE · 14 MARCH 2022

Amendments To Luxembourg Securitisation Law

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The Securitisation Law was silent on the possibility for SVs to be financed by loans, in addition to "securities".

LuxembourgFinance and Banking
Laurent Lazard
Laurent Lazard

On 9 February 2022, the Luxembourg Parliament (Chambre des Députés) adopted the draft law 7825 (the "New Law"), which amends the law of 22 March 2004 on securitisation (the "Securitisation Law", and as restated pursuant to the New Law, the "Amended Securitisation Law"). The New Law was published in the Luxembourg official gazette (Mémorial A) on 4 March 2022 and entered into force on 8 March 2022.
Below, you will find the key changes to the Securitisation Law.

1. Issuance of "financial instruments"

In order to clarify by what means a securitisation undertaking ("SV", which in this briefing includes both securitisation companies and securitisation funds, unless otherwise indicated) can raise finance, the reference to "securities" (valeurs mobilières) issued by SVs is now replaced by the term "financial instruments" (instruments financiers), the definition of which cross-refers to the law of 5 August 2005 on financial collateral arrangements, as amended.

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