For European A Framework Securitisation - Securitization.Net

A Pan-European 

Symposium on 

A Framework 

For European 

Securitisation 

Thursday, 6. June 2002 

Brussels, Belgium


Symposium on 




6. June 2002 

Brussels, Belgium 

Who Should Attend: 

■ European Securitisation Forum members 

■ Other European securitisation market participants 

including: commercial and investment banks, securities 

firms, issuers, investors and asset managers, rating 

agencies, legal & accounting firms, trustees & collateral, 

managers, financial guarantors, securities exchanges 

■ Representatives of pan-European regulatory and 

parliamentary bodies 

■ Representatives of European national regulatory and 

parliamentary bodies 

■ Members of the European academic community 

■ Key media representatives dealing with the 

securitisation markets in Europe 

In conjunction with 

Duke Global Capital 

Markets Center

About the Symposium 

European Securitisation market participants and observers have 

frequently commented that the lack of a more uniform and 

harmonised legal, regulatory, tax, capital, accounting and market 

practice regime among individual jurisdictions has hindered the 

growth of securitisation on a broader, pan-European scale. Of course, 

the absence of a more homogenous securitisation market “infrastructure” 

throughout the European continent has obvious and deeplyrooted 

underlying causes-including significant legal, regulatory, 

social, cultural, behavioral and economic differences among individual 

European jurisdictions. 

Nevertheless, many individual European jurisdictions have taken 

legislative, regulatory and other steps to create a more hospitable 

environment for securitisation. Many of these initiatives are similar 

in concept and purpose from one jurisdiction to the next, as securitisation 

has continued to grow and draw attention as an alternative 

capital markets financing, arbitrage and risk-shifting mechanism. 

However, there is at present no clearly articulated or widelyacknowledged 

“blueprint” for the types of legal, regulatory and other 

provisions needed to facilitate securitisation on a broader scale 

throughout Europe. 

Program of Events: 

13:00–13:10 

WILLKOMMEN • WELCOME • BIENVENUE • BENVENUTO 

Mr. Filip Dierckx, CEO 

Merchant Banking and 

Executive Director, Fortis Bank 

13:10–14:30 

INTRODUCTION AND PRESENTATION 

OF THE FRAMEWORK 

This panel will begin with an overview of the size of 

the European securitisation market as well as the 

growth trends by collateral type in recent years. 

Thereafter, this group of expert panelists will discuss 

the motivations behind producing the Framework as 

well as the potential role for regulators and legislators 

in achieving the goals set out in the Framework. 

Finally, panelists will provide a section-by-section 

summary of the Framework document. 

MODERATOR 

Mr. Scott Rankin, Executive Director 

European Securitisation Forum (London) 

PANELISTS 

Mr. Kevin Ingram,Partner 

Clifford Chance Pünder (London) 

Mr. Gerwin Scharmann,Director 

Bankgesellschaft Berlin (Berlin) 

Mr. Anthony Lowes, Managing Director 

Schroder Salomon Smith Barney (London) 

Mr. Peter Jeffery,Partner 

PricewaterhouseCoopers (London) 

Prof. Steven Schwarcz,Executive Director 

Duke Global Capital Markets Centre 

14:30–14:45 

COFFEE BREAK

To fill this void, the European Securitisation Forum has launched an 

ambitious project: the production of a document entitled A Framework for 

European Securitisation (“Framework”). This document will set forth visionary 

and aspirational goals for the evolution and enactment of key legal, regulatory, 

accounting, capital, tax and market practice features, standards and 

guidelines that will collectively define the elements needed to facilitate a 

more uniform and harmonised framework for securitisation throughout 

Europe. As such, the document provides substantive policy guidance to legislative 

and regulatory bodies, serves as a common mission statement to 

define the Forum’s basic goals, and establishes benchmarks for evaluating 

and measuring progress toward these goals. 

The ESF has planned and organised this Symposium on the Framework, 

which Fortis Bank has generously offered to host at its offices in Brussels. 

We also appreciate the support of the Duke Global Capital Markets 

Center in securing additional participation from the European academic 

community. The principal purposes of this event are: 

■ To unveil and launch the completed Framework document and 

articulate the ESF’s goals and purposes behind this project; 

■ To solicit reactions and responses to the Framework document and to 

generate broad-based discussion and debate on its general and 

Simultaneous translation into Deutsch, Français and Italiano 

14:45–16:15 

A CLOSER LOOK AT SOME KEY PRINCIPLES 

AND GOALS OF THE FRAMEWORK 

This panel of experts will examine in detail some of the 

most fundamental and vital goals set-out in the 

Framework in respect of creating a more competitive, efficient 

securitisation market in Europe. Specifically, areas 

covered will include, among others, goals relating to (i) 

origination of assets; (ii) sale, transfer and isolation of 

assets; (iii) insolvency/bankruptcy laws; (iv) ownership 

and servicing of assets, and (v) regulatory treatment of 

securitisation. 

MODERATOR 

Mr. Rupert Harrison, Head of Structured Solutions 

Global Corporate Finance 

Arthur Andersen (London) 

PANELISTS 

Mr. Alexander Batchvarov, Head of International 

Structured Credit Research 

Merrill Lynch (London) 

Mr. Dan Curry, Group Managing Director 

Structured Finance 

Moody’s Investor Services (London) 

Mr. Richard Parolai,Partner 

Clifford Chance Pünder (Paris) 

Ms. Carmen Barrenechea,Director 

Titulizacion de Activos (Madrid) 

Mr. Richard Goldthorpe,Director 

Global Head of Securitisation 

Fortis Bank (Brussels) 

16:15–17:30 

THE NEED FOR MORE HARMONISATION IN THE EUROPEAN 

SECURTISATION MARKETS: A DEBATE

specific goals and recommendations; and 

■ To increase understanding of, and to raise awareness about, the 

growing importance of the European securitisation market to the 

overall development and competitiveness of the single financial 

market in Europe. 

The Symposium has been organised into a three panel format, 

with moderators and panelists drawn from various segments of the 

ESF’s senior membership, along with other prominent professionals, 

academics as well as senior European regulators. The first panel 

will broadly introduce the Framework document and explain the 

motivation of the ESF in undertaking this major project. This panel 

will also discuss the actions and responses the Forum is seeking in 

respect of the Framework as well as provide a detailed section-by-section 

overview of the content of the Framework. The following two 

panels are structured as a debate and dialog on several key conceptual 

underpinnings and specific proposals embodied in the 

Framework document. These panels will also address the principal 

advantages that hamonisation would produce and will discuss the 

principal obstacles and challenges to achieving the Framework’s 

vision for the European securitisation market in the near future. 

This group of senior European regulators and 

securitisation business professionals will engage in a 

lively discussion and debate about some of the key 

premises and goals of the Framework in light of the 

future growth and competitiveness of the European 

securitisation business. Specifically, this panel will 

focus on (i) the need for more harmonisation in these 

markets; (ii) whether such harmonisation is desirable 

and practically achievable; (iii) and the incentives for, 

and impediments to, such future harmonisation in the 

securitisation area. 

MODERATOR 

Mr. Hermann Watzinger, Managing Director 

Debt Markets Credit Derivatives 

Merrill Lynch (London) 

Chairman, European Securitisation Forum 

PANELISTS 

Mr. Antonio Sainz deVicuna, General Counsel 

Europäische Zentralbank (Frankfurt) 

Mr. David Wright,Director 

Internal Market, Europäische Kommission/European 

Commission (Brussels) 

Mr. Anthony Smith-Meyer, Managing Director 

and Global Head of Financial Services 

Fortis Bank (Luxemburg) 

Vice Chairman, European Securitisation Forum 

Mr. Philippe Tromp, Managing Director, Europe 

Financial Security Assurance (London) 

Mr. Jean-François Despoux, Managing Director and 

Head of Securitisation Europe 

Société Générale (Paris) 

Additional pan-European regulator 

to be announced. 

17:30–18:30 

RECEPTION AND HORS D’OEUVRE

ESF MEMBERS 

Abbey National Treasury Service 

ABN-AMRO 

ABS Reports Limited 

Artesia Banking Corporation 

Arthur Andersen 

AXA Colonia Asset 

Management GmbH 

Bank of America Securities LLC 

Bank One, NA 

BankGesellschaft Berlin 

Banque Générale du Luxembourg 

Barclays Capital 

Bear Stearns International 

Limited 

Bedell Cristin 

Bloomberg 

BNP Paribas 

Cayman Islands Stock Exchange 

CCM International Limited 

Channel Islands Stock Exchange 

CIBC Wood Gundy 

Oppenheimer 

Cleary, Gottlieb, Steen & 

Hamilton 

Clifford Chance Pünder 

Commerzbank Securities 

Countrywide Securities 

Corporation 

Crédit Agricole 

Credit Suisse First Boston 

Credit Trade 

Crown Mortgage Management 

Deloitte & Touche LLP 

Depository Trust & Clearing 

Company 

Deutsche Bank AG 

Dresdner Bank AG 

Ernst & Young 

European Bank for 

Reconstruction & Development 

Financial Security Assurance 

Limited 

Fitch IBCA 

Fortis Bank 

GMAC CM Europe 

GMAC RFC UK Limited 

Halifax plc 

ING Barings 

J.P. Morgan Chase 

Law Debenture 

Lehman Brothers 

Lloyds TSB 

Mayer, Brown, Rowe & Maw 

MBNA America Bank 

Merrill Lynch International 

Moody’s Investor Service Limited 

Morgan Stanley International 

Mourant Group 

Norton Rose 

Ogier & Le Masurier 

PriceWaterhouseCoopers 

R&R Consulting 

Royal Bank of Scotland PLC 

Schroder Salomon Smith Barney 

Skandinaviska Enskilda 

Banken AB 

Sidley Austin Brown & Wood 

Sociéte Générale 

Standard & Poor’s 

Structured Finance 

Management Ltd 

TdA Titulización de Activos, 

SGFT, SA 

Toyko-Mitsubishi International 

UBS Warburg 

UniCredit Banca Mobiliare SpA 

Weil, Gotshal & Manges 

Westdeutsche Landesbank 

Wilmington Trust Global Service 


Symposium on 




6. June 2002 

13:00–17:30 

Brussels, Belgium 

RSVP by 31. May 2002 

to Nadia Chaouchi 

TEL +44.20.77 43 93 00 

FAX +44.20.77 43 93 01 

FEE: NONE 

LOCATION: 

Fortis Bank 

Groot Kanselarij Auditorium 

Kanselarijstraat 1 

1000 Brussels 

Belgium 

(Near the Fortis Bank 

Head Office at the 

Central Train Station) 

St. Michael’s House 

1 George Yard 

London EC3V 9DH 

Great Britain/Großbritannien 

Tel +44.20.77 43 93 00 

Fax +44.20.77 43 93 01 

www.europeansecuritisation.com

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