La titulizaciónOrigen, evolución y regulación actual en la U.E y en España

Resumen

The thesis examines the relationship between the role of securitisation in the financial crisis of 2007 and the regulation of securitisation in Europe in general and Spain in particular. The thesis is divided into five chapters. The first chapter explains the mechanisms of securitisation and the workings of the shadow banks within the context of the financialisation of the U.S economy. The second chapter traces the origins of the technique of securitisation, from crude tax farming in the Ancient World to the first Private Label Securitisation in the U.S. The third chapter studies the development of derivatives, and the formation of a regulatory framework in Common Law jurisdictions, first in the United Kingdom, and then in the U.S. The fourth chapter explores the ways in which securitisation acted as both a catalyst and a vector for the financial crisis, exposing the structural weaknesses of the U.S economy. The last chapter concentrates on the European response, it focuses on two keys pieces of legislation Regulation (EU) 2017/2402 which created a general framework for securitisation and a specific framework for simple, transparent and standardised securitisation, and Law 5/2015 which unified the disperse regulation of securitisation in Spain.