Titulización de activos en España en relación con su régimen jurídico y la problemática que puede surgir en cuanto a la responsabilidad de los sujetos que intervienen en el proceso

Abstract

RESUMEN. Desde la crisis financiera y crediticia mundial de 2007, todos los países –incluida España- han intentado mejorar la legislación existente relativa la mercado bancario y de valores. Entre dicha legislación encontramos la relativa a las titulizaciones, un proceso o instrumento que permite convertir los créditos que ostentan los cedentes u originadores frente a deudores ajenos al proceso, en valores que facilitan su comercialización y posterior transmisión. En definitiva un instrumento que permite obtener liquidez a través de una fuente alternativa a la bancaria y a la vez, trasladar el riesgo de dicha financiación a un tercero, el inversor o bonista.

ABSTRACT. Since the global financial and credit crisis of 2007, all countries - including Spain - have tried to improve existing legislation regarding the banking and securities market. Among such legislation we find the one related to securitisations, a process or instrument that allows converting the credits held by the assignors or originators with debtors outside the process, in values ​​that facilitate their commercialization and subsequent transmission. In short, an instrument that allows obtaining liquidity through an alternative source to the bank and at the same time, transferring the risk of such financing to a third party, the investor or bondholder.

This paper analyzes the existing legislation that affects this process and the responsibility of the parties involved in it, from the point of view of a standard cash flow securitization structure. Broadly speaking, the role of the fund, management company, administrators of said company, the cession of credits by the assignors and the role of the rating agencies with the new applicable legislation will be analyzed; always focusing the optics from the responsibility, from the point of view of the author of this work, of each of these subjects in the securitization process.