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PPT : Securitisation: Lessons from SA and Implications for Nigeria
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The South African Securitisation Market
Issuers were initially non bank but since 2005 the market has been dominated by bank Issuers driven mainly by the need for additional funding in a market where the rate of loan advances accelerated much faster than the banks were able to attract deposits
Legislation and Regulations
In shaping up the guidelines, and legislation due consideration should be given to all related legislation and regulations and as far as possible to avoid/minimise conflict and to facilitate applicable legislation for Nigeria
Securitisation Regulations in South Africa
* Securitisation transactions in South Africa are regulated by the South African Registrar of Banks under the Banks Act(’the Banks Act’), under which the current securitisation regulations were issued.The 2001 (reviewed in 2004, 2008) Regulations substantially overhauled the previous securitisation regulations of 1992, contributing to the growth of the securitisation industry in South Africa. The initial regulation was divergent from the G10 approach and restricted support by originators and had to be done through a bank for non bank issuers
* South Africa opted for regulations which clearly specify that non compliance will lead to loss of benefit and all qualifying transactions need approval of the Registrar of Banks. This is contrary to the FSA in the UK and the FRB in the USA which have only issued guidelines –mainly to maintain flexibility in the application of such guidelines
* The 2001 Regulations provide that securitisation issuer special purpose vehicles are exempt from having to register as banks. They regulate, among other things, four important areas:
o the corporate status, ownership and control of the issuer of the notes
o requirements in respect of the transfer or ‘true sale’ of assets to the issuer
o the provision of credit enhancement facilities to issuers
o the provision of liquidity facilities to the issuers
o restrictions are placed on institutions that interact with the issuer
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