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Securitization in Korea

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  • Securitization in Korea
  • Lee, Mee-Hyon
  • Seoul National University(BK 21 Law)


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Title Securitization in Korea
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Material Type Reports
Author(English)

Lee, Mee-Hyon

Publisher

[Seoul]:Seoul National University(BK 21 Law)

Date 2002
Journal Title; Vol./Issue Journal of Korean Law:vol. 2(no. 1)
Pages 24
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Government and Law < Laws and Legislation
Holding Seoul National University

Abstract

Before 1997, other than few offshore securitization transactions, domestic asset-securitization cases were almost non-existent in Korea.. Although there were strong demands in the financial market for such transaction, it was very difficult to structure the transaction economically viable and free from uncertainties and legal risks due to various restrictions under the Korean Commercial Code and other trust related laws and regulations of Korea. The Act Concerning Asset-Backed Securitzation Act (the “ABS Act”) was enacted in September 1998 to facilitate and promote securitization. This ABS Act substantially removed the then existing legal barriers to securitization of assets. The ABS Act further conferred certain procedural privileges and benefits for securitization that met the requirements set forth under the said Act. While compliance with these requirements is a prerequisite to enjoy the benefits under the ABS Act, the ABS Act does not mandate that all securitization transactions to be subject to it. (The rest omitted)