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DUGOURD Brune-Laure Marie
Les organismes de titrisation
Thèse en Droit, soutenue le 15 décembre 2023.
Mots clés : Titrisation ; Organisme de titrisation ; Société de gestion de portefeuille ; Dépositaire ; Cession de créance ; Société de titrisation ; Fonds commun de titrisation ; Société anonyme ; Copropriété ; Indivision ; Société par actions simplifiée ; Personnalité morale ; Fiducie-titrisation ; Fiducie ; Organisation sociale ; Refinancement ; Titrisation synthétique
Created to transpose the American securitisation mechanism into French law, the special purpose vehicle (SPV) adopts French law qualifications. They can take the form of a co-ownership vehicle, known as a "fonds commun de titrisation" (FCT), or a "société de titrisation" (ST) in the form of an SA or SAS. The rules governing these vehicles, which are largely dictated by the requirements of the financial transaction, do not depend on their nature. Whether or not they are considered as legal persons, they have assets and liabilities. They are also externally managed and represented by a portfolio management company for all acts contributing to the achievement of their objects clause. The autonomy of the FCT and the reduction of the ST to a simple property mean that the two forms of vehicles are treated in the same way. A comparison of this special regime with French corporate law highlights several difficulties that could ultimately undermine the effectiveness of the financial operation. The FCT gives rise to a transfer of receivables without an assignee, whereas the ST has an artificial dimension as its corporate bodies do not participate in the company's business. A reform of both French special purpose vehicles forms is therefore necessary to secure the economic operation and the principles of the French corporate law. This operation can be effectively carried out through a patrimony of affectation ("patrimoine d’affectation") or a legal entity. Therefore, the FCT should be replaced by a securitisation trust and the ST should be retained while its regime should be modified.
Keywords: Securitisation ; Special purpose vehicle ; Portfolio management company ; Custodian ; Assignment of receivables ; Public limited company ; Co-ownership ; Joint ownership ; Simplified joint stock company ; Legal personality ; Securitisation trust ; Trust ; Corporate organisation ; Refinancing ; Synthetic securitization ; Legal entityDirecteurs de thèse : Nicolas BORGA
Membres du jury :
- M. BORGA Nicolas, Directeur de thèse, Professeur des universités, Université Jean Moulin Lyon 3,
- Mme JULLIAN Nadège, Rapporteure, Professeure des universités, Université Toulouse Capitole,
- Mme PAILLER Pauline, Rapporteure, Professeur des universités, Université Paris Cité, Malokoff,
- M. BONNEAU Thierry, Professeur des universités, Université Paris Panthéon Assas,
- M. VABRES Régis, Professeur des universités, Université Jean Moulin Lyon 3.
Présidente du jury : Thierry BONNEAU