Sekurytyzacja i jej uregulowanie w przepisach prawa krajowego – zarys problematyki
Securitization and regulations pertaining to it in the national legal provisions – outline of the issue

Summary/Abstract: In the Polish legal system there are basically two normative acts which provisions refer to the issue of securitization. These are: the act on investment funds and the Banking Law Act. However, these acts do not regulate the securitization process as a whole, but only some of its areas. Securitization is aimed at ”obtaining financial resources from liabilities through the issuance of securities whose redemption is secured with securitized liabilities” (resolution of the Supreme Court–Civil Chamber, of 29th November 2007). Principally, we can distinguish two basic models of securitization, i.e. off-balance sheet securitization (securitization through the sales of assets) and balance sheet securitization (securitization by risk transfer out of balance sheet, with no disposal of assets). At least a few subjects take part in the process of securitization, in particular the initiation (arranger) and SPV. In Poland, the role of SPV usually rests with securitization funds, which are closed investment funds that issue investment certificates in order to collect the funds for the purchase of liabilities or the rights to benefits following from particular liabilities (art. 183 paragraph 1 of the act on investment funds).securitization; securitized liabilities; securitization fund

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