The asset securitization and the special features of its legal regulation in the Republic of Armenia

The asset securitization and asset-backed securities are new instruments for financial market of Armenia. The first issuance of asset-backed securities in Armenia in 2015 reveals the gaps that have the legislation of RA in this field.  The article shows the problems concerning the definition of the asset securitization and the legal form of special purpose vehicle. The author discusses the transferring of the pool of assets from the originator to Special purpose vehicle, the state registration of that pool and the rights of bondholders to demand a duly fulfilment of the obligation. The article considers the ways of solving the legal problems concerning the process of securitization and formulates the changes that the author suggests.

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