The thesis is the first comprehensive research in the national law science aimed at the analysis of the main features of cross-border securitisation of assets in the sphere of law. The author examines the doctrinal approaches to the definition of the notion of asset securitisation, the advantages and disadvantages of asset securitisation as a financial mechanism, the main types of asset securitisation, the stages of its implementation, particularities of the legal status of the participants and transactions carried out by them in the securitisation projects. Based on the comparative analysis of asset securitisation with such legal categories as factoring, covered bonds, secured lending, the author identifies a special legal nature of asset securitisation. Special attention is paid to the analysis of cases having a foreign element within cross-border securitisation. According to the results of the analysis, the author elaborates the definition of the notion of asset securitisation. Within the framework of the thesis research, a particular attention is paid to the peculiarities of the legal status of a special purpose vehicle as the main participant of the asset securitisation, in particular the most appropriate organizational and legal forms for the special purpose vehicle, peculiarities of the relations of the special legal vehicle with the originator, mechanisms of protection of the special purpose vehicle from bankruptcy risks, restrictions of the business activity of the special purpose vehicle, lex societatis of the special purpose vehicle in cross-border securitisation projects. The author proves the necessity to provide special legal regulation in relation to the peculiarities of the legal status of the special purpose vehicle with a view to the effectiveness of asset securitisation. Special focus in the research is made on the peculiarities of the legal regulation of the sale of assets in the securitisation projects, in particular, the following means of transferring rights on the assets are considered: cession, novation, factoring. The author notes that for the purposes of securitisation the most appropriate method is an assignment by way of cession. The author analyzes the terms and conditions required for the fulfillment of the principle of true sale of assets and the bankruptcy remoteness principle in securitisation transactions, as well as the considerations for their implementation. Based on the analysis, the author proposes definitions of the notion of the true sale and bankruptcy remoteness as the key principles of asset securitisation. The thesis also focuses on the analysis of the terms and conditions of issue of the asset-backed securities in cross-border asset securitisations, based on which a list of information that is subject to mandatory disclosure is determined. Within the framework of the thesis research, the author reviews the effective legal regulation in Ukraine regarding the asset securitisation, as well as the reasons and preconditions for the introduction of asset securitisation into the national legislation of Ukraine. Analyzing the issues of conflict of laws arising in the projects of asset securitisation at the stage of sale of assets, the author concludes that it is advisable to provide the assignee and assignor with the right to choose the law applicable to the monetary claim in the contract between them as the law governing the validity of the assignment against third parties and priority rights. In the absence of such choice, it is suggested to apply the law of the state of the assignor’s location at the time of the assignment.Within the framework of the thesis research the author also defines the areas of unification of legal rules specifying legal regulation of securitisation.
