SECURITISATION is a financial operation involving issuing securities based on an extracted pool of debt.

SECURITISATION FUND – a Closed-End Investment Fund which acquires debts for the funds obtained from its participants (investors).

Funds obtained from repayment of these debts increase the value of the Fund’s assets, and thus increase the value of certificates owned by the Fund participants (investors).

FUND MANAGERS – Fund managers allocate the collected funds in a way which makes it possible to maximally increase the Fund’s assets, and thus the value of its certificates.

SERVISER – an entity which services the debts acquired by the securitisation fund. The servicer must ensure legality and high quality of its actions, and thus the permits for managing securitised debts are issued by the Polish Financial Supervision Authority.

SECURITY OF THE SECURITISATION PROCESS
– The Polish Financial Supervision Authority (KNF) consents to the establishment of a securitisation fund and approves its articles of association.
– KNF’s approval for the Servicer is required; the process includes:

I. Detailed debt collection processes;

II. Asset valuation processes;

III. Potential conflict of interests.
-Supervision of Inspector General for Personal Data Protection;
-Supervision of the Office of Competition and Consumer Protection.

To put it simply, securitisation is a process of transforming “difficult” assets in the form of due receivables resulting from various legal bases into fully transferable securities devoid of any “difficulty” in the form of various units and bonds. Securitisation can function in many different configurations of subjects and objects, however, in the model preferred by Kancelaria Corpus Iuris, the parties to the process include, in particular: the entity selling the debt (bank or any other organisational unit which has a specific debt portfolio), the investment fund which acquires those debts, the servicer of the debts acquired by the investment fund which is responsible for proper recovery of the claims to the fund’s account and an investor who purchases securities issued by the fund in order to finance the purchase of the debts. The objectives of securitisation can be classified based on the needs and expectations of the participants of the securitisation process. The objective of the seller of debts is replacing debts which are difficult to recover with other liquid assets while maintaining tax optimisation. The objective of the investor is acquiring securities issued by the investment fund in order to generate a return on investment in the form of increased value of the securities purchased from the fund. The objective of the servicer consists in taking maximally effective actions for the benefit of the investment fund issuing securities, which translates into the amount of the commission received from the fund. The process of securitisation is currently widely used by specialised organisational units due to the tangible tax benefits for sellers of receivables and the ability to generate large profits for the investor, very often disproportionately higher than those offered by financial institutions on the acquisition of standard market instruments.