2.1.1 United States of America for The Viability of Asset Backed Securitisation in Emerging Markets With Reference to South Africa:Stewart Makura 2002

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THE VIABILITY OF ASSET BACKED SECURITISATION IN EMERGING MARKETSWITH REFERENCE TO SOUTH AFRICA.STEWART MAKURA

A research report submitted in partial fulfillment of the requirements for the degree of

MASTER OF BUSINESS ADMINISTRATIONin theINSTITUTE OF FINANCIAL MANAGEMENT UNIVERSITY OF WALES BANGOR ANDUNIVERSITY OF MANCHASTEROCTOBER 2002

1

ACKNOWLEDGEMENT

I wish to express my appreciation and gratitude to the following persons and withoutwhom this project would not have been completed:

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Colleagues at Standard Corporate and Merchant Bank for the provision of data,discussions and support provided towards the success of this research report.

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Mr Ismail Erturk of the Manchester Business School, my supervisor for his guidanceand support.

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My family and friends especially my late sister Gennis Varaidzo for theirencouragement and support during my period of study.2

TABLE OF CONTENTS1. THE MECHANICS OF ASSET BACKED SECURITISATION 61.1

Research Objectives and Methodology 7

1.2

The parties and processes in Asset Backed Securitisation 7

1.3

Development of Asset Backed Securitisation 14

1.3.1 The United States of America 141.3.2 Europe 151.3.3 South Africa and Other Emerging markets 17

2 REGULATORY ENVIRONMENT 212.1

Regulatory framework in the Developed World 21

2.1.1 United States of America 212.1.2 Developed markets in Europe 222.1.2.1 United Kingdom 222.1.2.2 Germany 242.1.2.3 France 26

2.2

Regulatory Environment in Emerging markets 27

2.2.1 Malaysia 272.2.2 Hong Kong 282.2.3 South Africa 30

3 LEGAL,TAXATION AND ACCOUNTING FRAMEWORK 343.1

Legal and Taxation

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3.1.1 United Kingdom 343.1.1.1 Legal 343.1.1.2 Taxation 363.1.2 The French Credit Foncier de France (“FCC”) 383.1.3 Australia 383

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