Securitisation on Blockchain: Implementation and Legal Challenges

Detalhes bibliográficos
Autor(a) principal: Pretemer, Pol
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/151318
Resumo: Dissertation presented as the partial requirement for obtaining a Master's degree in Law and Financial Markets
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spelling Securitisation on Blockchain: Implementation and Legal ChallengesSecuritisationDistributed Ledger TechnologyBlockchainEuropean RegulationSecurity TokensDissertation presented as the partial requirement for obtaining a Master's degree in Law and Financial MarketsBlockchain has disrupted the architecture of financial transactions more than any other innovation in the last decade. The tokenisation of real-life assets is explored in many corners of the capital markets, including the securitisation market. Howbeit, European Law, may not be sufficiently equipped to shelter the particularities of Distributed Ledger Technology (DLT). This paper constitutes a qualitative legal analysis of securitisation on blockchain in the Capital Markets Union. The primary question assesses European law's proclivity to accommodate securitisation on a blockchain. The focus lies herein firmly on disclosure requirements and continuous data reporting because DLT may streamline conventional channels. Potential implementations of blockchain precede the legal discussion as they lead to contrasting observations. Benefits and challenges for issuers, investors and regulators are displayed in an attempt to underline the utility of implementing blockchain. In summary, the paper studies the implementation, the impact, and the level of harmonisation with the existing law of securitisation on a blockchain. The amalgam of securitisation and DLT is relatively new, resulting in the scarcity of legal documents to consult. Hence, most observations are derived through deductive reasoning by juxtaposing existing law and the singularities of blockchain. The Securitisation Regulation, Markets in Financial Instruments Directive, Prospectus Regulation, Anti-Money Laundering Directive, Central Security Depository Regulation and DLT Pilot Regime constitute the foundation of this analysis. In terms of implementation, the paper recognises permissioned blockchains and tokens as most suitable to comply with legal provisions. Furthermore, the paper observes that European securitisation law does not obstruct the use of blockchain as a data reporting tool for private securitisation, whereas some legal barriers are identified for public offerings. Other legal issues emanate from general questions relating to the issuance, trading, and settlement of tokenised securities. Enhanced risk monitoring and standardisation are expected advantages of implementing DLT as a data layer for securitisation. Apart from legal issues, the nascency of DLT and interoperability with traditional software are considered significant challenges for large-scale adoption. Thus, the most vital catalyst may be trusting the integrity of the technology.Rego, Margarida LimaPires, Martinho LucasRUNPretemer, Pol2023-03-28T14:27:05Z2023-03-212023-03-21T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/151318TID:203262662enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:33:45Zoai:run.unl.pt:10362/151318Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:54:32.213219Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Securitisation on Blockchain: Implementation and Legal Challenges
title Securitisation on Blockchain: Implementation and Legal Challenges
spellingShingle Securitisation on Blockchain: Implementation and Legal Challenges
Pretemer, Pol
Securitisation
Distributed Ledger Technology
Blockchain
European Regulation
Security Tokens
title_short Securitisation on Blockchain: Implementation and Legal Challenges
title_full Securitisation on Blockchain: Implementation and Legal Challenges
title_fullStr Securitisation on Blockchain: Implementation and Legal Challenges
title_full_unstemmed Securitisation on Blockchain: Implementation and Legal Challenges
title_sort Securitisation on Blockchain: Implementation and Legal Challenges
author Pretemer, Pol
author_facet Pretemer, Pol
author_role author
dc.contributor.none.fl_str_mv Rego, Margarida Lima
Pires, Martinho Lucas
RUN
dc.contributor.author.fl_str_mv Pretemer, Pol
dc.subject.por.fl_str_mv Securitisation
Distributed Ledger Technology
Blockchain
European Regulation
Security Tokens
topic Securitisation
Distributed Ledger Technology
Blockchain
European Regulation
Security Tokens
description Dissertation presented as the partial requirement for obtaining a Master's degree in Law and Financial Markets
publishDate 2023
dc.date.none.fl_str_mv 2023-03-28T14:27:05Z
2023-03-21
2023-03-21T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/151318
TID:203262662
url http://hdl.handle.net/10362/151318
identifier_str_mv TID:203262662
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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