Best Structured Finance Lawyers in Katerini

1. About Structured Finance Law in Katerini, Greece

Structured finance in Greece, including Katerini and the wider Pieria region, centers on the securitization of financial assets and the use of Special Purpose Vehicles (SPVs) to issue asset backed securities. The core framework combines domestic law with EU securitization rules to govern transfer of assets, servicing, risk retention, and investor disclosures. Local practitioners frequently coordinate with the Hellenic Capital Market Commission and rely on the General Commercial Registry (GEMI) for SPV registration.

In practice, a typical Greek structured finance deal involves pooling eligible assets, transferring them to an SPV, and issuing notes to investors backed by the asset pool and servicing agreements. Greek professionals negotiate servicing arrangements, rating agency involvement, and legal opinions to ensure compliance with both domestic and EU standards. For residents of Katerini, this often requires cooperation among local counsel, tax advisors, and national regulators to navigate SPV formation and ongoing reporting obligations.

Greece follows the EU securitization framework for disclosure, risk retention, and transparency in structured finance transactions.

The Hellenic Capital Market Commission supervises securitization activities and market participants in Greece.

2. Why You May Need a Lawyer

Structured finance transactions in Katerini are complex and require specialized legal guidance. Below are concrete scenarios where a qualified attorney can help you avoid costly mistakes.

• Scenario 1: A Katerini olive oil producer wants to securitize accounts receivable A local manufacturer seeks to convert recurring receivables into funded capital. An attorney helps structure the SPV, draft servicing agreements, and ensure compliant transfer of assets to the SPV.
• Scenario 2: A real estate developer in Pieria plans a mortgage backed securitization You need to create a securitization vehicle, comply with asset transfer rules, and address property title and registry issues in Greece. A lawyer coordinates with the registry and ensures proper security interests.
• Scenario 3: A municipal utility in the region considers a structured note backed by user fees Local authorities often seek to diversify funding through securitization while meeting public procurement and transparency requirements. Legal counsel guides governance, approvals, and investor disclosures.
• Scenario 4: An investment fund wants to invest in Greek securitization notes You need due diligence on the asset pool, structure of the SPV, and cross border investor protections. A lawyer prepares the term sheet, disclosure schedules, and risk analysis.
• Scenario 5: A local bank seeks to issue a credit linked or asset backed note Counsel ensures regulatory compliance, risk retention, and correct servicing arrangements so the deal meets HCMC expectations and EU standards.
• Scenario 6: A foreign investor wants to acquire Greek securitization notes You require tax planning, corporate structuring, and regulatory diligence to navigate Greek corporate law and investor protections.

3. Local Laws Overview

Key laws and regulations shape Structured Finance activity in Katerini and throughout Greece. Understanding these sources helps you anticipate compliance steps and timelines.

• Law 3156/2003 on Securitization of Financial Assets and SPVs - the primary domestic framework governing asset transfers to SPVs and the issuance of asset backed securities.
• EU Securitization Regulation and related EU frameworks - Greece aligns with EU rules on risk retention, transparency, and servicing through national means, with texts accessible for Greek readers via national legislation portals.
• General Commercial Registry (GEMI) requirements for SPVs - SPVs used in securitizations are typically registered with the Greek GEMI system as part of corporate governance and asset ownership records.

The following quotes summarize the regulatory landscape in Greece:

“Securitization transactions in Greece are regulated by Law 3156/2003 and overseen by the Hellenic Capital Market Commission.”

“SPVs in Greece are registered and administered through the General Commercial Registry (GEMI), ensuring proper governance and asset ownership tracking.”

Recent trends include alignment with EU securitization standards, increased transparency obligations, and enhanced servicing and reporting requirements. For precise text and updates, consult the official Greek legislation portals and the Hellenic Capital Market Commission website.

4. Frequently Asked Questions

What is structured finance and how does it operate in Greece?

Structured finance combines asset pooling, SPVs, and securitized notes to fund activities. In Greece it follows Law 3156/2003 and EU frameworks, with servicing agreements and investor disclosures guiding the process. Local counsel coordinates asset transfer and regulatory approvals.

How do I start a securitization in Katerini for a local business?

Begin with asset pool identification, choose an SPV structure, and engage a qualified attorney. You will draft a term sheet, perform due diligence, and file necessary registrations with GEMI and the HCMC if required. Early regulatory consultations help prevent delays.

What is an SPV and why is it used in securitization?

An SPV is a separate legal entity that holds assets and issues notes to investors. It isolates risk, ensures clean asset transfer, and supports servicing arrangements. In Greece, SPVs are commonly registered with GEMI and governed by Greek corporate law.

Do I need a local lawyer in Katerini for securitization?

Yes. Local counsel familiar with Greek corporate and securities law can tailor the structure to regional specifics, coordinate with national regulators, and help manage cross border aspects if investors are outside Greece. They also liaise with local banks and registries.

What documents are typically needed to establish an SPV in Greece?

Key documents include the SPV charter, transfer agreements for the asset pool, servicing agreements, a detailed asset schedule, and a financial model. You will also need corporate approvals and, if applicable, tax opinions from a Greek tax advisor.

How long does a typical securitization deal take in Greece?

Simple securitizations may close in 4 to 6 months, while complex cross border deals with regulatory reviews can take 9 to 18 months. Timelines depend on asset type, due diligence scope, and regulator pace.

What costs are involved in Greek securitization?

Common costs include legal fees, registration fees with GEMI, arrangement and servicing fees, and potential rating agency fees. Budget for 1-3% of the face value of notes for basic structures, plus ongoing servicing costs.

What are the key regulatory risks I should monitor?

Risks include non compliance with risk retention requirements, inadequate disclosures, and servicing failures. Ongoing reporting obligations to the HCMC and under EU rules are critical to monitor throughout the deal life cycle.

Is there a difference between securitization and covered bonds in Greece?

Yes. Securitization uses SPVs to issue notes backed by asset pools, while covered bonds rely on dual recourse to a cover pool and the issuer. Greek practice usually emphasizes SPV based securitization with dedicated servicing agreements.

What happens if a servicing agent fails to perform?

The SPV and investors rely on a robust servicing agreement. A lawyer can draft termination rights and replacement procedures to protect noteholders and maintain cash flow.

Can foreign investors participate in Greek securitization?

Foreign participation is common in securitization markets, but it requires careful regulatory and tax analysis. Counsel coordinates cross border issues to comply with Greek and EU requirements.

Should I obtain a rating for the securitized notes?

Rating agency involvement enhances marketability and transparency. A lawyer coordinates the rating process and ensures disclosures meet market expectations and regulatory standards.

5. Additional Resources

• Hellenic Capital Market Commission (HCMC) - Regulator overseeing Greek securities markets, including securitization transactions. Website: https://www.hcmc.gr/
• Greek Government Portal (Gov.gr) - Official site for legislation, regulatory notices, and public services related to finance and business. Website: https://www.gov.gr/
• Legislation Portal (Legislation.gov.gr) - Official repository of Greek laws, including laws governing securitization and SPVs. Website: https://legislation.gov.gr/

6. Next Steps

1. Define your objectives and the asset pool you plan to securitize, including expected cash flows and jurisdiction of investors.
2. Identify a qualified structured finance lawyer in or near Katerini to assess feasibility and coordinate with national regulators.
3. Prepare a high level term sheet outlining SPV structure, servicing framework, and investor expectations.
4. Conduct initial due diligence on assets, counterparties, and title or registry issues; gather essential documents.
5. Obtain regulatory guidance from the Hellenic Capital Market Commission if required and register the SPV with GEMI as needed.
6. Draft and finalize SPV documentation, including asset transfer agreements, servicing contracts, and disclosure schedules, then plan a closing timeline.
7. Proceed to closing, issue notes to investors, and establish ongoing compliance and reporting procedures with suitable legal counsel.