Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Structured finance covers a range of financial transactions that repackage cash flows and risks - typical examples include securitisations, collateralised loan obligations, synthetic financing and special purpose vehicles. In Moschato - which is part of the wider Athens-Piraeus metropolitan area - market activity in structured finance is influenced by national Greek law, EU regulation and the practices of banks, investors and law firms based in Athens and Piraeus. Legal work for structured finance transactions in Moschato generally focuses on the transfer and perfection of receivables, formation and governance of special purpose vehicles, regulatory compliance, tax planning and documentation that protects investors and originators.
Structured finance transactions involve multiple legal and commercial risks. You may need a lawyer if you are an originator, investor, creditor, asset manager or servicer working on or considering:
- Securitisation of consumer, corporate or real estate receivables.
- Setting up a special purpose vehicle - SPV - or trust structure in Greece.
- Negotiating sale and transfer agreements, servicing agreements and investor documentation.
- Ensuring bankruptcy-remoteness and effectiveness of asset transfers against third parties.
- Complying with regulatory requirements from the Bank of Greece, the Hellenic Capital Market Commission and anti-money laundering rules.
- Structuring cross-border deals that raise issues of choice of law, jurisdiction and tax withholding.
- Enforcing collateral or recovering assets when obligors default.
Key legal and regulatory matters to consider for structured finance in Moschato and Greece generally include the following:
- Securitisation and receivables transfer rules - Greek law provides a legal framework for the transfer and assignment of financial receivables to SPVs. National securitisation rules aim to allow true sales of receivables that are effective against third parties and in insolvency, subject to registration and documentation requirements.
- Company and SPV rules - corporate law governs the formation, governance and insolvency of SPVs. Choice of vehicle - for example a societas anonymas (company limited by shares) or other form - affects governance, reporting and creditor rights.
- Insolvency and creditor enforcement - insolvency law and court procedures determine protections for transferred assets, remedies for creditors and the practical steps for enforcement of security interests or foreclosure on real estate collateral.
- Financial regulation - the Bank of Greece and the Hellenic Capital Market Commission supervise financial institutions, investment products and certain aspects of securitisation transactions. Regulatory authorisations, notifications or prudential requirements may apply depending on the parties involved.
- Tax and fiscal issues - structured finance has tax implications including income tax, withholding tax, VAT and possible stamp duties. Tax treatment will depend on the transaction structure, the character of the assets and the residence of the parties.
- Property and collateral registration - perfection of security interests in Greece often requires specific registration steps in public registries - including the land registry or cadastral records - to ensure priority and enforceability.
- Anti-money laundering and sanctions - parties in Greece must comply with national AML rules that implement EU directives, including customer due diligence and reporting obligations.
Because laws and regulations change and cross-border elements can complicate matters, local legal advice is essential to confirm the current rules that apply to a given transaction.
Structured finance uses legal and contractual arrangements to reallocate risk and cash flows. Unlike a simple loan between borrower and lender, structured finance often involves creating an intermediary vehicle - such as an SPV - that buys receivables or issues securities backed by a pool of assets. The goal is to isolate risk, improve access to capital markets, or achieve regulatory or tax outcomes.
Yes, securitisation is widely used in Greece. Greek law recognises transfers of receivables to an SPV when properly documented and, where relevant, registered. Legal protections focus on the clarity of the transfer, notice to debtors or registration in public records and the bankruptcy-remoteness of the SPV so that transferred assets are not caught in the originator's insolvency.
The right vehicle depends on the transaction size, investor expectations and regulatory issues. Common options include a Greek company limited by shares or a foreign SPV used for tax or market reasons. Choice of vehicle affects governance, tax treatment and creditor protection. A local lawyer will advise on the most suitable form based on your objectives.
Registration requirements vary with the asset type. For certain receivables and mortgages, registration helps perfect the transfer against third parties and in insolvency. Real estate encumbrances generally require entry in land records or the cadastral registry. Your lawyer will identify mandatory registrations and draft the documents to achieve the intended priority.
Tax issues can include VAT, withholding tax on interest or principal paid to foreign investors, corporate tax on SPVs, and stamp duties. Tax treatment depends on the nature of the assets, residency of parties and the legal form of the SPV. Early tax analysis can prevent unexpected costs and help with efficient structuring.
Timelines vary widely. Simple transfers of receivables may close in a matter of weeks if documentation and registrations are routine. Complex securitisations with cross-border investors, regulatory approvals or property collateral can take several months. Delays often arise from due diligence, tax clearances and public registry processing.
Legal fees depend on the transaction complexity, hourly rates or fixed-fee arrangements and required work - such as drafting documentation, negotiating with counterparties and handling registrations. Expect additional costs for notaries, registry fees, tax advisory work and possible translation or notarisation if foreign documents are involved.
Yes, foreign investors commonly participate in Greek securitisations and other deals. Cross-border participation raises extra considerations - including withholding tax, choice of law and jurisdiction, recognition of security and currency controls if applicable. Parties typically address these matters in the transaction documents and may use foreign-law governed investor instruments combined with Greek-law asset transfers.
Enforcement depends on the type of collateral and the transaction terms. For unsecured receivables, the servicer may pursue collection or litigation. For secured assets, enforcement follows the procedures for mortgages or pledges - including judicial or out-of-court remedies where allowed. Greek enforcement and insolvency processes can be time-consuming, so buyers should evaluate recoverability and priority before closing.
Look for lawyers with experience in structured finance, securitisation, banking regulation and cross-border transactions. Practical indicators include prior deals, client references, understanding of tax and insolvency issues and fluency in relevant languages. Ask about fee structures, timeline expectations and how the law firm coordinates with tax advisors and financiers.
Useful institutional and practical resources include the national authorities and industry bodies that influence structured finance practice in Greece:
- The central bank - which supervises banks and related prudential matters.
- The capital markets regulator - which oversees securities and market conduct.
- The Ministry of Finance - for tax rules and fiscal policy.
- Local courts and registries - for procedures on registration of security interests and enforcement.
- Professional bodies - such as the local Bar associations and chambers of commerce - for referrals to experienced practitioners.
- Industry associations - banks, servicers and investor groups that publish guidance and market reports.
When you need specific guidance, use a combination of official regulator publications and consultations with Greek legal and tax specialists to confirm current practice.
If you are considering structured finance work in Moschato or the surrounding Athens-Piraeus area, the following practical steps will help you move forward:
- Prepare a brief summary of the transaction - objectives, assets, parties and timelines.
- Gather key documents - loan agreements, receivable schedules, publicity and debtor notices, corporate documents and any existing security records.
- Contact a lawyer experienced in structured finance and request an initial meeting - clarify whether the meeting is for general advice or to form an attorney-client relationship.
- During the first meeting ask about experience, proposed approach, likely legal issues, indicative costs and the estimated timeline.
- Consider engaging tax and regulatory advisers early, especially for cross-border structures.
- Agree on a scope of work and fee arrangement - fixed fees for defined deliverables can help budget costs for well-defined tasks.
- Allow time for due diligence, registrations and any regulatory notifications that may be required before closing.
Disclaimer - This guide provides general information about structured finance legal issues in Moschato and is not a substitute for personalised legal advice. Consult a qualified lawyer to discuss the specific facts of your matter and to obtain advice tailored to your situation.
