Regulation of asset-backed securities in Kenya : a comparative analysis

dc.contributor.advisorBotha, Monray Marsellusen
dc.contributor.emailmutegijm@gmail.comen
dc.contributor.postgraduateMutegi, James Mutugien
dc.date.accessioned2017-04-26T11:51:46Z
dc.date.available2017-04-26T11:51:46Z
dc.date.created2017/04/06en
dc.date.issued2016en
dc.descriptionMini Dissertation (LLM)--University of Pretoria, 2016.en
dc.description.abstractKenya has had a substantive legal framework for asset-backed securities (ABS) since 2007 but is yet to see its first ABS issuance to date. The Capital Markets Act, Chapter 485A, Laws of Kenya, as well as the Capital Markets (Asset-backed Securities) Regulations, 2007 have been decried as being inadequate; but without significant study into the legal and regulatory inequities thereof. ABS are securities that entitle investors to a return principally based on the cash-flows attributable to underlying securitised receivables. Such receivables may include mortgages, car and student loans, which when amassed may pose liquidity challenges to their originators. Thus an efficient ABS market would provide diverse wider financing options for originators and possibly ease access to credit. This dissertation then seeks to investigate the failings of Kenya?s regulatory landscape on ABS, with a focus on the intricacies of the true sale of the receivables, choice and structuring of special-purpose vehicles (SPVs), bankruptcy-remoteness of SPVs, taxation obligations and other legal and policy perspectives. The review is compared against the lessons gleaned in Africa?s largest securitisation market, South Africa, while recognising the difference in legal systems with Kenya. The United Kingdom is an additional comparator due to the common law similarities as well as the development of its capital markets. The dissertation identifies key conflicts and ambiguities in Kenya?s ABS framework, as well as critiquing current attempts at remedying them. Summarily, it provides an unexplored view into the potential workings of ABS as a source of finance in Kenya.en_ZA
dc.description.availabilityUnrestricteden
dc.description.degreeLLMen
dc.description.departmentMercantile Lawen
dc.identifier.citationMutegi, JM 2016, Regulation of asset-backed securities in Kenya : a comparative analysis, LLM Mini Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/60073>en
dc.identifier.otherA2017en
dc.identifier.urihttp://hdl.handle.net/2263/60073
dc.language.isoenen
dc.publisherUniversity of Pretoriaen
dc.rights© 2017 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria.en
dc.subjectUCTDen
dc.subjectCapital markets act
dc.subjectasset-backed securities
dc.subject.otherSDG-16: Peace, justice and strong institutions
dc.subject.otherLaw theses SDG-16
dc.titleRegulation of asset-backed securities in Kenya : a comparative analysisen_ZA
dc.typeMini Dissertationen

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