The Law of Sustainable Securitisations

The Law of Sustainable Securitisations

The Missing Piece in the Sustainable Finance Puzzle

von Federica Agostini

This book explores the untapped potential of securitisation to support sustainability goals. While environmental, social, and governance (ESG) considerations are increasingly integrated into securitisation structures, the market remains far less developed than other sustainable finance instruments like green bonds and loans.

In the absence of a dedicated framework, market participants have independently labeled these transactions as ‘sustainable’, raising concerns about legal certainty and greenwashing risks.

Against this background, the book examines how securitisation can meaningfully contribute to the sustainability agenda. It maps the features that can make securitisations sustainable and provides the first comprehensive analysis of the rules governing these transactions. Central to this is the concept of ‘focal points’: strategic elements that can serve as leverage for legal interventions promoting sustainability.  By situating securitisation within the broader sustainable finance debate, the book argues for a more coherent legal framework, shaped by financial industry bodies and EU regulators.

This book explores the untapped potential of securitisation to support sustainability goals. While environmental, social, and governance (ESG) considerations are increasingly integrated into securitisation structures, the market remains far less developed than other sustainable finance instruments like green bonds and loans.

In the absence of a dedicated framework, market participants have independently labeled these transactions as ‘sustainable’, raising concerns about legal certainty and greenwashing risks.

Against this background, the book examines how securitisation can meaningfully contribute to the sustainability agenda. It maps the features that can make securitisations sustainable and provides the first comprehensive analysis of the rules governing these transactions. Central to this is the concept of ‘focal points’: strategic elements that can serve as leverage for legal interventions promoting sustainability. By situating securitisation within the broader sustainable finance debate, the book argues for a more coherent legal framework, shaped by financial industry bodies and EU regulators.

Dr Federica Agostini  is Assistant Professor of Economic Law at Utrecht University and a Research Affiliate at the University of Glasgow, where she obtained her PhD and LL.M. Her research, conducted within Utrecht University’s Centre for Regulation and Enforcement in Europe (RENFORCE), focuses on the role of law in mobilising market actors and capital markets towards sustainability goals. She has written extensively on the intersection of law and sustainable finance, including sustainability risks in the banking sector, the EU Green Bond Standard, and topical matters in financial regulation and corporate governance.

Highlights

• Provides an in-depth analysis of the intersection between securitisation law and sustainability goals Offers a cutting-edge overview of market-led and policy initiatives driving sustainability in securitisations Combines the analysis of EU law with standards by industry associations and insights from previous transactions

Über den Autor

Dr Federica Agostini  is Assistant Professor of Economic Law at Utrecht University and a Research Affiliate at the University of Glasgow, where she obtained her PhD and LL.M. Her research, conducted within Utrecht University’s Centre for Regulation and Enforcement in Europe (RENFORCE), focuses on the role of law in mobilising market actors and capital markets towards sustainability goals. She has written extensively on the intersection of law and sustainable finance, including sustainability risks in the banking sector, the EU Green Bond Standard, and topical matters in financial regulation and corporate governance.