The amendment of the legal framework for French SPVs is expected to significantly impact the structuring landscape of French securitizations, making transactions backed by higher yields - from the easier to the more complex - less difficult to structure.

"The new framework offers a greater range of possibilities in terms of sales of assets and authorizes the transfer of assets under foreign law that will be deemed effective," Societe Generale analysts said. "It provides greater operational flexibility over the life of the vehicles."

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