As with their counterparts in other areas of structured finance, emerging market players have been mulling over the question of where exactly their deals fit in the new regulatory landscapes of Western Europe and the U.S.

Notwithstanding the cut-and-dried cases, such as a straight RMBS and CDOs - which on the cross-border front have become exceedingly rare at any rate - there are a number of asset classes among cross-border issuers that do not come with easy-to-follow instructions for regulators or those who have to translate the rules.

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