As most European structured finance pros know, the U.K. has one of the better - if not the best - securitization-friendly insolvency legislative measures out there (see ASR 1/13/03). But continental Europe is another story. Here, market players have long been smoothing out the rough edges that add major kinks to securitization holder's claims.

As these continental countries, on an individual basis, continue stepping in the right direction, Europe-wide regulation dictated by the European Commission could threaten to turn the whole process upside down.

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