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In this paper, we analyze the securitization mechanism, the impact it can have on our economy and the way it has developed over time in Belgium and the United States of America.

Firstly, this memory explains how the securitization works, the benefits it provides and the risks that can occur from the point of view of stakeholders. We also defined the different methods used to avoid these risks, the conflicts of interest that could arise for rating agency and the rules implemented in the US and Europe to avoid them. We also illustrated the place and responsability of each actor in the process of securitization. 

In a second part, we develop how banking regulations were adapted after the crisis through Basel III, the context of the 2007 economic crisis and how the securitization played a role in amplifying the crisis.

Then, we analyze the legal framework based on regulations that were implemented in Belgium and in the US, and tried to show how all these laws can limit misuse and the risks associated with the securitization mechanism. We also underline the differences between the regulations implemented in both countries and demonstrate that the same tool used under different conditions can produce two opposite effects. 

Finally, we give an opinion about the role that ethics play in finance and explain the concept from a theoretical standpoint. We also explore to show why nowadays many people think these two words (ethic and finance) are not really compatible.

securitization --- legal framework --- Belgium --- US --- financial crisis --- banking regulations --- titrisation --- cadre légal --- crise financière --- Sciences économiques & de gestion > Finance

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Titrisation --- Droit --- Asset-backed financing --- Asset-backed financing. --- Law and legislation. --- AA / International- internationaal --- FR / France - Frankrijk --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 333.745 --- 347.728.5 --- effectisering. Titrisatie. --- Openbare uitgiften. Plaatsing van effecten. --- Asset-backed securities --- Asset-based financing --- Asset securitization --- Securitization, Asset --- Law and legislation --- effectisering. Titrisatie --- Openbare uitgiften. Plaatsing van effecten --- Corporations --- Covered bonds --- Finance --- Asset-backed financing - Law and legislation.

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Aandelen --- Bank credit --- Bank loans --- Bankleningen --- Beurswaarden --- Blue sky laws --- Capitalisation --- Capitalization (Finance) --- Capitaux mobiliers --- Courtage en valeurs mobilières --- Effecten --- Portfolio --- Prêts bancaires --- Public securities --- Scrip --- Securities --- Securities law --- Shares --- Sociétés--Titres --- Titres (Bourse) --- Titres (Finances) --- Underwriting --- Valeurs --- Valeurs boursieres --- Valeurs cotées --- Valeurs mobilieres --- Valeurs non cotées --- Asset-backed financing --- AA / International- internationaal --- FR / France - Frankrijk --- 333.605 --- 333.745 --- Nieuwe financiële instrumenten. --- effectisering. Titrisatie. --- Asset-backed securities --- Asset-based financing --- Asset securitization --- Securitization, Asset --- Nieuwe financiële instrumenten --- effectisering. Titrisatie --- Corporations --- Covered bonds --- Finance --- Prêts --- Titrisation

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Bank credit cards --- Consumer credit --- Negotiable instruments --- Payment --- Asset-backed financing --- Cartes bancaires --- Crédit à la consommation --- Effets de commerce --- Paiement --- Titrisation --- Law and legislation --- Droit --- AA / International- internationaal --- FR / France - Frankrijk --- 347.730 --- 347.740 --- 333.770 --- 333.745 --- Droit commercial --- BPB1010 --- Commercial law --- -Negotiable instruments --- -Asset-backed financing --- -346.0960944 --- Ed1fra --- Asset-backed securities --- Asset-based financing --- Asset securitization --- Securitization, Asset --- Corporations --- Covered bonds --- Bills and notes --- Bills of credit --- Commercial paper --- Credit, Bills of --- Credit, Titles of --- Instruments, Negotiable --- Negotiable notes --- Negotiable paper --- Titles of credit --- Choses in action --- Commercial documents --- Legal instruments --- Drafts --- Financial instruments --- Business --- Business law --- Commerce --- Law, Commercial --- Mercantile law --- Law --- Law merchant --- Maritime law --- Financiële instellingen: algemeen. --- Juridische instrumenten van het krediet: algemeenheden. --- Kredietinstrumenten: algemeenheden. --- effectisering. Titrisatie. --- Handelsrecht --- -Law and legislation --- -Finance --- -AA / International- internationaal --- Crédit à la consommation --- Finance --- prawo handlowe --- kauppaoikeus --- commercial law --- drept comercial --- diritto commerciale --- obchodní právo --- kereskedelmi jog --- obchodné právo --- dritt kummerċjali --- трговско право --- handelsrecht --- direito comercial --- äriõigus --- komercinė teisė --- търговско право --- e drejta tregtare --- komerctiesības --- Derecho mercantil --- трговинско право --- trgovačko pravo --- handelsret --- handelsrätt --- εμπορικό δίκαιο --- trgovinsko pravo --- комерцијално право --- kauppalainsäädäntö --- legjislacion tregtar --- стопанско право --- kereskedelmi törvénykönyv --- Handelsgesetzgebung --- handelswetgeving --- Derecho comercial --- legislación comercial --- legislazione commerciale --- legislação comercial --- législation commerciale --- trgovinsko zakonodavstvo --- Handelsgesetzbuch --- affärsrätt --- prekybos teisė --- kaubandusõigus --- obchodná legislatíva --- legislație comercială --- äriseadusandlus --- komercdarbības likumdošana --- εμπορική νομοθεσία --- commercial legislation --- prekybos įstatymai --- obchodní legislativa --- handelslovgivning --- Financiële instellingen: algemeen --- Juridische instrumenten van het krediet: algemeenheden --- Kredietinstrumenten: algemeenheden --- effectisering. Titrisatie --- dlí tráchtála --- -Bank credit cards --- -Commercial law