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Clifford Chance

Clifford Chance


Latest amendments to the TMK Law and their impact

21 December 2011

Recent changes made to the Act on Securitisation of Assets (often called the TMK Law) provide a further relaxation to the securitisation regime in Japan. This follows progressive amendments made over the course of the 13 years since the law was introduced designed to make practical operation of the law easier. In particular, the most recent amendments clarify the position of acquisition of additional assets and refinancing loans, abolish certain notification requirements and the need to notify minor amendments to the asset liquidation plan, and provide for a one-stage appraisal process. This client briefing describes these changes, which will be welcomed by market participants.

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