228 (t hs eaet , t eo.ugc. , hAugpa rown at lh ee tf oa lr. m, 2 o0 f2 r1i;s kC hr oe tuel ni atri ao n&( Ms eaer, tei n. go. , , B2e0k2t1i ć) ,&t hHeavcehreyn fbeewr gs, t2u0d2i e1s; M2 0a2l e2k) a. Tn h&e sDe i sotnundei ,e 2s 0s 1h 4o w) , at hn adt odni f fperriecni ncge soifns reicsukr pi tei zrac teipotni os n( ee. xg i. ,s tF abbe ot wz zeieent tahle. , Fs tLuTd iaensd, wVeE Sc ommept ha roed .nToht eo ns al yl i et hn et fFeLaTt uar ne do fV oEuS r ms teut hd oy di,s btuhta ta, l suon lti hk ee pOrBeSv iaonuds FC LREA md i es tahgor ede. mI ne na tdsd. iSt ieocno,nwd ea nadl s om oa rnea liymz pe otrhtea ni mt l yp, awc et op nr o tvhi de ec sr et rdi ikti nr ga t ii nn sgi gahntds fforarmreewguolraktofrosr saencdursiutipzeartvioisnotrrsanosnactthieonesf.fectiveness of the current regulatory Tr ehl ea t er edml iat ienrda et ur r oe f aonudr rpe ag pu el art iios ns. tSr ue ccttiuorne d6 . a3s dfeosl lcorwi bse. s Stehcet i odna t a6 . 2u sreedv iaenwds stehtes forth our empirical strategy. Section 6.4 describes the data observations and trends. Section 6.5 provides the empirical results and, finally, Section 6.6 concludes. 6.2 Risk retention and securitizations 6.2.1 Regulatory risk retention methods Isne ictui ar ti et idz abt yi o Gn 2s0p ol enasdoerrss odru roirni gg i tnhaet oPrist t ss hb ou ur gl dh rSeutma i mn ipt ai nr t Soefp tt he me bc reer d2i t0 0r i9s, kt hoef tbheet wuenedne rt lhyei nigs sausesrest , awn di t ht ht eh ei npvuerspt oors eo ft ot heen ssue rc eu rsi tt ri zoantgi oanl i g( EnBmAe, n2t 0o1f 4ibn)t .e rTehset International Organization of Securities (IOSCO) stretched a similar conclusion in their September 2009 report on ‘Unregulated Financial Markets and Products’ (r IeOt eSnCtOi o, n2 0r0e 9q )u. i Tr ehme ye na tl ss owr ietcho mg rme aet nddeetda itlhtaot mi t ai sk he i gs uh rl ye itmh apto rt ht aenitnttoe rt ea si ltosr osfu ac hl l parties are properly aligned. The goal of such risk retention rules is to incentivize
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