{"id":"circulars/faq-faq-securitisation","title":"FAQ: Securitisation","type":"circular","date":"2013-10-23","kind":"faq","html":"

FAQ: Securitisation is a CSSF FAQ, published 23 October 2013.

\n

Legal basis: Law of 12 July 2013 on alternative investment fund managers, Law of 22 March 2004 on securitisation, Law of 12 November 2004 on anti-money laundering.

\n

Relevant for: Securitisation undertakings.

\n

Text

\n

FAQ Securitisation Version 1 – 23 October 2013

\n

FAQ Securitisation Version 1 – 23 October 2013 Update Information 23/10/2013

\n

First publication

\n

FAQ SECURITISATION Version 1 – 23 October 2013

\n

TABLE OF CONTENTS 1.

\n

What is the definition of \"securitisation\" under Luxembourg law? ............ 5 Published on 23 October 2013 ........................................................................ 5

\n

What does \"securitisation undertaking\" under the 2004 Law mean? ......... 7 Published on 23 October 2013 ........................................................................ 7

\n

What securitisation undertakings are to be authorised by the CSSF? ......... 8 Published on 23 October 2013 ........................................................................ 8

\n

What do the criteria \"on a continuous basis\" and \"to the public\" mean? ... 8 Published on 23 October 2013 ........................................................................ 8

\n

What are the documents and information that the application file must contain to be submitted to the CSSF? ....................................................... 10 Published on 23 October 2013 ...................................................................... 10

\n

What are the techniques to assume securitised risks? ............................. 12 Published on 23 October 2013 ...................................................................... 12

\n

What are the various possible forms of debt securitisation? .................... 12 Published on 23 October 2013 ...................................................................... 12

\n

What are the other types of assets and risks that a securitisation undertaking may assume? ....................................................................... 13 Published on 23 October 2013 ...................................................................... 13

\n

By what means can a securitisation undertaking obtain financing? ......... 15 Published on 23 October 2013 ...................................................................... 15

\n
    \n
  1. \n
\n

What types of securities can the securitisation undertaking issue? ......... 16 Published on 23 October 2013 ...................................................................... 16

\n
    \n
  1. \n
\n

Under what circumstances can security interests be created? ................. 16 Published on 23 October 2013 ...................................................................... 16

\n
    \n
  1. \n
\n

Should the securitisation undertaking manage its assets itself or should it entrust a third party with the management of these assets? ................... 17 Published on 23 October 2013 ...................................................................... 17

\n
    \n
  1. \n
\n

What are the existing limits, in particular as regards management, to the activity of a securitisation undertaking? .................................................. 17 Published on 23 October 2013 ...................................................................... 17

\n
    \n
  1. \n
\n

What are the rules governing the compartment subdivision of a securitisation undertaking?...................................................................... 18 Published on 23 October 2013 ...................................................................... 18

\n
    \n
  1. \n
\n

In what form can investors be represented? ........................................... 19 Published on 23 October 2013 ...................................................................... 19

\n

FAQ SECURITISATION Version 1 – 23 October 2013

\n
    \n
  1. \n
\n

What are the rules applicable to the winding-up and voluntary liquidation of a securitisation undertaking? ............................................................... 19 Published on 23 October 2013 ...................................................................... 19

\n
    \n
  1. \n
\n

What information must be communicated to the CSSF on a regular basis and spontaneously? .................................................................................

\n

The text above is the opening of the document; the PDF carries the whole.

\n

Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

"}