Securities Markets Regulations, 2015 · s 17

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s 17

(1)

An offer of asset-backed securities shall be made only if they are issued by

(a)

a special purpose vehicle (SPV) other than a trust; or

(b)

the trustee of a trust that is a special purpose vehicle.

(2)

The Authority may exempt any person or class of persons from this regulation, subject to such conditions or restrictions as the Authority may determine.

(3)

In this regulation

"asset-backed securities" means debentures or units of debentures issued pursuant to a securitisation transaction;

"securitisation transaction" means an arrangement that involves the sale, transfer or assignment of assets to a special purpose vehicle where 184