CSSF clarifies its position on 'securitisation special-purpose entities'

The Luxembourg Supervisory Authority for the Financial Sector (Commission de Surveillance du Secteur Financier — the CSSF) issued on 23 October 2013 its updated frequently ask questions (FAQs) on securitisation vehicles in order clarify its position in relation to the definition of ‘securitisation special-purpose entities’ under the law dated 12 July 2013 on alternative investment fund managers (the AIFM law).

Although securitisation special-purpose entities should in principle fall outside the scope of the AIFM law, it was not clear which Luxembourg securitisation vehicles were covered by the relevant legal exclusion, as the definition of securitisation vehicles under the Luxembourg law dated 22 March 2004 on securitisation vehicles, as amended (the securitisation law), is larger than the one of the AIFM law referring to the definition provided by the European Central Bank Regulation (EC) No 24/2009 dated 19 December 2008.

In that respect, the CSSF provides in the FAQs more clarity in order to determine which Luxembourg securitisation vehicles could be qualified as alternative investment funds (AIFs) and which are excluded from the scope of the AIFM law…

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