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ARTICLE · 22 JANUARY 2014

BSP Newsletter - January 2014

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On October 23rd 2013, the Luxembourg Supervisory Authority for the Financial Sector published an updated version of its "Frequently Asked Questions" on securitisation vehicles.

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

BANK LENDING, STRUCTURED FINANCE, SECURITISATION

UPDATED CSSF FAQ ON SECURITISATION AND CLARIFICATION OF POSITION ON THE IMPACT OF THE AIFM LAW ON SECURITISATION VEHICLES

On October 23rd 2013, the Luxembourg Supervisory Authority for the Financial Sector ("CSSF") published an updated version of its "Frequently Asked Questions" on securitisation vehicles ("FAQ") in order to clarify the impact on securitisation of the law dated July 12th 2013 on alternative investment fund managers (the "AIFM Law"), and in particular the CSSF's position in relation to the definition of "securitisation special purpose entities" under the AIFM Law.

The AIFM Law excludes from its scope vehicles carrying out transactions defined as securitisation transactions within the meaning of article 1 (2) of Regulation EC 24/2009 of the European Central Bank ("ECB") of December 19th 2008 (the "ECB Regulation"). Given that the AIFM Law provides for an autonomous definition of securitisation, it

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