Cell Company Framework for Asset-backed Securitisation and
Insurance-Linked Securities
The concept of cell companies was introduced by the Malta
Financial Services Authority in 2004 with the introduction of
Protected Cell Companies [PCC] for the insurance sector
[S.L.386.10].
The Securitisation Cell Companies Regulations introduced by
Legal Notice 411 of 2014 extend this PCC concept by introducing a
new protected cell company structure, called the Securitisation
Cell Company, or SCC, to operate as a securitisation vehicle.
The Regulations therefore provide an effective and legally
entrenched framework for segregation of different sets of assets
and risk instruments within a single special purpose vehicle, the
Securitisation Cell Company, thereby allowing for the launch of
multiple securitisation transactions or insurance-linked securities
without incurring any risk of cross-contamination between the
different sets of creditors and investors.
