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Securitisation vehicles that continuously issue stocks and
bonds aimed at the general public (“approved securitisation
vehicles”) are to obtain approval from the “Commission
de Surveillance du Secteur Financier” (hereafter referred
to as “CSSF”) to carry out their activities.
The following terms appear to have to be understood as follows:
“continuously”: issues more than once per calendar
quarter (4 times per year).
“aimed at the general public”: either by public
advertising or by investors who do not invest more than Euros
125,000.- per person.
It is to be noted that these two conditions are cumulative
for the vehicle to have to be approved according to the following
rules:
- Securitisation vehicles are only approved if the CSSF
approves the management charter or internal management rules
of securitisation vehicles and, if the case arises, also
approves their management companies. Securitisation companies
and securitisation fund management companies are to have
at their disposal appropriate organisation and means to
carry out their activity and allow CSSF monitoring.
- Members of administration, management and monitoring
vehicles of approved securitisation companies or management
companies of securitisation vehicles along with their direct
or indirect shareholders and partners, in a position to
exert a significant influence on the way business in such
companies is carried out must be of good repute and experience
or possess the means that are necessary for the exercise
of their functions. To this end, the CSSF is to be notified
immediately of the identity of these people as well as of
any replacement.
- Any change in supervision of securitisation companies
or management companies, any replacement of management company
as well as any amendment in the internal management rules
or charter are subject to prior approval of the CSSF.
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