The securitisation regulations applicable to true sale securitisations have been with us since 2006, yet the short six pages of statutory instrument still give rise to practical difficulties around matters such as management requirements, the use of liquidity facilities and one vehicle for multiple deals, on which views in the market differ. When structuring such entities, it can be difficult to resist financing pressures to ‘push the envelope’; and if care is not taken, the special purpose vehicle can end up on the wrong side of the line.
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