PRU 4.14.18

(1) An Authorised Person which is an Originator or a Sponsor of a Synthetic Securitisation may recognise the effects of CRM of the Synthetic Securitisation in calculating its SE Exposure RWAs, only if:
(a) all of the conditions detailed in Rule A4.10.2 have been complied with;
(b) the effects of CRM are obtained through eligible credit protection, eligible financial Collateral or both; and
(c) Credit Risk is transferred to third parties.
(2) In relation to (b), the CRM techniques used must meet the requirements of Section 4.13.