PRU 4.14.62

An Authorised Person need not include in its calculation of Capital Resources or Credit RWA amounts, assets transferred to:

(a) an SPE; or
(b) any Person, if the transfer is in connection with a securitisation under which the Issuer of the Securities is an SPE,
provided that:
(c) the Authorised Person does not own any Share or proprietary interest in the SPE;
(d) no more than one member of the Governing Body of the SPE is an officer, Partner, or Employee of the Authorised Person;
(e) the SPE does not have a name that implies any connection with the Authorised Person or any other member of the Authorised Person's Group;
(f) the Authorised Person does not fund the SPE except where permitted under the requirements for Credit Enhancement below;
(g) the Authorised Person does not provide temporary finance to the SPE to cover cash shortfalls arising from delayed payments or non-performance of loans transferred except where it meets the requirements for liquidity support below;
(h) the Authorised Person does not bear any of the recurring expenses of the SPE; and
(i) any agreements between the Authorised Person and the SPE are at market rates and at arm's length.