‹ Transfers to Special Purpose Entities (SPEs) PRU 4.14.64 › PRU 4.14.63 Where an Originator acts as Underwriter for the Securities issued, the underlying items will not be regarded as being transferred until 90% of the total issuance has been sold to third parties. ‹ Transfers to Special Purpose Entities (SPEs) PRU 4.14.64 ›