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Simple, Transparent and Comparable Short-Term Securitizations: Criteria for Regulatory Capital Purposes
No: 44047144
Date(g): 27/12/2022 | Date(h): 4/6/1444
Status: In-Force
18.96
The following definitions apply when the terms are used in 18.97 to 18.165:
(1)
ABCP conduit/conduit – ABCP conduit, being the special purpose vehicle which can issue commercial paper;
(2)
ABCP programme – the programme of commercial paper issued by an ABCP conduit;
(3)
Assets/asset pool – the credit claims and/or receivables underlying a transaction in which the ABCP conduit holds a beneficial interest;
(4)
Investor – the holder of commercial paper issued under an ABCP programme, or any type of exposure to the conduit representing a financing liability of the conduit, such as loans;
(5)
Obligor – borrower underlying a credit claim or a receivable that is part of an asset pool;
(6)
Seller – a party that:
(a)
Concluded (in its capacity as original lender) the original agreement that created the obligations or potential obligations (under a credit claim or a receivable) of an obligor or purchased the obligations or potential obligations from the original lender(s); and
(b)
Transferred those assets through a transaction or passed on the interest92 to the ABCP conduit.
(7)
Sponsor – sponsor of an ABCP conduit. It may also be noted that other relevant parties with a fiduciary responsibility in the management and administration of the ABCP conduit could also undertake control of some of the responsibilities of the sponsor; and
(8)
Transaction – An individual transaction in which the ABCP conduit holds a beneficial interest. A transaction may qualify as a securitization, but may also be a direct asset purchase, the acquisition of undivided interest in a replenishing pool of asset, a secured loan etc.
18.97
For exposures at the conduit level (e.g. exposure arising from investing in the commercial papers issued by the ABCP programme or sponsoring arrangements at the conduit/programme level), compliance with the short-term STC capital criteria is only achieved if the criteria are satisfied at both the conduit and transaction levels.
18.98
In the case of exposures at the transaction level, compliance with the short-term STC capital criteria is considered to be achieved if the transaction level criteria are satisfied for the transactions to which support is provided.
92 For instance, transactions in which assets are sold to a special purpose entity sponsored by a bank’s customer and then either a security interest in the assets is granted to the ABCP conduit to secure a loan made by the ABCP conduit to the sponsored special purpose entity, or an undivided interest is sold to the ABCP conduit.
