Authorisation procedure and legal requirements

Articles 19 to 21 of the law of 22 March 2004 on securitisation (the "2004 Law") lay down the legal requirements that must be fulfilled in order to be approved as an authorised securitisation undertaking. The securitisation undertakings which continuously issue securities to the public must be subject to the CSSF's prudential supervision (Article 19 of the 2004 Loi).


Article 22 of the 2004 Loi requires that the authorised securitisation undertakings entrust the custody of their liquid assets and securities with a credit institution established or having its registered office in Luxembourg. Article 48(1) lays down that the accounts of a securitisation undertaking are audited by one or more réviseurs d'entreprises agréés (approved statutory auditors) appointed, as the case may be, by the management body of the securitisation company or by the management company of the securitisation fund.


Explanations concerning the authorisation procedure