ARM Asset Backed Securities S.A.
Press release 11/28
The Commission de Surveillance du Secteur Financier (“CSSF”) herewith informs that on 29 August 2011, it has decided to refuse to grant a licence to ARM Asset Backed Securities S.A. (“ARM”) as a regulated securitisation undertaking under the Luxembourg law of 22 March 2004 on securitisation (the “Decision”).
The CSSF considers that this Decision, as from the notification thereof to ARM (which has occurred today), entails a suspension of any payment by ARM and prohibition for ARM, under penalty of voidance, to take any measures other than protective measures, unless otherwise authorised by the CSSF acting as supervisory commissioner (“commissaire de surveillance”).
If unchallenged, the Decision will become final one month after its notification. Once the Decision is final, the district court dealing with commercial matters shall, as a consequence thereof, be requested to pronounce the dissolution and order the liquidation of ARM.
Due to the multijurisdictional implications of the file, the CSSF, the Financial Services Authority (FSA) and the Central Bank of Ireland (CBI) are working in close cooperation.