Press release 11/48
We refer to our press release 11/42 of 11 November 2011, informing that on 10 November 2011 the Luxembourg district court, sitting in commercial matters, decided i.a. that the protective measures listed in article 28 of the Luxembourg law of 22 March 2004 on securitisation, are applicable to the Luxembourg société anonyme ARM Asset Backed Securities S.A. (“ARM”).
The Commission de Surveillance du Secteur Financier (“CSSF”) was informed on 29 November 2011 that ARM has lodged an appeal before the Court of appeal (Cour d’appel) against the district court’s said judgment of 10 November 2011. As the judgment had been declared immediately enforceable notwithstanding any appeal, the situation remains unaltered until the Court of appeal will reach its decision.
It follows that ERNST & YOUNG, with registered office at 7, rue Gabriel Lippmann, Parc d’Activités Syrdall 2, L-5365 Munsbach, represented by Mr. Jean-Michel Pacaud, remain appointed as supervisory commissioner (commissaire de surveillance) of ARM (the “Supervisory Commissioner”). Accordingly, the regime of suspension of payments by ARM and prohibition for ARM, under penalty of voidance, to take any measures other than protective measures unless otherwise authorised by the Supervisory Commissioner also remain in place. Please note that the Supervisory Commissioner has set up an ad hoc e-mail address for any questions in connection with its mandate: email@example.com.
Further, the CSSF was informed on 8 December 2011 that on 29 November 2011, ARM also brought a petition (recours administratif) before the Luxembourg administrative tribunal (tribunal administratif) to obtain judicial review of the CSSF’s decision of 29 August 2011 to refuse to grant a license to ARM as a regulated securitisation undertaking under the Luxembourg law of 22 March 2004 on securitisation. Depending on the decision by the administrative tribunal, the CSSF or ARM could thereafter appeal to the administrative court (Cour administrative) against the administrative tribunal’s decision at first instance.
Please find below links to former CSSF press-releases relating to ARM: