ARM ASSET BACKED SECURITIES S.A.
Press release 13/04
We refer to our press release 12/50 of 12 December 2012, informing that on 6 December 2012 the Luxembourg administrative tribunal (tribunal administratif) declared the petition (recours administratif) lodged by ARM Asset Backed Securities S.A. (“ARM”) before the Luxembourg administrative first instance court to obtain judicial review of the CSSF’s decision of 29 August 2011 to refuse to grant a licence to ARM as a regulated securitisation undertaking under the Luxembourg law of 22 March 2004 on securitisation to be unfounded.
The CSSF informs that on 16 January 2013 ARM lodged an appeal with the administrative court of appeal (Cour administrative) against this judgment.
The Luxembourg administrative first instance court’s judgment as well as ARM’s appeal referred to above do not have an impact on ERNST & YOUNG’s role as court appointed supervisory commissioner (commissaire de surveillance) of ARM (the “Supervisory Commissioner”), nor does it on the appeal ARM has lodged with the court of appeal (Cour d’appel) sitting in commercial matters against the district court’s judgment of 10 November 2011. The regime of suspension of payments by ARM and prohibition for ARM to take any measures other than protective measures unless otherwise authorised by the Supervisory Commissioner remains in place.
The CSSF also refers to a statement dated 15 January 2013 issued by the Supervisory Commissioner. A copy of this statement can be found on: EY website – News release