Press release


Press release 13/30

The Commission de Surveillance du Secteur Financier (“CSSF”) herewith comments on recent press coverage referring to a meeting which the Board of Directors of ARM Asset Backed Securities S.A. (“ARM”) allegedly is requesting with the CSSF in order to discuss an effective strategy for moving forward.

In this context, the CSSF has to point out that, since having been replaced by Ernst & Young as Supervisory Commissioner (commissaire de surveillance), the CSSF does no longer have competence regarding ARM and therefore is not involved nor kept informed about any current affairs regarding ARM. For further information, regarding the appointment of Ernst & Young as Supervisory Commissioner in replacement of the CSSF, please refer to press releases 11/42 and 11/48.

The CSSF is therefore not in a position to discuss any future development regarding ARM with ARM’s Board of Directors.

The CSSF takes this opportunity to recall that ARM never was licensed to act as a regulated securitisation undertaking in or from Luxembourg. ARM lodged on 29 November 2011 a petition (recours administratif) with the Luxembourg administrative first instance court (Tribunal administratif) to obtain a judicial review of the CSSF’s decision to refuse to grant a licence to ARM as a regulated securitisation undertaking. On 6 December 2012 the Luxembourg administrative first instance court declared this petition to be unfounded. On 16 January 2013 ARM lodged an appeal with the Luxembourg administrative court of appeal (Cour administrative) against this judgment and the hearing took place on 2 May 2013. The judgment following this hearing is currently pending.