traditional securitisation

26(86for the purpose of 105MIPRU66) a securitisation (within the meaning of paragraph (2) of the definition of securitisation) involving the economic transfer of the exposures being securitised to a securitisation special purpose entity which issues securities; and so that:

1. (a) this must be accomplished by the transfer of ownership of the securitised exposures from the originator or through sub-participation; and
2. (b) the securities issued do not represent payment obligations of the originator.

[Note: article 4(37) of the Banking Consolidation Directive (Definitions)]86