+Article 26e 4.

Article 26e 4.

The originator shall appoint a third-party verification agent before the closing date of the transaction. For each of the underlying exposures for which a credit event notice is given, the third party verification agent shall verify, as a minimum, all of the following:

(a) 

that the credit event referred to in the credit event notice is a credit event as specified in the terms of the credit protection agreement;

(b) 

that the underlying exposure was included in the reference portfolio at the time of the occurrence of the credit event concerned;

(c) 

that the underlying exposure met the eligibility criteria at the time of its inclusion in the reference portfolio;

(d) 

where an underlying exposure has been added to the securitisation as a result of a replenishment, that such a replenishment complied with the replenishment conditions;

(e) 

that the final loss amount is consistent with the losses recorded by the originator in its profit and loss statement;

(f) 

that, at the time the final credit protection payment is made, the losses in relation to the underlying exposures have correctly been allocated to the investors.

The third-party verification agent shall be independent from the originator and investors, and, where applicable, from the SSPE and shall have accepted the appointment as third-party verification agent by the closing date of the transaction.

The third-party verification agent may perform the verification on a sample basis instead of on the basis of each individual underlying exposure for which credit protection payment is sought. Investors may, however, request the verification of the eligibility of any particular underlying exposure where they are not satisfied with the sample-basis verification.

The originator shall include a commitment in the transaction documentation to provide the third-party verification agent with all the information necessary to verify the requirements set out in the first subparagraph.

1. Přehled

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1.1 Odkazy

1.2 Identifikované požadavky

1.3 Související standardy

2. Identifikované požadavky

Požadavky

3. Související standardy

Standardy