69. A servicer should be deemed to have the required expertise where either of the following …

A servicer should be deemed to have the required expertise where either of the following applies:

(a) the business of the entity, or of the consolidated group, to which the entity belongs, for accounting or prudential purposes, has included the servicing of exposures of a similar nature to those securitised, for at least five years;
(b) where the requirement referred to in point (a) is not met, the servicer should be deemed to have the required expertise where they comply with both of the following:
(i) at least two of the members of its management body have relevant professional experience in the servicing of exposures of a similar nature to those securitised, at personal level, of at least five years;
(ii) senior staff, other than members of the management body, who are responsible for managing the entity’s servicing of exposures of a similar nature to those securitised, have relevant professional experience in the servicing of exposures of a similar nature to those securitised, at a personal level, of at least five years;
(iii) the servicing function of the entity is backed by the back-up servicer compliant with point (a).

1. Overview

Summary	Regulation

Requirements
Source	Requirement

Standards
Source	Requirement