SPV and Transaction Parties
Definition

Véhicule ad hoc (SPV)

Entité juridique isolée du risque de faillite, créée exclusivement pour détenir des actifs et émettre des titres ou contracter des emprunts adossés à ces actifs. L'isolation du risque de faillite en est la caractéristique fondamentale — obtenue grâce à un objet social limité, des clauses de recours limité et des avis juridiques de non-consolidation.

Deep Dives

SPV Structures

Related Terms

True Sale

A transfer of assets constituting a legal sale (not a secured loan) so that the assets are excluded from the originator's insolvency estate. Requires: (1) intent of parties; (2) no obligation to repurchase at par; (3) no practical control retained; (4) supported by a true sale legal opinion. See also: VIE/ASC 810 for US GAAP consolidation consequences.

Orphan SPV

An SPV whose equity is held by a professional trustee in a purpose trust (typically Cayman Islands, Jersey, or Ireland), ensuring it is not owned by or consolidated with the originator.

SSPE (Securitisation Special Purpose Entity)

The EU Securitisation Regulation's specific term for the SPV holding securitised assets. Defined in SR Article 2(2): must not carry out any activity other than securitisation.

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