SPV and Transaction Parties
Definition

Cession effective (True Sale)

Transfert d'actifs constituant une vente juridique réelle (et non un prêt garanti), de sorte que les actifs sont exclus de la masse de l'insolvabilité du cédant. Conditions requises : (1) intention des parties ; (2) absence d'obligation de rachat au pair ; (3) absence de contrôle pratique conservé ; (4) appuyé par un avis juridique de cession effective. Voir aussi : VIE/ASC 810 pour les conséquences de consolidation selon US GAAP.

Deep Dives

SPV Structures

Related Terms

Special Purpose Vehicle (SPV)

A bankruptcy-remote legal entity created solely to hold assets and issue securities or borrow against those assets. Bankruptcy-remoteness is the defining feature — achieved through limited purpose charter, limited recourse provisions, and non-consolidation opinions.

Originator

The entity that originated the assets transferred into the securitisation. Under EU SR Article 6, the originator must retain a ≥5% material net economic interest.

Securitisation

The process of pooling financial assets (loans, leases, receivables) into a special purpose vehicle, which issues tranched securities backed by the cash flows from those assets. EU definition (SR 2017/2402 Article 2): a transaction where the credit risk associated with an exposure is tranched.

Perfection

Steps required to make a security interest enforceable against third parties. US: UCC-1 filing; UK: registration at Companies House within 21 days of creation; different regimes for different asset types.

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