HC-1.5.6
Past version: Effective from 01 Oct 2007 to 31 Dec 2008
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The Central Bank requires any locally incorporated bank associated with an SPV to give the background to the following points in any notification under HC-1.5.5 above:
a) The purpose of the SPV;
b) The nature of the relationship between the bank and the SPV (i.e. sponsor, manager, investor, controller etc.);
c) The external auditor's proposed consolidation/accounting treatment of the SPV;
d) The availability of financial and other information relevant to the SPV and access to its business premises and records;
e) Whether the bank is providing any guarantees, warranties or financial/liquidity support of any kind to the SPV.
October 07