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HC-1.5.6

The Agency 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.