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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
PIB 4 Credit Risk
PIB 4 Part 3 — CRDOM
PIB 4.14 Securitisation
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

Whole SectionText only Print Print Manager Link

(1 version)
Dec 9 2012 onwards

PIB 4.14.23

Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

An Authorised FirmG must treat any securitisation ExposureG as an unrated ExposureG where:

(a) the external credit assessment incorporates the credit protection provided directly to the SPE by a protection provider which is not an eligible protection provider;
(b) the external credit assessment is at least partly based on unfunded support provided by the Authorised FirmG itself (e.g. if an Authorised FirmG buys ABCPG ) where it provides an unfunded securitisation ExposureG extended to the ABCP ProgrammeG , such as a liquidity facility or Credit EnhancementG , and that ExposureG plays a role in determining the credit assessment on the ABCPG , the Authorised FirmG must treat the ABCPG as if it were not rated and continue to hold capital against the other securitisation ExposuresG it provides);
(c) the Credit RiskG mitigant is not obtained by the SPE but is separately obtained and applied to a specific securitisation ExposureG (e.g. a particular tranche); or
(d) the Credit RiskG mitigation does not meet the eligibility criteria for mitigation specified in PIB section 4.13.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]