traditional securitisation

26(in accordance with Article 4(37) of the Banking Consolidation Directive (Definitions) and for the purpose of BIPRU57 and MIPRU66) a securitisation (within the meaning of paragraph (2) of the definition of securitisation) involving the economic transfer of the exposures being securitised to a securitisation special purpose entity which issues securities; and so that:

1. (a) this must be accomplished by the transfer of ownership of the securitised exposures from the originator or through sub-participation; and
1. (b) the securities issued do not represent payment obligations of the originator.