Banks Act, 1990 (Act No. 94 of 1990)NoticesDesignation of an Activity not Falling within the meaning of "The Business of a Bank"Exemption Notice relating to Securitisation Schemes2. Designation of activity |
| 1) | Under paragraph (cc) of the definition of "the business of a bank", in section 1 hereby designates, with the approval of the Minister of Finance, the acceptance by a special-purpose institution of money from the general public against the issue of commercial paper by the aforementioned special-purpose institution, in respect of either a traditional or synthetic securitisation scheme, as an activity that does not fall within the meaning of "the business of a bank": Provided that- |
| a) | when an institution within a banking group acts in a primary or secondary role, or both a primary and a secondary role, in respect of |
| i) | a traditional securitisation scheme, there shall be compliance by such an institution within a banking group with the relevant conditions set out in paragraphs 4 and 6 to 17 of this Schedule; |
| ii) | a synthetic securitisation scheme, there shall be compliance by such an institution within a banking group with the relevant conditions set out in paragraphs 5 to 17 of this Schedule, |
| b) | when an institution other than an institution within a banking group acts in a primary or a secondary role or both a primary and a secondary role in respect of- |
| i) | a traditional securitisation scheme, there shall be compliance with the relevant conditions set out in paragraphs 4 and 14 to 16 of this Schedule; |
| ii) | a synthetic securitisation scheme, there shall be compliance with the relevant conditions set out in paragraphs 5 and 14 to 16 of this Schedule; |
| c) | no transactions other than transactions directly relating to a traditional or synthetic securitisation scheme shall be entered into by or on behalf of the special-purpose institution. |