originator
in relation to-
| a) | a traditional securitisation scheme means an institution that, whether at the commencement or during the life of the traditional securitisation scheme, transfers assets from its own balance sheet, which assets are assets other than national Government securities or qualifying items, in terms of a traditional securitisation scheme; |
| b) | a synthetic securitisation scheme means an institution that, whether at the commencement or during the life of the synthetic securitisation scheme, uses a credit-derivative instrument to transfer the risk associated with a specified pool of assets, other than national Government securities or qualifying items, to investors without actually selling the assets; |
| c) | an asset-backed commercial paper programme means an institution that serves as a sponsor in respect of the programme that acquires exposures other than from the sponsor's own balance sheet, |
Provided that when-
| i) | the assets, other than national Government securities or qualifying items, referred to in paragraph (a) above; or |
| ii) | the risk associated with a specified pool of assets, other than national Government securities or qualifying items, referred to in paragraph (b) above, |
constitute 10 per cent or less of the total assets or risks transferred, such an institution shall for purposes of this Schedule be regarded as-
| B) | when such an institution also acts as a sponsor in respect of the same securitisation scheme, as a sponsor; |