traditional securitisation

1. (1) a securitisation involving the transfer of the economic interest in the exposures being securitised through the transfer of ownership of those exposures from the originator to an SSPE or through sub-participation by an SSPE, where the securities issued do not represent payment obligations of the originator.
1. (2) (for the purpose of MIPRU) 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.

[Note: Article 4(37) of the Banking Consolidation Directive (Definitions)]