S.L. 386.16 Art. 35Application of the Reinsurance Special Purpose Vehicle Regulations.

(1) Save as otherwise varied by this regulation, the provisions of the Reinsurance Special Purpose Vehicles

Regulations and any Insurance Rules issued thereunder, shall apply to a securitisation cell company carrying on mutatis mutandis the business of a reinsurance special purpose vehicle:

Provided that where any provisions of the Reinsurance

Special Purpose Vehicles Regulations, or any Insurance Rules issued thereunder, are inconsistent with the provisions of these regulations, the provisions of these regulations shall prevail and the provisions of the Reinsurance Special Purpose Vehicles Regulations, or of any Insurance Rules made thereunder shall, to the extent of the inconsistency, not apply to a securitisation cell company carrying on business as a reinsurance special purpose vehicle:

Provided that the status of each cell as a patrimony separate from the assets and liabilities of each other cell and of the securitisation cell company shall be respected: Provided further that a securitisation cell company set up in accordance with this Part may enter into contractual arrangements and risk transfer arrangements giving rise to rights and obligations in respect of a cell to the exclusion of other cells.

(2) The following provisions of the Reinsurance Special

Purpose Vehicles Regulations shall apply to a securitisation cell company in the manner provided hereunder:

(a) regulation 9 of the Reinsurance Special Purpose Vehicles Regulations shall apply to a securitisation cell company as a whole and on a cell by cell basis;

(b) without prejudice to regulation 32(5), regulation 10 of the Reinsurance Special Purpose Vehicles Regulations shall apply to a securitisation cell company as a whole.

(3) The following provisions of the EU Regulations shall apply to a securitisation cell company in the manner provided hereunder:

(a) article 318 of the EU Delegated Regulation shall apply to a securitisation cell company as follows:

(i) paragraph (a) thereof shall apply to a securitisation cell company as a whole;

(ii) paragraph (b) thereof shall apply to a securitisation cell company as a whole and in respect of each of its cells individually;

(iii) paragraph (c) thereof shall apply in so far as the contractual arrangements to be entered into by a securitisation cell company in respect of any of its cells, and the investment in respect of such cell shall satisfy the conditions set out in Articles 319 to 321 of the EU Delegated Regulation;

(iv) paragraph (d) thereof shall be deemed to require the persons who effectively direct or manage the securitisation cell company to satisfy the requirements of Article 322 of the EU Delegated Regulation in respect of each and every cell as well as the securitisation cell company as a whole;

(v) paragraph (e) thereof shall apply to a securitisation cell company as a whole with the additional requirement that the securitisation cell company shall also have the obligation to disclose the identity of holders of shares with a qualifying shareholding in any of its cells;

(vi) paragraph (f) thereof shall apply to the securitisation cell company as a whole;

(vii) subject to paragraph (g) thereof shall apply to the securitisation cell company as a whole;

(viii) paragraph (h) thereof shall apply to a securitisation cell company as a whole and in respect of each of its cells individually;

(b) Articles 319 of the EU Delegated Regulation shall apply to a securitisation cell company as a whole and on a cell by cell basis;

(c) Article 320 of the EU Delegated Regulation shall apply to a securitisation cell company in respect of each cell individually;

(d) Article 325 of the EU Delegated Regulation shall apply to a securitisation cell company with the added obligation that reports to be submitted to the competent authority shall clearly distinguish between the activities carried out in respect of each individual cell;

(e) Article 326 of the EU Delegated Regulation shall apply to a securitisation cell company as a whole and on a cell by cell basis;

(f) Article 327 of the EU Delegated Regulation shall apply to a securitisation cell company as a whole and on a cell by cell basis;

(g) Articles 13 and 14 of the EU Implementing Regulation shall apply to a securitisation cell company with the added obligation that reports to be submitted to the competent authority shall clearly distinguish between the activities carried out in respect of each individual cell.