Criteria applying to non-German SPVs

For the certification of transactions (auto loans, auto leasing, commercial leasing) with non-German SPVs, the following essential criteria have been established by a TSI group of experts with regard to the transaction structure and the special purpose vehicle.

  1. The non-German SPV must comply with the main criteria that are part of the German securitisation platform:
    • Most of the assets underlying the transaction are German
    • The non-German special purpose vehicle is located in the European Union
    • No active asset management                              
    • The SPV directors are independent
    • Four-eyes principle, at least two managing directors
    • The transaction structure ensures non-petition, limited recourse
    • Annual audit by a well-known auditing company

  2. The other TSI certification criteria are fulfilled.