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.
- The non-German SPV must comply with the main criteria that are part of the German securitisation platform:
The other TSI certification criteria are fulfilled.
- 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