s 262 Offer of asset‑backed securities
262.—(1) An offer of asset‑backed securities is made only if they are issued by —(a) a special purpose vehicle other than a trust; or (b) the trustee of a trust that is a special purpose vehicle. (2) The Authority may exempt any person or class of persons from this section, subject to such conditions or restrictions as the Authority may determine. (3) In this section —“asset‑backed securities” means debentures or units of debentures issued pursuant to a securitisation transaction; “securitisation transaction” means an arrangement that involves the sale, transfer or assignment of assets to a special purpose vehicle where —(a) such sale, transfer or assignment is funded by the issue of debentures or units of debentures (whether by that special purpose vehicle or another special purpose vehicle); and (b) payments in respect of such debentures or units of debentures are or will be principally derived, directly or indirectly, from the cash flows generated by the assets; “special purpose vehicle” means an entity that is established solely in order to, or a trust that is established solely in order for its trustee to, do either or both of the following:(a) hold (whether as a legal or equitable owner) the assets from which payments to holders of any asset‑backed securities are or will be primarily derived; (b) issue any asset‑backed securities.