S.L. 403.19 Art. 13Application of the SecuritisationAct. Cap. 484. Cap. 16. Cap. 484.

(1) Without prejudice to sub-regulation (3) hereof, articles

5, 5A, 6, 7, 13, 16, 17, 21, 24 and 25 of the Securitisation Act shall apply to an authorised reinsurance special purpose vehicle.

(2) Subject to the provisions of this sub-regulation and of sub-regulation (3), the following provisions of the Securitisation Act shall apply to an authorised reinsurance special purpose vehicle in the manner hereunder:

(a) article 2 shall apply subject to the following:

(i) the definition "originator or assignor" shall not apply and any reference to the term "originator" or "assignor" as used in the Securitisation Act shall be deemed to be a reference to the term "ceding undertaking" as defined in these regulations;

(ii) the definition "risks" shall not apply and any reference to "risks" shall be construed in accordance with paragraph (a) of Article 318 of the EU Delegated Regulation;

(iii) the definition "securitisation" shall not apply and any reference to "securitisation" shall be construed in accordance with the definition of "reinsurance special purpose vehicle" in regulation 2;

(iv) the definition "securitisation asset" shall not apply;

(v) the definition "securitisation vehicle" shall not apply and any reference to the term "securitisation vehicle" as used in the Securitisation Act shall be deemed to be a reference to the term "reinsurance special purpose vehicle" as defined in these regulations;

(b) article 8 shall apply subject to the following:

(i) sub-article (1) thereof shall apply on condition that the any delegation to a third party is subject without prejudice to any legitimate claim of the ceding undertaking under the applicable contractual agreements;

(d) articles 11 and 12 shall apply only in so far as any notice that may be required to be issued in accordance with sub-article (5) of article 13;

(e) article 14 shall apply subject to the condition that paragraph (c) of sub-article (2) thereof shall only apply in so far as it provides for the non-application of articles 1980 to 1984 of the Civil Code;

(f) article 22 shall apply subject to the following:

(i) sub-paragraph (ii) of paragraph (a) of sub-article

(1) thereof shall apply without prejudice to Article 321 of the EU Delegated Regulation;

(ii) paragraph (b) of sub-article (1) thereof shall not apply;

(iii) sub-article (2) thereof shall not apply.

(3) Notwithstanding the foregoing, where any applicable provisions of the Securitisation Act, or any rules or regulations made thereunder, are inconsistent with the provisions of these regulations or of the EU Regulations, these regulations and, or the EU Regulations shall prevail, and the provisions of the said Act, rules or regulations shall, to the extent of the inconsistency, not apply to reinsurance special purpose vehicles.