Paragraph 36

Specifying the following criteria for supervisory approval of special purpose vehicles—

(a)

the scope of authorisation;

(b)

mandatory conditions to be included in all contracts issued;

(c)

fit and proper requirements of the persons running the special purpose vehicle;

(d)

fit and proper requirements for shareholders or members having a qualifying holding in the special purpose vehicle;

(e)

sound administrative and accounting procedures, adequate internal control mechanisms and risk-management requirements;

(f)

accounting, prudential and statistical information requirements;

(g)

solvency requirements^f1.

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