special purpose vehicle

A body corporate if —

(a) its sole purpose, either generally or when acting in a particular capacity, is to carry out 1 or more of the following functions:
(i) issuing investments;
(ii) redeeming, terminating or repurchasing an issue of investments, in whole or part, with a view to reissue or cancellation;
(iii) entering into transactions, or terminating transactions, involving investments in connection with the issue, redemption, termination or repurchase of investments; and
(b) it has been explicitly established for securitising assets; and
(c) it has assessed by a rating agency.
Amended by QFCRA RM01/2008 (as from 7th April 2008).