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Article: Structured Finance Criteria Introduced for Cayman Islands Special-Purpose Entities.
- Article from:
- Mondaq Business Briefing
- Article date:
- July 23, 2002
CopyrightCOPYRIGHT 2002 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Michael K. Vernier, Esq., Petrina R. Dawson, Esq., (based in the New York office of Standard & Poor) & Ian Bell, Esq., (based in the London office of Standard & Poor)
Cayman Islands insolvency and corporate law differs from that of other jurisdictions in some significant respects that are relevant to Standard & Poor's analysis of special-purpose entities (SPEs). As these SPEs are a fundamental component of structured finance transactions, Standard & Poor's has introduced legal criteria that specifically address SPEs incorporated in the Cayman Islands. In the main, these criteria are identical to the general SPE criteria set out in Legal Criteria for Structured ...