ADVOKS GLOBAL · KENYA
The Capital Markets (Asset-Backed Securities) Regulations
37. Transfer of assets
Edition: 2022-12-31 · In force
37. Transfer of assets
(1)An originator shall transfer all its rights, title, interests and obligation in the assets to the Issuer and shall not retain any beneficial interest or liability.(2)Where the eligible assets have declined to a level that renders the asset securitization transaction uneconomical to carry on, the originator may retain a first right of refusal to repurchase assets from an Issuer at a fair value; or(3)The originator may repurchase assets from the issuer where the originator is under an obligation to do so under a securitization transaction when it has breached any conditions, representation or warranty in respect of the securitization transaction.