The Law is also clarifying specific accounting rules in regard to the compartments of a securitisation undertaking, it is important to mention that these rules only apply to compartments financed by equity.
For such compartments, and to the extent the constitutive documents contain a relevant provision to that effect, it is possible that the shareholders of the relevant compartment :
a. vote on the approval of the annual accounts of such compartment,
b. decide on the allocation to the legal reserve at the level of the compartment
c. determine the distributions of the profits and reserves without taking into account the whole financial situation of the securitisation undertaking
The aim of this new rule is to provide greater investor protection by separating the accounts of a compartment from the other compartments and also to clarify certain uncertainties that were previously existing on these topics.
Furthermore, should the securitisation undertaking take the form of an SNC, SCS or SCSp, it is now mandatory for the structure to draw up annual accounts and therefore it will not be possible anymore to benefit from available exemptions in that respect.