Published on 11 November 2011
Press release

ARM ASSET BACKED SECURITIES S.A.

Press release 11/42

The Commission de Surveillance du Secteur Financier (“CSSF”) informs that on 10 November 2011, at its request, the Luxembourg district court, sitting in commercial matters

  • decided that the protective measures listed in article 28 of the Luxembourg law of 22 March 2004 on securitisation1, are applicable to the Luxembourg société anonyme ARM Asset Backed Securities S.A., with registered office at 11-13, bd. Grande-Duchesse Charlotte, L-1331 Luxembourg,
  • decided that the request of the CSSF to be replaced as supervisory commissioner (commissaire de surveillance) is well-founded,
  • appointed ERNST & YOUNG, with registered office at 7, rue Gabriel Lippmann, Parc d’Activité Syrdall 2, L-5365 Munsbach, represented by Mr. Jean-Michel Pacaud, as supervisory commissioner (commissaire de surveillance) of the société anonyme ARM Asset Backed Securities S.A.,
  • decided that the supervisory commissioner must be informed of any measures, even of a protective nature, to be taken by ARM Asset Backed Securities S.A.,
  • decided that the written authorisation of the supervisory commissioner is required for all actions or measures other than protective actions or measures and for the performance of all contracts including the proposed transaction between ARM Asset Backed Securities S.A. and Insetco plc,
  • decided that the supervisory commissioner may submit for consideration to the relevant corporate bodies of ARM Asset Backed Securities S.A. any proposals which he considers appropriate and that the supervisory commissioner may attend the meetings and discussions of the management, executive or supervisory bodies of the undertaking,
  • decided that the expenses and fees of the supervisory commissioner shall be advanced by ARM Asset Backed Securities S.A. and that the court shall arbitrate these fees and expenses,
  • decided that the expenses of this judgement are to be borne by ARM Asset Management S.A.,
  • decided that this judgement shall be enforceable immediately notwithstanding any appeal and without posting of a bond.

1 Art. 28. The decision of the CSSF withdrawing the name of a securitisation undertaking from the list provided for in Article 21 shall by operation of law, as from the notification thereof to such undertaking, and until the decision has become final, entail for such undertaking suspension of any payment by said undertaking and prohibition for such undertaking, under penalty of voidance, to take any measures other than protective measures, except with the authorisation of the supervisory commissioner.