synthetic securitisation scheme

a)	issues commercial paper to investors; and

b)	uses the proceeds of such issuance primarily to obtain-

i)	credit-risk exposure relating to-

A)	an underlying asset;

B)	a reference entity; or

C)	a reference asset,

through the use of funded or unfunded credit-derivative instruments or guarantees, and

ii)	assets that serve as collateral; and

c)	makes payments primarily-

i)	in respect of the commercial paper so issued; or

ii)	to an institution acting in a secondary role,

which payments are made from-

A)	the cash flows arising from the assets that serve as collateral; and

B)	the fees andlor premium paid to the special-purpose institution by an institution acting as an originator, remote originator or repackager;