Regulatory Statute and Legal Framework

Titulización de Activos, Sociedad Gestora de Fondos de Titulización, S.A., (TdA) was founded in 1992 as a provider of Asset Securitisation related services.

TdA acts under the supervision of the Spanish Securities Market Commission (CNMV, Comisión Nacional del Mercado de Valores) and specific Spanish Law.

• Established as a Spanish Corporation (Sociedad Anónima) on May 12, 1992
• Transformed into Mortgage Securitisation Fund Management Company (Sociedad Gestora de Fondos de Titulización Hipotecaria) according with Law 19/1992 of July 7, 1992.
• In 1995 and under Law 40/1994 of December 30, dealing with National Electric Power System, the company extended its corporate purpose exclusively to manage the Asset Securitisation Fund resulting from the Nuclear Moratorium.
• In 1998, under Royal Decree RD926/1998, May 14, that rules Asset Securitisation Funds and Securitisation Fund Management Companies (Sociedades Gestoras), TdA extended its corporate purpose and is authorised to manage any Asset Securitisation Fund.

TdA is listed in the in the CNMV's Register of Securitisation Fund Management Companies under number 3.

TdA has its registered office at 2nd Floor,58, calle Orense, Madrid and is listed in Madrid's Mercantile Register (Registro Mercantil) under "Tomo 4.280, Libro 0, Hoja M-71.066, Section 8, Inscription 5".

Activity Areas

Constituting the Securitisation Funds

• Planing: the whole process for the Constitution of a Fund
• Choosing the Portfolio: colaborate with the originator/issuer in the process of selecting and reviewing the Securitisation Asset Portfolio
• Legal and financial structuring of the transaction definition of the optimum financial structure according to the needs of the originator, assets' characteristics and market conditions. Election of legal advisors and futher relations with them, coordinating actions and simplifying contracts according to our models.
• Issuance procedure before the CNMV: elaboration and registration of the Prospectus
• Requirements of the issuance: dealing with the admission to quotation, diffusion of information and advertising of issued bonds by the Funds.

Management of the Funds

• Funds' income and expense management: management of collaterals, fund's accounts, payment of Fund's obligations
• Triggers management: registration and monitoring of the established triggers
• Information elaboration and distribution: periodical information throughout the life of the Fund to mediators, investors, rating agencies and regulatory authorities.
• Supervision of the Fund's procedure: within current legal framework and regulations
• Fund's accountancy: account justification and fullfillment of tax obligations or any other legal nature that the Fund may be obliged to meet.