Securitisation Act (Cap. 484), article 6

6. Securitisation vehicles shall not be considered to be collective investment schemes as defined in the Investment Services Act: Provided that the competent authority may designate by notice that certain categories of securitisation vehicles shall be collective investment schemes, and in such a case the competent authority may determine the extent to which the provisions of the Investment Services Act, shall apply to the said categories of securitisation vehicles. Securitisation vehicle separate and independent from originator. Cap. 386.