Securitisation Act (Cap. 484), article 8

8. (1) The securitisation vehicle may delegate the management responsibility for the day to day administration of the securitisation vehicle or of the assets or risks thereof, including the collection of any claims, to any third party, including the originator. (2) When such administration has been delegated by the securitisation vehicle to the originator, the latter shall not require any licence from or other recognition by the competent authority under any applicable law. (3) Unless the agreement between the securitisation vehicle and such person specifically provides otherwise, the person delegated with such administration shall be obliged to segregate such assets from his own and those of other customers. Such segregation shall clearly identify the receivables or securitisation assets which belong to the securitisation vehicle and such person shall keep detailed records of all assets received and disposed of. (4) Any assets held by any such third party for a securitisation vehicle shall be considered as being held on trust by such third party for the benefit of the securitisation vehicle. PART III THE TRANSFER OF SECURITISATION ASSETS Transfer of securitisation assets.