Articles 51 to 54 shall apply in relation to new securitisations issued on or after 1 January 2011. Articles 51 to 54 shall, after 31 December 2014, apply in relation to existing securitisations where new underlying exposures are added or substituted after that date.
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Chapter III · OPERATING CONDITIONS FOR AIFMs › Section 5 · Investment in securitisation positions › Article 55
Grandfathering clause
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