WP Bernd U. Schmid - wuestemann - Universität Mannheim

EITF D-14 (Auszug)„Generally, the SEC staff believes that for nonconsolidation […] by thesponsor or transferor to be appropriate, the majority owner (or owners) ofthe SPE must be an independent third party who has made a substantivecapital investment in the SPE, has control of the SPE, and has substantiverisks and rewards of ownership of the assets of the SPE [...].Conversely, the SEC staff believes that nonconsolidation […] are notappropriate by the sponsor or transferor when the majority owner of theSPE makes only a nominal capital investment, the activities of the SPE arevirtually all on the sponsor's or transferor's behalf, and the substantive risksand rewards of the assets or the debt of the SPE rest directly or indirectlywith the sponsor or transferor.”ABCDVortrag 3. Juli 2002 – Bernd Schmid – 9