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Special-purpose entity

Index Special-purpose entity

A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV, or, in some cases in each EU jurisdiction – FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives. [1]

35 relations: Advanced Micro Devices, Asset-backed security, Board of directors, Charitable trust, Company, Corporate tax, Corporation, Enron, Enron scandal, FIN 46, Financial asset securitization investment trust, Financial engineering, Generally Accepted Accounting Principles (United States), Hewlett-Packard, IA-64, Intel, International Financial Reporting Standards, Irish Section 110 Special Purpose Vehicle (SPV), Limited partnership, Mortgage loan, Mortgage-backed security, Off-balance-sheet, Orphan structure, Real estate, Real estate investment trust, Real estate mortgage investment conduit, Round-tripping (finance), Securitization, Special purpose private equity fund, Stichting, Structured investment vehicle, Subsidiary, Tax, Tax haven, Variable interest entity.

Advanced Micro Devices

Advanced Micro Devices, Inc. (AMD) is an American multinational semiconductor company based in Santa Clara, California, that develops computer processors and related technologies for business and consumer markets.

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Asset-backed security

An asset-backed security (ABS) is a security whose income payments and hence value are derived from and collateralized (or "backed") by a specified pool of underlying assets.

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Board of directors

A board of directors is a recognized group of people who jointly oversee the activities of an organization, which can be either a for-profit business, nonprofit organization, or a government agency.

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Charitable trust

A charitable trust is an irrevocable trust established for charitable purposes and, in some jurisdictions, a more specific term than "charitable organization".

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A company, abbreviated as co., is a legal entity made up of an association of people for carrying on a commercial or industrial enterprise.

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Corporate tax

A corporate tax, also called corporation tax or company tax, is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities.

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A corporation is a company or group of people or an organisation authorized to act as a single entity (legally a person) and recognized as such in law.

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Enron Corporation was an American energy, commodities, and services company based in Houston, Texas.

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Enron scandal

The Enron scandal was a financial scandal that eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the de facto dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world.

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FIN 46

FIN 46, Consolidation of Variable Interest Entities, was an interpretation of United States Generally Accepted Accounting Principles published by the US Financial Accounting Standards Board (FASB) that made it more difficult to remove assets and liabilities from a company's balance sheet if the company retained an economic exposure to the assets and liabilities.

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Financial asset securitization investment trust

A financial asset securitization investment trust (FASIT) was a type of special purpose entity used for securitization of any debt and issuance of asset-backed securities, defined under section 1621 of the Small Business Job Protection Act of 1996, and repealed under section 835 of the American Jobs Creation Act of 2004.

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Financial engineering

Financial engineering is a multidisciplinary field involving financial theory, methods of engineering, tools of mathematics and the practice of programming.

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Generally Accepted Accounting Principles (United States)

Generally Accepted Accounting Principles, also called GAAP or US GAAP, is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC).

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The Hewlett-Packard Company (commonly referred to as HP) or shortened to Hewlett-Packard was an American multinational information technology company headquartered in Palo Alto, California.

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IA-64 (also called Intel Itanium architecture) is the instruction set architecture (ISA) of the Itanium family of 64-bit Intel microprocessors.

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Intel Corporation (stylized as intel) is an American multinational corporation and technology company headquartered in Santa Clara, California, in the Silicon Valley.

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International Financial Reporting Standards

International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

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Irish Section 110 Special Purpose Vehicle (SPV)

An Irish Section 110 special purpose vehicle ("SPV") or section 110 company, is an Irish tax resident company, which qualifies under Section 110 of the Irish Taxes Consolidation Act 1997 ("TCA") for a special tax regime that enables the SPV to attain "tax neutrality": i.e. the SPV pays no Irish taxes.

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Limited partnership

A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner.

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Mortgage loan

A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

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Mortgage-backed security

A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages.

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Off-balance sheet (OBS), or Incognito Leverage, usually means an asset or debt or financing activity not on the company's balance sheet.

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Orphan structure

Orphan structure, or Orphan SPV (or orphaning) are terms used in structured finance closely associated with SPVs ("Special Purpose Vehicles") for global securitisation transactions where the equity of the SPV is deliberately handed over to an unconnected 3rd party (i.e. it becomes an "orphan").

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Real estate

Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.

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Real estate investment trust

A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate.

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Real estate mortgage investment conduit

A real estate mortgage investment conduit (REMIC) is "an entity that holds a fixed pool of mortgages and issues multiple classes of interests in itself to investors" under U.S. Federal income tax law and is "treated like a partnership for Federal income tax purposes with its income passed through to its interest holders".

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Round-tripping (finance)

Round-tripping, also known as round-trip transactions or "Lazy Susans", is defined by The Wall Street Journal as a form of barter that involves a company selling "an unused asset to another company, while at the same time agreeing to buy back the same or similar assets at about the same price." Round trips are characteristic of the New Economy companies.

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Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs).

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Special purpose private equity fund

A special purpose private equity fund (SPPEF) also called a special purpose private equity investment fund, is a legal entity, frequently a Limited Liability Company incorporated in the US state of Delaware, but it can be any type of corporation or partnership entity and of any domicile, including sovereign states.

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A Stichting (foundation) is a Dutch legal entity with limited liability, but no members or share capital, that exists for a specific purpose.

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Structured investment vehicle

A structured investment vehicle (SIV) is a non-bank financial institution established to earn a credit spread between the longer-term assets held in its portfolio and the shorter-term liabilities it issues.

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A subsidiary, subsidiary company or daughter company"daughter company.

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A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.

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Tax haven

A tax haven is defined as a jurisdiction with very low "effective" rates of taxation ("headline" rates may be higher).

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Variable interest entity

Variable interest entity (VIE) is a term used by the United States Financial Accounting Standards Board (FASB) in FIN 46 to refer to an entity (the investee) in which the investor holds a controlling interest that is not based on the majority of voting rights.

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[1] https://en.wikipedia.org/wiki/Special-purpose_entity

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