This Appendix provides criteria, including certain guidance and clarifications, for short-term Simple, Transparent, and Comparable (STC) securitisation exposures, together with certain additional requirements that must be satisfied in order for a securitisation to receive alternative regulatory capital treatment.

For an ABCP conduit to be considered STC, the criteria in this Appendix need to be met at both the conduit level and the transaction level.

• •For exposures at the conduit level (e.g. exposure arising from investing in the commercial paper issued by an ABCP program or sponsoring arrangements at the conduit/program level), compliance with the short-term STC capital criteria is achieved only if the criteria are satisfied at both the conduit level and the transaction level.
• •In the case of exposures at the transaction level, compliance with the short-term STC capital criteria is considered to be achieved if the transaction-level criteria are satisfied for the transactions to which support is provided.

In each section, any requirements specific to either the conduit level or the transaction level are noted separately, together with more general requirements that apply to both levels.