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of <h1>SPDEs as Trusts: Issuing Securitized Debt, Ensuring Investor Protection, Limiting Originator Control, and Preventing Conflicts of Interest.</h1> A special purpose distinct entity (SPDE) must be constituted as a trust, allowing trustees to issue securitized debt instruments without control by the originator or its associates. The trust document, executed by the sponsor, must protect investor interests and cannot limit trustee obligations or indemnify negligence. SPDEs must avoid conflicts of interest, cannot raise debt outside securitized instruments, and must segregate assets for servicing debt. They cannot dissolve until all instruments are redeemed. Trustees linked to the sponsor cannot exceed half of the board. SPDEs are restricted from non-regulated activities, except under specified exemptions for certain trusts.
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