Special purpose distinct entity structure: trusts must segregate asset pools, limit activities, and prevent sponsor control. Regulation 9 requires the special purpose distinct entity to be constituted as a trust executed by the sponsor in favour of trustees, with a trust instrument containing investor-protective clauses per Schedule IV, prohibiting limitation of trustee/SPDE liabilities or indemnification for trustee negligence, mandating conflict of interest procedures, prohibiting sponsor control and limiting nominee/associated trustees to no more than half the board. The SPDE may raise funds only via securitised debt instruments (except security receipts), must segregate asset pools for servicing, remain until instruments are redeemed or written off, and is restricted to regulated and incidental activities with specified exceptions.