Restriction on originator holdings limits originator subscriptions in securitised debt instruments; underwriting and credit enhancement holdings exempt if disclosed. No originator may subscribe to or hold securitised debt instruments in excess of twenty per cent of the total securitised debt instruments issued by the special purpose distinct entity in a particular scheme. Exceptions permit holdings acquired through underwriting of a public issue or pursuant to credit enhancement arrangements, provided that such possibilities are disclosed in the offer document or listing particulars. The twenty per cent restriction applies only to classes of securitised debt instruments that are offered to the public or listed.