Banks must apply the securitisation framework for determining regulatory capital requirements on exposures arising from traditional
and synthetic securitisations or similar structures that contain features common to both. Since securitisations may be structured
in many different ways, the capital treatment of a securitisation exposure must be determined on the basis of its economic
substance rather than its legal form. Similarly, supervisors will look to the economic substance of a transaction to determine
whether it should be subject to the securitisation framework for purposes of determining regulatory capital. Banks are encouraged
to consult with their national supervisors when there is uncertainty about whether a given transaction should be considered
a securitisation. For example, transactions involving cash flows from real estate (e.g. rents) may be considered specialised
lending exposures, if warranted.