Regulatory aspects:

• The banking commission publishes every year a text about the measure of equity.
• The seller of protection is a credit establishment or an investment firm.
• The protection must be irrevocable. It means that the seller of protection cannot cancel the protection when he wants.
• The credit events have to, at least, include the shortage, the default of payment and the restructuration.
• The transaction agent is either the buyer of the protection, or the buyer and the seller. This clause enables to make sure that the payment is made in the best conditions for the buyer.