Artículo B5.7.15. IFRS 9 Paragraph B5.7.15

The following are examples of asset‑specific performance risk: (a) a liability with a unit‑linking feature whereby the amount due to investors is contractually determined on the basis of the performance of specified assets. The effect of that unit‑linking feature on the fair value of the liability is asset‑specific performance risk, not credit risk. (b) a liability issued by a structured entity with the following characteristics. The entity is legally isolated so the assets in the entity are ring‑fenced solely for the benefit of its investors, even in the event of bankruptcy. The entity enters into no other transactions and the assets in the entity cannot be hypothecated. Amounts are due to the entity’s investors only if the ring‑fenced assets generate cash flows. Thus, changes in the fair value of the liability primarily reflect changes in the fair value of the assets. The effect of the performance of the assets on the fair value of the liability is asset‑specific performance risk, not credit risk.