The 2007–2008 global financial crisis (GFC) revealed certain risks in some securitisation structures, which necessitated the PA requiring additional risk information to enhance its understanding of the risks in the South African securitisation market. The GFC revealed insufficient transparency regarding underlying asset performance, credit deterioration and risk concentrations. The purpose of this Directive is to direct issuer special purpose institutions (SPI) on the information required in terms of Directive 1 of 2012, dated 23 January 2012, and the declaration required to be provided to the Prudential Authority (PA).