Definition for : Participation certificates

"Participation Certificates" are financial instrument which provide their holders with a financial Interest in the performance of a certain asset or pool of Assets (also called "Pass-through Certificates"). For example, participation certificates can be issued in relation with the financial performance of a pool of securitised Assets. In some countries, participation certificates are also a form of shares with no voting rights attached to them.
(See Chapter 22 Shares of the Vernimmen)
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