(1) A securitisation exposure shall be allocated to the location of the obligor of the underlying exposures.

(2) Where there is more than one location corresponding to the obligor of the underlying exposures of a given securitisation exposure, that exposure may allocated to the location of the obligor of the underlying exposures with the highest proportion in the underlying securitisation exposures.

(3) Securitisation exposures for which information on underlying securitisation exposures is not available, may be allocated to the United Kingdom if the institution cannot identify the underlying obligor based on existing available information from internal or external sources or without applying a disproportionate effort to obtain the information.