The Luxembourg regulator has announced its refusal to grant a licence to ARM Asset Backed Securities SA (ARM). ARM, a Luxembourg special purpose vehicle, previously unregulated, was listed in Ireland and marketed its products in several countries including the UK. Following the regulatory refusal of the licence application, FSA has announced all payments from ARM are suspended. FSA is working with the Luxembourg and Irish regulators and will provide further updates as appropriate. (Source: FSA Statement on ARM)