http://www.legislation.gov.uk/uksi/2018/1288/part/1The Securitisation Regulations 2018texttext/xmlenFINANCIAL SERVICES AND MARKETSStatute Law Database2024-02-20Expert Participation2023-12-14 These Regulations are made in relation to Regulation (EU) No 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ No L 347, 28.12.2017, p.1.) (the “EU Securitisation Regulation 2017”). The EU Securitisation Regulation 2017 harmonises and reforms existing rules on due diligence, risk retention, disclosure and credit-granting which will apply in a uniform way to all securitisations, securitising entities and all types of EU regulated institutional investors and creates a new framework for simple, transparent and standardised (“STS”) long-term securitisations and asset-backed commercial paper programmes. PART 1Introductory provisionsCitation and commencement1These Regulations may be cited as the Securitisation Regulations 2018 and come into force on 1st January 2019.Interpretation21In these Regulations—the Act” means the Financial Services and Markets Act 2000 ;appropriate regulator” means:the FCA in the case of:a contravention of a relevant requirement by any person for which it is the competent authority under these Regulations or under the EU Securitisation Regulation 2017 ; ora contravention by any person of a relevant requirement imposed by the FCA on that person under these Regulations;the PRA in the case of:a contravention of a relevant requirement by any person for which it is the competent authority under these Regulations or under the EU Securitisation Regulation 2017; ora contravention by any person of a relevant requirement imposed by the PRA on that person under these Regulations;authorised person” has the meaning given in section 31(2) (authorised persons) of the Act;established in the United Kingdom” means constituted under the law of a part of the United Kingdom with a head office, and if there is a registered office, that office, in the United Kingdom and where at least part of the securitisation business of the person so constituted is carried on in the United Kingdom;the EU Securitisation Regulation 2017” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012;the FCA” means the Financial Conduct Authority;FCA-authorised person” means an authorised person who is not a PRA-authorised person;original lender” has the meaning given in Article 2(20) of the EU Securitisation Regulation 2017;originator” has the meaning given in Article 2(3) of the EU Securitisation Regulation 2017;the PRA” means the Prudential Regulation Authority;PRA-authorised person” has the meaning given in section 2B(5) (the PRA's general objective) of the Act ;“the register” is the register of third party verifiers provided for in regulation 18 of these Regulations;relevant requirement” means a requirement imposed by or under these Regulations, by or under the Act as applied by these Regulations or by or under the EU Securitisation Regulation 2017;securitisation business” means activities in relation to a securitisation as defined in Article 2(1) of the EU Securitisation Regulation 2017, when carried out as a regular occupation or business activity;“SRUP” or “securitisation regulation unauthorised person” is a person who is not an authorised person and is:an original lender;an originator;a person established in the United Kingdom who establishes a SSPE in a country or territory outside the United Kingdom;a person engaged in the conduct of selling a securitisation position, within the meaning given in Article 2(19) of the EU Securitisation Regulation 2017, to a retail client located in the United Kingdom;a sponsor;a SSPE; ora third party verifier;“securitisation special purpose entity” or “SSPE” has the meaning given in Article 2(2) of the EU Securitisation Regulation 2017;sponsor” has the meaning given in Article 2(5) of the EU Securitisation Regulation 2017;STS” has the meaning given in Article 18 of the EU Securitisation Regulation 2017;third party verification service” means the service described in Article 27(2) of the EU Securitisation Regulation 2017;third party verifier” means a third party authorised by the FCA as provided in Article 28 of the EU Securitisation Regulation 2017;the Tribunal” means the Upper Tribunal.2Except as provided by paragraph (1)—aany expression used in these Regulations which is defined for the purposes of the EU Securitisation Regulation 2017 has the meaning which it has in the EU Securitisation Regulation 2017; andbany other expression used in these Regulations which is defined for the purposes of the Act has the meaning given by the Act.<Substitution ChangeId="key-c53a74443960f0de2df27ea375ff7feb-1651749302836" CommentaryRef="key-c53a74443960f0de2df27ea375ff7feb">References to technical standards</Substitution>3In these Regulations a reference to an Article of the EU Securitisation Regulation 2017 includes a reference to any technical standards originally made or adopted under that Article which are retained direct EU legislation and any technical standards made under that Article on or after IP completion day.Designation of competent authorities41Subject to paragraph (2), the FCA is designated as the competent authority responsible for—athe supervision of compliance of persons engaged in the conduct of selling a securitisation position to a retail client located in the United Kingdom with obligations set out in Article 3 of the EU Securitisation Regulation 2017;bthe supervision of compliance of persons established in the United Kingdom with the obligations set out in Article 4 of the EU Securitisation Regulation 2017 when establishing SSPEs in a country or territory outside the United Kingdom;cthe supervision of compliance of originators, original lenders and SSPEs established in the United Kingdom , other than originators, original lenders and SSPEs to which Article 29(3A) of the EU Securitisation Regulation 2017 applies, with the obligations set out in Articles 6, 7, 8 and 9 of the EU Securitisation Regulation 2017;dthe supervision of compliance of originators, sponsors and SSPEs established in the United Kingdom with the obligations set out in Articles 18 to 27 of the EU Securitisation Regulation 2017 and the supervision of compliance of originators and sponsors established in the United Kingdom with the obligation set out in the last sentence of paragraph 6 of Article 29 of the EU Securitisation Regulation 2017; andethe authorisation of third party verifiers established in the United Kingdom provided for in Article 28 of the EU Securitisation Regulation 2017 and the supervision of their compliance with the obligations set out in that Article.2The PRA is designated as the competent authority responsible for the supervision of compliance by PRA-authorised persons established in the United Kingdom , other than originators, original lenders and SSPEs to which Article 29(3A) of the EU Securitisation Regulation 2017 applies, with the obligations set out in Articles 6, 7, 8 and 9 of the EU Securitisation Regulation 2017.2000 c. 8.OJ L 347, 28.12.2017, p.35.Section 2B was substituted by the section 6(1) of the Financial Services Act 2012 (c.21).Reg. 3 heading substituted (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 58(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in reg. 3 substituted (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 58(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1); as amended by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 35(i)Words in reg. 4(1)(c) substituted (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 58(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in reg. 4(2) substituted (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 58(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in reg. 4(1)(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 43 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iii)Words in reg. 2 substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 42 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iii)
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<dc:description>These Regulations are made in relation to Regulation (EU) No 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ No L 347, 28.12.2017, p.1.) (the “EU Securitisation Regulation 2017”). The EU Securitisation Regulation 2017 harmonises and reforms existing rules on due diligence, risk retention, disclosure and credit-granting which will apply in a uniform way to all securitisations, securitising entities and all types of EU regulated institutional investors and creates a new framework for simple, transparent and standardised (“STS”) long-term securitisations and asset-backed commercial paper programmes.</dc:description>
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<Strong>PART 1</Strong>
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<Title>Introductory provisions</Title>
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<Title>Citation and commencement</Title>
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<Text>These Regulations may be cited as the Securitisation Regulations 2018 and come into force on 1st January 2019.</Text>
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<Title>Interpretation</Title>
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<P2para>
<Text>In these Regulations—</Text>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<Term id="term-the-act">the Act</Term>
” means the Financial Services and Markets Act 2000
<CommentaryRef Ref="c23459871"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-appropriate-regulator">appropriate regulator</Term>
” means:
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>the FCA in the case of:</Text>
</Para>
<OrderedList Type="roman" Decoration="parens">
<ListItem NumberOverride="i">
<Para>
<Text>
a contravention of a relevant requirement by any person for which it is the competent authority under these Regulations or under the EU Securitisation Regulation 2017
<CommentaryRef Ref="c23459881"/>
; or
</Text>
</Para>
</ListItem>
<ListItem NumberOverride="ii">
<Para>
<Text>a contravention by any person of a relevant requirement imposed by the FCA on that person under these Regulations;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>the PRA in the case of:</Text>
</Para>
<OrderedList Type="roman" Decoration="parens">
<ListItem NumberOverride="i">
<Para>
<Text>a contravention of a relevant requirement by any person for which it is the competent authority under these Regulations or under the EU Securitisation Regulation 2017; or</Text>
</Para>
</ListItem>
<ListItem NumberOverride="ii">
<Para>
<Text>a contravention by any person of a relevant requirement imposed by the PRA on that person under these Regulations;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-authorised-person">authorised person</Term>
” has the meaning given in section 31(2) (authorised persons) of the Act;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-established-in-the-united-kingdom">established in the United Kingdom</Term>
” means constituted under the law of a part of the United Kingdom with a head office, and if there is a registered office, that office, in the United Kingdom and where at least part of the securitisation business of the person so constituted is carried on in the United Kingdom;
</Text>
</Para>
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<ListItem>
<Para>
<Text>
<Term id="term-the-eu-securitisation-regulation-2017">the EU Securitisation Regulation 2017</Term>
” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives
<Citation URI="http://www.legislation.gov.uk/european/directive/2009/0065" id="c00001" Class="EuropeanUnionDirective" Year="2009" Number="65">2009/65/EC</Citation>
,
<Citation URI="http://www.legislation.gov.uk/european/directive/2009/0138" id="c00002" Class="EuropeanUnionDirective" Year="2009" Number="138">2009/138/EC</Citation>
and 2011/61/EU and Regulations
<Citation URI="http://www.legislation.gov.uk/european/regulation/2009/1060" id="c00003" Class="EuropeanUnionRegulation" Year="2009" Number="1060">(EC) No 1060/2009</Citation>
and (EU) No 648/2012;
</Text>
</Para>
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<ListItem>
<Para>
<Text>
<Term id="term-the-fca">the FCA</Term>
” means the Financial Conduct Authority;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-fca-authorised-person">FCA-authorised person</Term>
” means an authorised person who is not a PRA-authorised person;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-original-lender">original lender</Term>
” has the meaning given in Article 2(20) of the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-originator">originator</Term>
” has the meaning given in Article 2(3) of the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-the-pra">the PRA</Term>
” means the Prudential Regulation Authority;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-pra-authorised-person">PRA-authorised person</Term>
” has the meaning given in section 2B(5)
<CommentaryRef Ref="c23459891"/>
(the PRA's general objective) of the Act ;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>“the register” is the register of third party verifiers provided for in regulation 18 of these Regulations;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-relevant-requirement">relevant requirement</Term>
” means a requirement imposed by or under these Regulations, by or under the Act as applied by these Regulations or by or under the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-securitisation-business">securitisation business</Term>
” means activities in relation to a securitisation as defined in Article 2(1) of the EU Securitisation Regulation 2017, when carried out as a regular occupation or business activity;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>“SRUP” or “securitisation regulation unauthorised person” is a person who is not an authorised person and is:</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>an original lender;</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>an originator;</Text>
</Para>
</ListItem>
<ListItem NumberOverride="c">
<Para>
<Text>
a person established in the United Kingdom who establishes a SSPE in a
<Substitution ChangeId="key-5ceaf8cc2dae19e8ccbf4076b636d963-1693835503361" CommentaryRef="key-5ceaf8cc2dae19e8ccbf4076b636d963">country or territory outside the United Kingdom</Substitution>
;
</Text>
</Para>
</ListItem>
<ListItem NumberOverride="d">
<Para>
<Text>a person engaged in the conduct of selling a securitisation position, within the meaning given in Article 2(19) of the EU Securitisation Regulation 2017, to a retail client located in the United Kingdom;</Text>
</Para>
</ListItem>
<ListItem NumberOverride="e">
<Para>
<Text>a sponsor;</Text>
</Para>
</ListItem>
<ListItem NumberOverride="f">
<Para>
<Text>a SSPE; or</Text>
</Para>
</ListItem>
<ListItem NumberOverride="g">
<Para>
<Text>a third party verifier;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
“securitisation special purpose entity” or “
<Term id="term-sspe">SSPE</Term>
” has the meaning given in Article 2(2) of the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-sponsor">sponsor</Term>
” has the meaning given in Article 2(5) of the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-sts">STS</Term>
” has the meaning given in Article 18 of the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-third-party-verification-service">third party verification service</Term>
” means the service described in Article 27(2) of the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-third-party-verifier">third party verifier</Term>
” means a third party authorised by the FCA as provided in Article 28 of the EU Securitisation Regulation 2017;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-the-tribunal">the Tribunal</Term>
” means the Upper Tribunal.
</Text>
</Para>
</ListItem>
</UnorderedList>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/2/2" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/2/2" id="regulation-2-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Except as provided by paragraph (1)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/2/2/a" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/2/2/a" id="regulation-2-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>any expression used in these Regulations which is defined for the purposes of the EU Securitisation Regulation 2017 has the meaning which it has in the EU Securitisation Regulation 2017; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/2/2/b" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/2/2/b" id="regulation-2-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any other expression used in these Regulations which is defined for the purposes of the Act has the meaning given by the Act.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2020-12-31">
<Title>
<Substitution ChangeId="key-c53a74443960f0de2df27ea375ff7feb-1651749302836" CommentaryRef="key-c53a74443960f0de2df27ea375ff7feb">References to technical standards</Substitution>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/3" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/3" id="regulation-3">
<Pnumber>3</Pnumber>
<P1para>
<Text>
In these Regulations a reference to an Article of the EU Securitisation Regulation 2017 includes a reference to any
<Substitution ChangeId="key-bffc20c17f5486646289871c74017721-1651749340946" CommentaryRef="key-bffc20c17f5486646289871c74017721">technical standards originally made or adopted under that Article which are retained direct EU legislation and any technical standards made under that Article on or after IP completion day</Substitution>
.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2023-08-29">
<Title>Designation of competent authorities</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4" id="regulation-4">
<Pnumber>4</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4/1" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1" id="regulation-4-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Subject to paragraph (2), the FCA is designated as the competent authority responsible for—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4/1/a" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1/a" id="regulation-4-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the supervision of compliance of persons engaged in the conduct of selling a securitisation position to a retail client located in the United Kingdom with obligations set out in Article 3 of the EU Securitisation Regulation 2017;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4/1/b" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1/b" id="regulation-4-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
the supervision of compliance of persons established in the United Kingdom with the obligations set out in Article 4 of the EU Securitisation Regulation 2017 when establishing SSPEs in a
<Substitution ChangeId="key-c786e4db8db64621c8079de1d3561e4a-1693835365294" CommentaryRef="key-c786e4db8db64621c8079de1d3561e4a">country or territory outside the United Kingdom</Substitution>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4/1/c" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1/c" id="regulation-4-1-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
the supervision of compliance of originators, original lenders and SSPEs established in the United Kingdom
<Substitution ChangeId="key-5d76978fe60dc80c1347fce8b2734011-1651749530228" CommentaryRef="key-5d76978fe60dc80c1347fce8b2734011">, other than originators, original lenders and SSPEs to which Article 29(3A) of the EU Securitisation Regulation 2017 applies,</Substitution>
with the obligations set out in Articles 6, 7, 8 and 9 of the EU Securitisation Regulation 2017;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4/1/d" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1/d" id="regulation-4-1-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>the supervision of compliance of originators, sponsors and SSPEs established in the United Kingdom with the obligations set out in Articles 18 to 27 of the EU Securitisation Regulation 2017 and the supervision of compliance of originators and sponsors established in the United Kingdom with the obligation set out in the last sentence of paragraph 6 of Article 29 of the EU Securitisation Regulation 2017; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4/1/e" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1/e" id="regulation-4-1-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>the authorisation of third party verifiers established in the United Kingdom provided for in Article 28 of the EU Securitisation Regulation 2017 and the supervision of their compliance with the obligations set out in that Article.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1288/regulation/4/2" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/2" id="regulation-4-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
The PRA is designated as the competent authority responsible for the supervision of compliance by PRA-authorised persons established in the United Kingdom
<Substitution ChangeId="key-8c27c0be353bbca4de72b81bc6eac2c0-1651749672328" CommentaryRef="key-8c27c0be353bbca4de72b81bc6eac2c0">, other than originators, original lenders and SSPEs to which Article 29(3A) of the EU Securitisation Regulation 2017 applies,</Substitution>
with the obligations set out in Articles 6, 7, 8 and 9 of the EU Securitisation Regulation 2017.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Body>
</Secondary>
<Commentaries>
<Commentary id="c23459871" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2000/8" id="c00029" Year="2000" Class="UnitedKingdomPublicGeneralAct" Number="8">2000 c. 8</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23459881" Type="M">
<Para>
<Text>OJ L 347, 28.12.2017, p.35.</Text>
</Para>
</Commentary>
<Commentary id="c23459891" Type="M">
<Para>
<Text>
<CitationSubRef id="c00030" URI="http://www.legislation.gov.uk/id/uksi/2018/1288/section/2B" SectionRef="section-2B">Section 2B</CitationSubRef>
was substituted by the section 6(1) of the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2012/21" id="c00031" Year="2012" Class="UnitedKingdomPublicGeneralAct" Number="21" Title="Financial Services Act 2012">Financial Services Act 2012 (c.21)</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="key-c53a74443960f0de2df27ea375ff7feb" Type="F">
<Para>
<Text>
<CitationSubRef id="ckf80s2l4-00007" SectionRef="regulation-3" URI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/3">Reg. 3</CitationSubRef>
heading substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/660" id="ckf80s2l4-00008" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="660" Title="The Securitisation (Amendment) (EU Exit) Regulations 2019">The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660)</Citation>
,
<CitationSubRef CitationRef="ckf80s2l4-00008" id="ckf80s2l4-00009" SectionRef="regulation-1-2" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/1/2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="ckf80s2l4-00008" id="ckf80s2l4-00010" SectionRef="regulation-58-2-a" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/58/2/a" Operative="true">58(2)(a)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ckf80s2l4-00011" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ckf80s2l4-00011" id="ckf80s2l4-00012" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ckf80s2l4-00013" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ckf80s2l4-00013" id="ckf80s2l4-00014" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-bffc20c17f5486646289871c74017721" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ckf80s2l4-00020" SectionRef="regulation-3" URI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/3">reg. 3</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/660" id="ckf80s2l4-00021" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="660" Title="The Securitisation (Amendment) (EU Exit) Regulations 2019">The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660)</Citation>
,
<CitationSubRef CitationRef="ckf80s2l4-00021" id="ckf80s2l4-00022" SectionRef="regulation-1-2" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/1/2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="ckf80s2l4-00021" id="ckf80s2l4-00023" SectionRef="regulation-58-2-b" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/58/2/b" Operative="true">58(2)(b)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ckf80s2l4-00024" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ckf80s2l4-00024" id="ckf80s2l4-00025" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ckf80s2l4-00026" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ckf80s2l4-00026" id="ckf80s2l4-00027" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
; as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="ckf80s2l4-00035" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef CitationRef="ckf80s2l4-00035" id="ckf80s2l4-00036" SectionRef="regulation-1" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</CitationSubRef>
,
<CitationSubRef CitationRef="ckf80s2l4-00035" id="ckf80s2l4-00037" SectionRef="regulation-3" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</CitationSubRef>
,
<CitationSubRef CitationRef="ckf80s2l4-00035" id="ckf80s2l4-00038" SectionRef="schedule-paragraph-35-i" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/35/i" Operative="true">Sch. para. 35(i)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-5d76978fe60dc80c1347fce8b2734011" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ckf87ned4-00006" SectionRef="regulation-4-1-c" URI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1/c">reg. 4(1)(c)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/660" id="ckf87ned4-00007" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="660" Title="The Securitisation (Amendment) (EU Exit) Regulations 2019">The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660)</Citation>
,
<CitationSubRef CitationRef="ckf87ned4-00007" id="ckf87ned4-00008" SectionRef="regulation-1-2" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/1/2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="ckf87ned4-00007" id="ckf87ned4-00009" SectionRef="regulation-58-3-a" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/58/3/a" Operative="true">58(3)(a)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ckf87ned4-00010" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ckf87ned4-00010" id="ckf87ned4-00011" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ckf87ned4-00012" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ckf87ned4-00012" id="ckf87ned4-00013" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-8c27c0be353bbca4de72b81bc6eac2c0" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ckf87ned4-00019" SectionRef="regulation-4-2" URI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/2">reg. 4(2)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/660" id="ckf87ned4-00020" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="660" Title="The Securitisation (Amendment) (EU Exit) Regulations 2019">The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660)</Citation>
,
<CitationSubRef CitationRef="ckf87ned4-00020" id="ckf87ned4-00021" SectionRef="regulation-1-2" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/1/2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="ckf87ned4-00020" id="ckf87ned4-00022" SectionRef="regulation-58-3-b" URI="http://www.legislation.gov.uk/id/uksi/2019/660/regulation/58/3/b" Operative="true">58(3)(b)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ckf87ned4-00023" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ckf87ned4-00023" id="ckf87ned4-00024" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ckf87ned4-00025" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ckf87ned4-00025" id="ckf87ned4-00026" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-c786e4db8db64621c8079de1d3561e4a" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c3r91cy75-00006" SectionRef="regulation-4-1-b" URI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/4/1/b">reg. 4(1)(b)</CitationSubRef>
substituted (29.8.2023) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2023/29" id="c3r91cy75-00007" Class="UnitedKingdomPublicGeneralAct" Year="2023" Number="29" Title="Financial Services and Markets Act 2023">Financial Services and Markets Act 2023 (c. 29)</Citation>
,
<CitationSubRef CitationRef="c3r91cy75-00007" id="c3r91cy75-00008" SectionRef="section-86-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c3r91cy75-00007" id="c3r91cy75-00009" SectionRef="schedule-2-paragraph-43" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/43" Operative="true">Sch. 2 para. 43</CitationSubRef>
(with
<CitationSubRef CitationRef="c3r91cy75-00007" id="c3r91cy75-00010" SectionRef="section-2-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/uksi/2023/779" id="c3r91cy75-00011" Class="UnitedKingdomStatutoryInstrument" Year="2023" Number="779" Title="The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023">S.I. 2023/779</Citation>
,
<CitationSubRef CitationRef="c3r91cy75-00011" id="c3r91cy75-00012" SectionRef="regulation-4-zz-iii" URI="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iii">reg. 4(zz)(iii)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-5ceaf8cc2dae19e8ccbf4076b636d963" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c3r93pps5-00006" SectionRef="regulation-2" URI="http://www.legislation.gov.uk/id/uksi/2018/1288/regulation/2">reg. 2</CitationSubRef>
substituted (29.8.2023) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2023/29" id="c3r93pps5-00007" Class="UnitedKingdomPublicGeneralAct" Year="2023" Number="29" Title="Financial Services and Markets Act 2023">Financial Services and Markets Act 2023 (c. 29)</Citation>
,
<CitationSubRef CitationRef="c3r93pps5-00007" id="c3r93pps5-00008" SectionRef="section-86-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c3r93pps5-00007" id="c3r93pps5-00009" SectionRef="schedule-2-paragraph-42" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/42" Operative="true">Sch. 2 para. 42</CitationSubRef>
(with
<CitationSubRef CitationRef="c3r93pps5-00007" id="c3r93pps5-00010" SectionRef="section-2-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/uksi/2023/779" id="c3r93pps5-00011" Class="UnitedKingdomStatutoryInstrument" Year="2023" Number="779" Title="The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023">S.I. 2023/779</Citation>
,
<CitationSubRef CitationRef="c3r93pps5-00011" id="c3r93pps5-00012" SectionRef="regulation-4-zz-iii" URI="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iii">reg. 4(zz)(iii)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>