The Securitisation Regulations 2023

Regulation 51

SCHEDULE 2 Amendments to other legislation and consequential amendments

Amendment to EMIR

1.  In Article 4 of EMIR(1) (clearing obligation) in paragraph 5A(a)—

(a) the words from “a securitisation notified as STS” to the end become paragraph (i);

(b) at the end of that paragraph insert—

“; or

(ii) an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2023.”.

Amendment to the Capital Requirements Regulation

2.  For Article 242(10)(b) (meaning of “simple, transparent and standardised securitisation” or “STS securitisation”) of the Capital Requirements Regulation(2) substitute—

“(b) an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2023;”.

Amendment to the Solvency 2 Delegated Regulation

3.  For Article 1(18b)(b) (meaning of “ STS securitisation”) of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)(3) substitute—

“(b) an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2023;”.

Amendment to the Money Market Funds Regulation

4.  For Article 11(1)(d) of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (eligible securitisations and ABCPs)(4) substitute—

“(d) an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2023.”.

(1)

EUR 2012/648. Article 4(5A) was inserted by S.I. 2019/660 and amended by S.I. 2020/1301 and 2022/1223.

(2)

EUR 2013/575. Article 242(10) is prospectively amended by paragraph 38 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2023.

(3)

EUR 2015/35. Article 1(18b)(b) was inserted by paragraph 39 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2023.

(4)

EUR 2017/1131. Article 11(1)(d) was inserted by paragraph 40 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2023.