- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (30/12/2020)
- Gwreiddiol (a wnaed Fel)
Point in time view as at 30/12/2020. This version of this part contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the The Securitisation (Amendment) (EU Exit) Regulations 2019, PART 5 .
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Prospective
Yn ddilys o 31/12/2020
39. The Capital Requirements Regulation is amended in accordance with this Part.
Commencement Information
I1Reg. 39 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
40. Chapter 5 of Title 2 of Part 3 of the Capital Requirements Regulation M1 (securitisation) is amended in accordance with this Chapter.
Commencement Information
I2Reg. 40 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
41. In the following provisions for “competent authorities” or “the competent authorities”, in each place where these words appear, substitute “ the competent authority ”
(a)in Article 244 (traditional securitisation), in paragraph 2, the second subparagraph;
(b)paragraph 3 of that Article;
(c)in Article 245 (synthetic securitisation), in paragraph 2, the second subparagraph;
(d)paragraph 3 of that Article;
(e)in Article 248 (exposure value), paragraph 3;
(f)in Article 254 (hierarchy of methods), paragraph 4;
(g)in Article 258 (conditions for the use of the Internal Ratings Based Approach), paragraph 2;
(h)in Article 265 (scope and operational requirements for the Internal Assessment Approach), paragraph 2;
(i)in Article 270a (additional risk weight), paragraph 1.
Commencement Information
I3Reg. 41 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
42. In Article 242 for point (19) substitute—
“(19) “promotional entity” means any undertaking or entity—
(a)which is established by a government department or devolved administration or by a local authority in any part of the United Kingdom (“the establishing body”);
(b)which grants promotional loans or guarantees;
(c)whose primary goal is not to make profit or maximise market share, but is to promote public policy objectives of the establishing body; and
(d)in relation to which, subject to any applicable rules relating to State aid (as defined in the law of the United Kingdom after [F1IP completion day])—
(i)the establishing body is obliged to protect its economic basis and maintain its viability throughout its lifetime; or
(ii)at least 90% of its original capital or funding or the promotional loan it grants is directly or indirectly guaranteed by a government department, a devolved administration or a local authority in any part of the United Kingdom.”.
Textual Amendments
F1Words in reg. 42 substituted (30.12.2020) 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(g)
Commencement Information
I4Reg. 42 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
43. In Article 244 omit paragraphs (5) and (6).
Commencement Information
I5Reg. 43 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
44. In Article 245 omit paragraphs (5) and (6).
Commencement Information
I6Reg. 44 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
45. In Article 248, in paragraph 1—
(a)in the second subparagraph for “EBA shall develop draft regulatory” substitute “ FCA and the PRA may each make ”; and
(b)omit the third and fourth subparagraphs.
Commencement Information
I7Reg. 45 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
46. In Article 250, omit paragraph 4.
Commencement Information
I8Reg. 46 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
47. In Article 254—
(a)in paragraph 3, for the first and second subparagraphs substitute—
“The third and fourth subparagraphs apply where, on or before 17 November 2018, an institution notified the competent authority of a relevant decision.“A relevant decision” is a decision made under the first subparagraph, as it had effect on 17 November 2018 by virtue of the first subparagraph of Article 3 (entry into force), to apply the SEC-ERBA instead of the SEC-SA to all its rated securitisation positions or positions in respect of which an inferred rating may be used.”.
(b)omit paragraph 8.
Commencement Information
I9Reg. 47 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
48.—(1) Article 255 is amended as follows.
(2) Omit paragraph 8.
(3) In paragraph 9—
(a)in the first subparagraph for “EBA shall develop draft regulatory” substitute “ FCA and the PRA may each make ”; and
(b)omit the second and third subparagraphs.
Commencement Information
I10Reg. 48 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
49. In article 257 omit paragraph 4.
Commencement Information
I11Reg. 49 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
50. In Article 270—
(a)in point (a) for “Article” substitute “ Articles 18 and ”;
(b)after point (a) insert—
“(aa)the originator, sponsor and SSPE must be established in the United Kingdom;”; and
(c)in point (e)(i) for “a Member State” substitute “ the United Kingdom ”.
Commencement Information
I12Reg. 50 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
51. In Article 270a, in paragraph 2—
(a)in the first subparagraph for “EBA shall develop draft implementing” substitute “ FCA and the PRA may each make ”, and omit the second sentence; and
(b)omit the second subparagraph.
Commencement Information
I13Reg. 51 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
52. In Article 270e—
(a)in the first subparagraph for “EBA shall develop draft implementing” substitute “ FCA and the PRA may each make ”, and for “EBA”, in the second place where it appears, substitute “ the FCA or, as the case may be, the PRA ”; and
(b)omit the second and third subparagraphs.
Commencement Information
I14Reg. 52 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
53. In Article 337 M2, in paragraph 2, omit the second subparagraph.
Commencement Information
I15Reg. 53 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M2Article 237 is substituted by point (10) of Article 1 of Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms.
54. Omit Article 519a M3.
Commencement Information
I16Reg. 54 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M3Article 519a is substituted by point (14) of Article 1 of that Regulation.
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