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The Securitisation (Amendment) (EU Exit) Regulations 2019

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Article 5 (due-diligence requirements for institutional investors)

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7.—(1) Article 5 is amended as follows.

(2) In paragraph 1—

(a)in points (a) and (c) for “the Union” substitute “the United Kingdom”;

(b)in point (e) at the beginning insert “if established in the United Kingdom,”; and

(c)after point (e) insert—

“(f)if established in a third country, the originator, sponsor or SSPE has, where applicable—

(i)made available information which is substantially the same as that which it would have made available in accordance with point (e) if it had been established in the United Kingdom; and

(ii)has done so with such frequency and modalities as are substantially the same as those with which it would have made information available in accordance with point (e) if it had been so established.”.

(3) In paragraph 3, in the first subparagraph, after point (c) insert—

“(d)in point (c)—

(i)the reference to a securitisation notified as STS in accordance with Article 27 includes a reference to a securitisation notified in accordance with that Article before exit day, or before the expiry of a period of two years beginning with exit day, where the person responsible for the notification (the originator and sponsor or, in the case of an ABCP programme, the sponsor) is established in an EEA State;

(ii)in relation to any securitisation so notified, the reference to the STS notification is a reference to the notification of that securitisation as STS, and a reference to a numbered Article is a reference to the Article so numbered of this Regulation as it had or has effect in relation to an EEA State at any time on and after the date of the notification and before the end of the period referred to in paragraph (i).”.

(4) In paragraph (4), in points (e) and (f) for “authorities” substitute “authority”.

(5) In paragraph 5—

(a)omit “Member States shall ensure that,”; and

(b)for “under Articles 32 and 33” substitute “imposed as a result of the failure”.

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