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The Securitisation Regulations 2024
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Changes to legislation:
The Securitisation Regulations 2024, Section 37 is up to date with all changes known to be in force on or before 25 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Pt. 3A inserted by S.I. 2024/705 reg. 2(5)
- Sch. A1 inserted by S.I. 2024/705 Sch. 1
- Sch. 3 para. 2(5) inserted by S.I. 2024/705 reg. 2(12)
- reg. 6(3)(a)(ia) inserted by S.I. 2024/705 reg. 2(4)(b)
- reg. 13(7A) inserted by S.I. 2024/705 reg. 2(6)
- reg. 32A-32D inserted by S.I. 2024/705 reg. 2(7)
- reg. 36A inserted by S.I. 2024/705 reg. 2(9)
- reg. 52A inserted by S.I. 2024/705 reg. 2(10)
Temporary prohibition relating to management functionsU.K.
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Memorandwm Esboniadol
37.—(1) If the FCA considers that an individual has contravened, or has been knowingly concerned in the contravention of, a relevant requirement, the FCA may impose a temporary prohibition on that individual from holding an office or position involving responsibility for taking decisions about the management of an originator, sponsor or SSPE.
(2) If the PRA considers that an individual has contravened, or has been knowingly concerned in the contravention of—
(a)PRA securitisation rules,
(b)regulation 38, in a case where the temporary prohibition was imposed by the PRA, or
(c)a requirement imposed under section 55M of FSMA 2000(1) (imposition of requirements by PRA) which relates to securitisations,
the PRA may impose a temporary prohibition on that individual from holding an office or position involving responsibility for taking decisions about the management of an originator, sponsor or SSPE.
(3) A temporary prohibition imposed under paragraph (1) or (2) expires at the end of such period as the regulator imposing it may specify, but the imposition of a temporary prohibition does not affect the regulator’s power to impose a further temporary prohibition under that paragraph.
(4) A temporary prohibition under paragraph (1) or (2) may relate to the management of—
(a)a named originator, sponsor or SSPE,
(b)an originator, sponsor or SSPE of a specified description, or
(c)any originator, sponsor or SSPE.
(5) A regulator may revoke a temporary prohibition imposed by it under this regulation, or vary it so as to reduce the period for which it has effect.
(6) In this regulation, “PRA securitisation rules” means rules made by the PRA under section 137G of FSMA 2000 which make provision of the kind mentioned in regulation 5(2) in relation to securitisations.
Commencement Information
I1Reg. 37 in force at 30.1.2024 for specified purposes and 1.11.2024 (the main commencement day) in so far as not already in force, see reg. 2(1)(e)(2)
(1)
Section 55M was inserted by section 11(2) of the Financial Services Act 2012. There is an amendment that is not relevant.
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