The Securitisation Regulations 2024

10.—(1) Part 11 of FSMA 2000 (information gathering and investigations) applies in relation to the FCA’s and the PRA’s functions under these Regulations as it applies in relation to the FCA’s and the PRA’s functions under FSMA 2000, but with the modifications set out in sub-paragraphs (2) to (11). U.K.

(2) Part 11 is to be read as if any reference to an authorised person included a reference to a regulated person.

(3) Section 167 (appointment of persons to carry out general investigations) is to be read as if in subsection (5), for “regulated activities” there were substituted “the activities subject to regulation as a result of the Securitisation Regulations 2024”.

(4) Section 169(1) (investigations etc in support of overseas regulator) is to be read as if—

(a) subsection (2A) were omitted, and

(b) for subsection (13) there were substituted—

“(13) “Overseas regulator” means an authority in a country or territory outside the United Kingdom which has functions corresponding to those of the FCA or the PRA under the Securitisation Regulations 2024.”.

(5) Section 169A(2) (support of overseas regulator with respect to financial stability) does not apply.

(6) Section 170 (investigations: general) is to be read as if subsection (3)(b) were omitted.

(7) Section 171 (powers of persons appointed under section 167) is to be read as if subsections (3A) and (7) were omitted.

(8) Section 173 (powers of persons appointed as a result of section 168(2)) does not apply.

(9) Section 174(3) (admissibility of statements made to investigators) is to be read as if—

(a) in subsection (2), the words from “or in proceedings” to “this subsection applies” were omitted,

(b) subsection (3A) were omitted,

(c) in subsection (4), the words from “or (5)” to the end were omitted, and

(d) in subsection (5) “, 173” were omitted.

(10) Section 176(4) (entry of premises under warrant) is to be read as if—

(a) in subsection (1), “the Secretary of State” were omitted,

(b) subsection (3)(b) were omitted,

(c) in subsection (10), “or (5)” were omitted, and

(d) in subsection (11)—

(i) in paragraph (a), “87C, 87J,” and “,165A, 169A” were omitted, and

(ii) in paragraph (b), “, 173” were omitted.

Commencement Information

I1 Sch. 1 para. 10 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)

In section 169, subsection (2A) was inserted by S.I. 2016/680.

(2)

Section 169A was inserted by section 18 of the Financial Services Act 2010.

(3)

Relevant amendments were made to section 174 by paragraph 12 of Schedule 12 to the Financial Services Act 2012 and S.I. 2016/680.

(4)

Relevant amendments were made to section 176 by paragraph 17 of Part 1 of Schedule 2 to the Financial Services Act 2010, paragraph 14 of Schedule 12 to the Financial Services Act 2012 and S.I. 2005/1433.