The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2018

Investment in securitisation positions

28.—(1) Before Article 50, omit “(Article 17 of Directive 2011/61/EU)”.

(2) In Article 50—

(a) in point (a), for “Article 4(36) of Directive 2006/48/EC” substitute “Article 2(1) of Regulation 2017/2402”;

(b) in point (b), for “Article 4(40) of Directive 2006/48/EC” substitute “Article 2(19) of Regulation 2017/2402”;

(c) in point (c), for “Article 4(42) of Directive 2006/48/EC” substitute “Article 2(5) of Regulation 2017/2402”;

(d) in point (d), for “Article 4(39) of Directive 2006/48/EC” substitute “Article 2(6) of Regulation 2017/2402”;

(e) after point (d), insert—

“(e) ‘Regulation 2017/2402’ means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012.”.

(3) In Article 51(2)—

(a) for “the first subparagraph of Article 122a(3) of Directive 2006/48/EC” substitute “Article 6(5) of Regulation 2017/2402”;

(b) for “the second subparagraph of Article 122a(3) of Directive 2006/48/EC”, substitute “Article 6(6) of Regulation 2017/2402”.

(4) In Article 53—

(a) in paragraph 2—

(i) in the first subparagraph, for “point (b) of Article 15(3) of Directive 2011/61/EU”, substitute “rule 3.7.5(2)(b) of the Investment Funds sourcebook”;

(ii) in the second subparagraph, for “Article 15 of Directive 2011/61/EU” substitute “rules 3.7.2 to 3.7.7 of the Investment Funds sourcebook”;

(b) in paragraph 4, for “Article 18 of Directive 2011/61/EU” substitute “rules 4.1.1, 4.1.1B and 4.1.2D of the Senior Management Arrangements, Systems and Controls sourcebook”;

(c) in paragraph 5, for “Articles 22, 23 and 24 of Directive 2011/61/EU”, substitute “sections 3.2, 3.3 and 3.4 of the Investment Funds sourcebook”.

(5) For Article 56, substitute—

“Article 56 Interpretation

In the absence of guidance issued by the FCA, the provisions of this Section shall be interpreted in a consistent manner with the corresponding provisions of Regulation 2017/2402.”.