The Securitisation Regulations 2023

1. Introductory Text

2. PART 1 Introductory

   1. 1. Citation and extent

   2. 2. Commencement

   3. 3. Interpretation

3. PART 2 Designated activities

   1. 4. Activities specified as designated activities for purposes of FSMA 2000

   2. 5. FCA rules

   3. 6. Power of FCA to give directions

   4. 7. Directions: procedure

4. PART 3 Matters to consider when making rules

   1. 8. Matter to which FCA and PRA must have regard when making rules relating to securitisation

5. PART 4 Simple, transparent and standardised securitisations

   1. 9. STS securitisations

   2. 10. STS notification requirements

   3. 11. Removal of STS securitisation from FCA list: procedure

   4. 12. Use of STS designation

   5. 13. Overseas simple, transparent and standardised securitisations regime

6. PART 5 Securitisation repositories

   1. 14. Registration of a securitisation repository

   2. 15. Application for registration

   3. 16. Examination of application

   4. 17. Register of securitisation repositories

   5. 18. Changes to conditions for registration

   6. 19. Withdrawal of registration

   7. 20. Notification of decision

   8. 21. Tribunal

   9. 22. Power of FCA to make rules in relation to securitisation repositories

   10. 23. Power of FCA to impose requirements

7. PART 6 Registration of third party verifying STS compliance

   1. 24. Interpretation of Part 6

   2. 25. Third party verifying STS compliance

   3. 26. Application for registration to provide third party verification service

   4. 27. Determination of application for registration to provide third party verification service

   5. 28. Register of third party verifiers

   6. 29. Temporary withdrawal of registration to provide third party verification service

   7. 30. Temporary withdrawal of registration to provide third party verification service: procedure

   8. 31. Withdrawal of registration to provide third party verification service on initiative of FCA

   9. 32. Withdrawal of registration to provide third party verification service at request of third party verifier

8. PART 7 Due-diligence requirements

   1. 33. Rules relating to due-diligence requirements of institutional investors

   2. 34. Due-diligence requirements of small registered UK AIFMs as institutional investors

9. PART 8 Monitoring, disciplinary measures and procedures

   1. 35. Interpretation of Part 8

   2. 36. Monitoring and enforcement by FCA

   3. 37. Temporary prohibition relating to management functions

   4. 38. Temporary prohibition relating to management functions: obligations on originator, sponsor or SSPE

   5. 39. Imposition of temporary ban on STS notifications

   6. 40. Procedure for imposition, variation or revocation of a temporary ban on STS notifications

   7. 41. Public censure

   8. 42. Financial penalties

   9. 43. Warning notice

   10. 44. Decision notice

   11. 45. Consultation in relation to certain enforcement action

   12. 46. Statement of policy

   13. 47. Statement of policy: procedure

   14. 48. Restriction on penalties

   15. 49. Right to refer matters to Tribunal

10. PART 9 Application of provisions of FSMA 2000 etc and consequential amendments

    1. 50. Amendment or application with modifications of provisions of FSMA 2000 etc

    2. 51. Amendments of other legislation

11. PART 10 Saving and transitional provisions

    1. 52. Pre-2019 securitisations

    2. 53. Further transitional provisions

12. Signature

13. 1. SCHEDULE 1

       Amendment, or application with modifications, of provisions of FSMA 2000 and secondary legislation made under it

       1. PART 1 Amendments of FSMA 2000

          1. 1. FSMA 2000 is amended as follows.

          2. 2. In section 39 (exemption of appointed representatives), in subsection (4)—...

          3. 3. In section 66A (misconduct: action by the FCA), in subsection...

          4. 4. In section 66B (misconduct: action by the PRA), in subsection...

          5. 5. In section 168 (appointment of persons to carry out investigations...

          6. 6. (1) Section 204A (meaning of “relevant requirement” and “appropriate regulator”...

       2. PART 2 Application with modifications of provisions of FSMA 2000 and secondary legislation

          1. Interpretation

             1. 7. In this Part of this Schedule “regulated person” has the...

          2. Hearings and appeals

             1. 8. (1) Part 9 of FSMA 2000 (hearings and appeals) applies...

          3. FCA rules and guidance

             1. 9. (1) The provisions of Part 9A of FSMA 2000 listed...

          4. Information gathering and investigations

             1. 10. (1) Part 11 of FSMA 2000 (information gathering and investigations)...

          5. Injunctions and restitution

             1. 11. (1) Part 25 of FSMA 2000 (injunctions and restitution) applies...

          6. Notices

             1. 12. (1) Part 26 of FSMA 2000 (notices), other than sections...

          7. Offences

             1. 13. (1) Section 398 of FSMA 2000 applies in relation to...

          8. Limitation on power to require documents

             1. 14. Section 413 of FSMA 2000 (protected items) applies for the...

          9. Consultation in relation to taking of certain enforcement action

             1. 15. Section 415B of FSMA 2000 (consultation in relation to taking...

          10. Penalties

              1. 16. (1) Paragraphs 19 to 21 (penalties) of Schedule 1ZA to...

              2. 17. (1) Paragraphs 27 to 30 (penalties) of Schedule 1ZB to...

          11. Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

              1. 18. The Financial Services and Markets Act 2000 (Service of Notices)...

    2. SCHEDULE 2

       Amendments to other legislation and consequential amendments

       1. 1. Amendment to EMIR

       2. 2. Amendment to the Capital Requirements Regulation

       3. 3. Amendment to the Solvency 2 Delegated Regulation

       4. 4. Amendment to the Money Market Funds Regulation

    3. SCHEDULE 3

       Transitional provisions

       1. Interpretation

          1. 1. (1) — In this Schedule “the EU-derived securitisation legislation” means—...

       2. STS securitisations on list maintained by FCA under EU Securitisation Regulation 2017

          1. 2. (1) On the main commencement day, the FCA must include...

       3. Temporary bans on STS notifications

          1. 3. (1) Where immediately before the main commencement day a temporary...

       4. Securitisation repositories

          1. 4. (1) This paragraph applies where, immediately before the main commencement...

          2. 5. Where immediately before the main commencement day a securitisation repository...

       5. Third party verification services

          1. 6. (1) This paragraph applies where, immediately before the main commencement...

       6. References to Tribunal

          1. 7. (1) This paragraph applies where immediately before the main commencement...

       7. Temporary prohibitions relating to management functions

          1. 8. (1) Where, immediately before the main commencement day, a temporary...

       8. Disciplinary measures in respect of contraventions before main commencement day

          1. 9. (1) The revocation of the EU-derived securitisation legislation does not...

       9. Directions given under regulation 25 of Securitisation Regulations 2018

          1. 10. (1) Any direction given by the FCA or the PRA...

14. Explanatory Note