PART 5Securitisation repositories

Registration of a securitisation repository14

1

A body corporate may apply to the FCA for registration under this regulation as a securitisation repository by means of which originators, sponsors or securitisation special purpose entities make information available in accordance with FCA securitisation rules or PRA securitisation rules.

2

A trade repository may submit an application for an extension of registration to the FCA with a view to its registration as a securitisation repository.

3

To be eligible to be registered under this regulation, a body corporate must—

a

be established in the United Kingdom,

b

apply procedures to verify the completeness and consistency of the information made available to it under FCA or PRA securitisation rules, and

c

meet the requirements provided for in Articles 78, 79 and 80(1) to (3), (5) and (6) of EMIR33.

4

For the purposes of this Part, Articles 78, 79 and 80 of EMIR have effect in relation to a securitisation repository as they have effect in relation to a trade repository, but as if—

a

any reference to EMIR were a reference to this Part, and

b

the reference in Articles 78 and 80 to Article 9 of EMIR were a reference to FCA securitisation rules.

5

In this regulation—

  • “FCA securitisation rules” means—

    1. a

      designated activity rules made by virtue of regulation 5, and

    2. b

      rules made by the FCA under section 137A of FSMA 2000 in relation to securitisation;

  • “PRA securitisation rules” means rules made by the PRA under section 137G of FSMA 2000 in relation to securitisation;

  • “trade repository” means a person who centrally collects and maintains records of derivatives and who is registered by the FCA as such under EMIR.