The Securitisation Regulations 2023

10.—(1) Any direction given by the FCA or the PRA under regulation 25 of the Securitisation Regulations 2018 (transparency requirements for originators, sponsors and SSPEs of private securitisations) that is in force immediately before the main commencement day is to remain in force on and after that day until revoked under this paragraph.

(2) On and after the main commencement day, the direction to which sub-paragraph (1) applies to be read as if—

(a) the reference to the information under Article 7(1)(a) to (g) of the EU Securitisation Regulation 2017(1) were a reference to the information referred to in any provisions of the appropriate rules that require the originator, sponsor or SSPE to provide information in relation to a securitisation,

(b) other expressions defined by reference to the EU Securitisation Regulation 2017 had the same meaning as in these Regulations, and

(c) the reference to an entity designated under subparagraph 1 of Article 7(2) of the EU Securitisation Regulations 2017(2) were a reference to an entity designated under an equivalent provision of the appropriate rules.

(3) The provisions of Part 8 of these Regulations, of FSMA 2000, and of FSMA 2000 as applied by Schedule 1 to these Regulations, apply in relation to a failure on or after the main commencement day to comply with a direction to which sub-paragraph (1) applies as those provisions apply in relation to a contravention of the appropriate rules.

(4) In this paragraph “the appropriate rules” means—

(a) in the case of a PRA-authorised person, rules made by the PRA under section 137G of FSMA 2000 relating to securitisations;

(b) in any other case, designated activity rules made by virtue of regulation 5.

(5) The FCA or the PRA may by a further direction amend a direction to which sub-paragraph (1) applies that was given by it.

(6) The FCA or the PRA may by notice revoke a direction to which sub-paragraph (1) applies that was given by it.

(1)

Article 7(1) was amended by S.I. 2019/660.

(2)

Article 7(2) was amended by S.I. 2019/660.