The Securitisation Regulations 2018

12.—(1) Paragraphs 27 to 31 of Schedule 1ZB M1 to the Act (The PRA: penalties and fees) apply with respect to the discharge by the PRA of its functions under these Regulations and of its functions under the Act as applied by these Regulations as they apply with respect to the discharge by it of its functions under the Act, with the following modifications. U.K.

(2) Those paragraphs apply as if—

(a) each reference to penalties imposed under the Act included a reference to penalties imposed under these Regulations and under the Act as applied by these Regulations;

(b) each reference to a section or Part of the Act included a reference to that section or Part as applied by these Regulations;

(c) each reference to the functions of the PRA included a reference to its functions under these Regulations.

(3) Paragraph 28 applies as if references to the PRA's enforcement powers included—

(a) its powers under these Regulations and under Part 25 of the Act as applied by these Regulations;

(b) its powers in relation to the investigation of offences under the Act as applied by these Regulations;

(c) its powers in England and Wales or Northern Ireland in relation to the prosecution of offences under the Act as applied by these Regulations.

(4) Paragraph 29 applies as if PRA-authorised persons included a securitisation regulation unauthorised person.

(5) Paragraph 31 applies as if references to qualifying functions included references to the functions of the PRA under these Regulations and under the Act as applied by these Regulations.

Marginal Citations

M1 Schedule 1ZB was inserted by Schedule 3 to the Financial Services Act 2012 (c.21) and is amended by section 109 of the Financial Services (Banking Reform) Act 2013 (c.33), section 16 of and paragraphs 26 and 50 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c.14) and S.I. 2018/1115. There are other amendments but none is relevant.