The Securitisation Regulations 2018

Regulation 28

SCHEDULE 2 Minor and consequential amendments to primary and secondary legislation

The Act

1.  In section 391(1) of the Act (publication of notices), after subsection (8E)(2) insert—

“(8F) Where a decision notice, final notice or supervisory notice relates to any decision or action under a provision of this Act in relation to the contravention of a requirement imposed by—

(a) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017(3) 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 (the “EU Securitisation Regulation 2017”), or

(b) any directly applicable regulation made under the EU Securitisation Regulation 2017,

this section has effect subject to Article 37 of the EU Securitisation Regulation 2017 (publication of administrative sanctions).”.

The Financial Services and Markets Act (Regulated Activities) Order 2001

2.—(1) The Financial Services and Markets Act (Regulated Activities) Order 2001(4) is amended as follows.

(2) In article 3 (interpretation), in the appropriate places insert—

“securitisation repository” means a person registered with ESMA under Article 10 of the EU Securitisation Regulation 2017;”;

“EU Securitisation Regulation 2017” 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 Part 6, after article 35A(5) (trade repositories) there were inserted—

“35AB    Securitisation repositories

A securitisation repository does not carry on an activity of the kind specified by article 25(2) by carrying on its functions of centrally collecting and maintaining records of securitisations under the EU Securitisation Regulation 2017.”.

The Payment to Treasury of Penalties (Enforcement Costs) Order 2013

3.  In article 2(1) of the Payment to Treasury of Penalties (Enforcement Costs) Order 2013(6) (enforcement powers), after sub-paragraph (n) insert—

“(o) regulations 5, 7 and 8 of the Securitisation Regulations 2018.”.

The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013

4.—(1) The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013(7) is amended as follows.

(2) In article 1(2) (interpretation), insert the following definition in the appropriate place—

“EU Securitisation Regulation 2017” 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 2(2) (qualifying EU provisions: general), after subparagraph (m)(8) insert—

“(n) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”.

(4) In article 2(6) (qualifying EU provisions: general), after sub-paragraph (e)(9) insert –

“(f) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”

(5) In article 3 (qualifying EU provisions: disciplinary measures)—

(a) after paragraph (2)(p)(10) insert—

“(q) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (3)(n)(11) insert—

“(o) in relation to a contravention of a requirement imposed for the purposes of the EU Securitisation Regulation 2017 or any directly applicable regulation made under that Regulation—

(i) the FCA if it is the competent authority for the purposes of that Regulation for the person concerned; or

(ii) the PRA if it is the competent authority for the purposes of that Regulation for the person concerned.”.

(6) In article 5 (qualifying EU provisions: injunctions and restitution)—

(a) after paragraph (2)(p)(12) insert—

“(q) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (5)(o)(13) insert—

“(p) in relation to a contravention of a requirement imposed by the EU Securitisation Regulation 2017 or any directly applicable regulation made under that Regulation—

(i) the FCA if it is the competent authority under that Regulation for the person concerned;

(ii) the PRA if it is the competent authority under that Regulation for the person concerned.”.

(7) In article 6(2) (qualifying EU provisions: fees), after sub-paragraph (r)(14) insert—

“(s) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”.

(8) In article 6(4) (qualifying EU provisions: fees), after sub-paragraph (f) insert—

“(g) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”.

The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014

5.—(1) The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2001(15) is amended as follows.

(2) In article 2 (relevant functions of the FCA), after paragraph (g)(16) insert “(h) its functions under the Securitisations Regulations 2018.”.

(3) In article 3 (relevant functions of the PRA), after “2017” insert “and under the Securitisation Regulations 2018”.

The Public Interest Disclosure (Prescribed Persons) Order 2014

6.—(1) The Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014(17) (prescribed persons) is amended as follows.

(2) In the second column of the entry in the table relating to the Financial Conduct Authority, after paragraph (n) insert—

“and

(o) the conduct of persons regulated under 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 the second column of the entry in the table relating to the Prudential Regulatory Authority, after paragraph (b) insert—

“and

(c) the conduct of persons regulated under 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.”.

(1)

Section 391 was amended by sections 13 and 24 of and paragraph 28 of Schedule 2 to the Financial Services Act 2010 (c.28), section 24 of and paragraph 30 of Schedule 9 to the Financial Services Act 212 (c.21), section 4 of the Financial Services (Banking Reform) Act 2013 (c.33) and S.I. 2012/916, 2013/1388, 2013/3115, 2014/2879, 2015/1755, 2016/225, 2016/680, 2016/715, 2017/701, 2017/1127 and 2018/135.

(2)

Subsection (8E) was inserted by S.I. 2018/135.

(3)

OJ L347, 28.12.2017, p.35.

(4)

S.I. 2001/544.

(5)

Article 35A was inserted by S.I. 2013/504.

(6)

S.I. 2013/418.

(7)

S.I. 2013/419.

(8)

Subparagraph (m) was inserted by 2018/698. There are other amendments to Article 2(2) but none is relevant.

(9)

Subparagraph (e) was inserted by S.I. 2014/3348. There are other amendments to Article 2(6) but none is relevant.

(10)

Paragraph (2)(p) was inserted by S.I. 2018/698. There are other amendments to Article 3(2) but none is relevant.

(11)

Paragraph (3)(n) was inserted by S.I. 2018/698. There are other amendments to Article 3(3) but none is relevant.

(12)

Paragraph 2(p) was inserted by S.I. 2018/698. There are other amendments to Article 5(2) but none is relevant.

(13)

Paragraph 5(o) was inserted by S.I. 2018/698. There are other amendments to Article 5(5) but none is relevant.

(14)

Paragraph 2(r) was inserted by S.I. 2018/698. There are other amendments to Article 6(2) but none is relevant.

(15)

S.I. 2014/1195.

(16)

Paragraph 2(g) was inserted by S.I. 2017/1127. There are other amendments to Article 2 but none is relevant.

(17)

S.I. 2014/2418 was amended by S.I. 2017/701. There are other amendments but none is relevant.