The Securitisation (Amendment) (EU Exit) Regulations 2019 No. 660

Prospective

Valid from 31/12/2020

PART 2 U.K. Amendment of the Securitisation Regulation

CHAPTER 4 U.K. Amendment of Chapter 3 of the Securitisation Regulation (conditions and procedures for registration of a securitisation repository)

Article 10 (registration of a securitisation repository) U.K.

12.—(1) Article 10 is amended as follows.

(2) In paragraphs 1, 4 and 5 for “ESMA”, wherever it appears, and in paragraph 6, in the second place where it appears, substitute “ the FCA ”.

(3) In paragraph 2 for “the Union” substitute “ the United Kingdom ”.

(4) Omit paragraph 3.

(5) After paragraph 5 insert—

“5A.   For the purposes of this Article, Articles 78, 79 and 80 of Regulation (EU) No 648/2012 have effect in relation to a securitisation repository as they have effect in relation to a trade repository, but with the following modifications—

(a) a reference to a trade repository is a reference to a securitisation repository within the meaning given by point (23) of Article 2 of this Regulation; and

(b) a reference to Regulation (EU) No 648/2012 is a reference to this Regulation.”.

(6) In paragraph 6 for “ESMA”, in the first place where it appears, substitute “ The FCA ”;

(7) In paragraph 7—

(a) in the first subparagraph for “ESMA shall develop draft regulatory” substitute “ the FCA may make ”; and

(b) omit the second and third subparagraphs.

(8) In paragraph 8—

(a) in the first subparagraph for “ESMA shall develop draft implementing” substitute “ the FCA may make ”; and

(b) omit the second, third and fourth subparagraphs.

Commencement Information

I1 Reg. 12 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)