The Securitisation (Amendment) (EU Exit) Regulations 2019

Articles 13 to 15 (notification of ESMA decisions relating to registration or extension of registration, powers of ESMA and withdrawal of registration)

15.  For Articles 13 to 15 substitute—

“Article 13 Publication and notification of decisions

1.   The FCA must publish on its website a list of securitisation repositories registered in accordance with Article 12 (‘the Register’).

2.   On the adoption of a decision under Article 12 or 13a, the FCA must notify its decision to the securitisation repository concerned.

3.   A refusal of an application to register under Article 12 comes into effect on the fifth working day following its adoption.

4.   A withdrawal of registration under Article 13a takes effect:

(a) immediately upon the adoption of the decision if the notice states that is the case;

(b) on such date as may be specified in that notice; or

(c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.

5.   A decision to withdraw registration on the FCA’s own initiative under paragraph 1 or 2 of Article 13a may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is exercising its power reasonably considers that it is necessary for the withdrawal or direction to take effect immediately (or on that date).

6.   If the decision referred to in paragraph 2 is—

(a) to refuse the application for registration made under Article 12,

(b) to exercise the FCA’s power under paragraph 1 or 2 of Article 13a to withdraw the registration of the securitisation repository on the FCA’s own initiative, or

(c) to refuse an application made by a securitisation repository under paragraph 3 of Article 13a to withdraw the registration of the securitisation repository,

the FCA must give the securitisation repository a written notice.

7.   A written notice under paragraph 6 must:

(a) give details of the decision made by the FCA;

(b) state the FCA’s reasons for the decision;

(c) state when the decision takes effect;

(d) inform the securitisation repository that it may either:

(i) request a review of the decision by the FCA, and make written representations for the purpose of the review, within such period as may be specified in the notice; or

(ii) refer the matter to the Upper Tribunal (‘the Tribunal’) within such period as may be specified in the notice; and

(e) indicate the procedure on a reference to the Tribunal.

8.   If the securitisation repository requests a review of the decision made by the FCA (‘the original decision’) the FCA must consider any written representations made by the securitisation repository and review the original decision.

9.   On a review under paragraph 8, the FCA may make any decision (‘the new decision’) it could have made on the application.

10.   The FCA must give the securitisation repository written notice of its decision on the review.

11.   This paragraph applies to a decision—

(a) to maintain a decision to refuse an application for registration, made under Article 12;

(b) to refuse to revoke a decision made under paragraph 1 or 2 of Article 13a to withdraw the registration of the securitisation repository on the FCA’s own initiative; or

(c) to maintain a decision to refuse an application from a securitisation repository under paragraph 3 of Article 13a to withdraw the registration of the securitisation repository.

12.   A written notice in relation to a decision to which paragraph 11 applies must:

(a) give details of the new decision made by the FCA;

(b) state the FCA’s reasons for the new decision;

(c) state whether the decision takes effect immediately or on such date as may be specified in the notice;

(d) inform the securitisation repository that it may, within such period as may be specified in the notice, refer the new decision to the Tribunal; and

(e) indicate the procedure on a reference to the Tribunal.

Article 13a Withdrawal of registration

1.   The FCA may, on its own initiative, withdraw the registration of a securitisation repository where the securitisation repository:

(a) expressly renounces the registration or has provided no services for the preceding 6 months;

(b) obtained the registration by making false statements or by any other irregular means; or

(c) no longer meets the conditions for registration.

2.   The FCA may also, on its own initiative, withdraw the registration of a securitisation repository where it is desirable to do so to advance one or more of its operational objectives set out in section 1B(3) of the 2000 Act.

3.   The FCA may, on an application by a securitisation repository, withdraw the registration of the securitisation repository.

4.   The decision to withdraw the registration of a securitisation repository under paragraph 1, 2 or 3 must be reflected in the Register.

Article 14 Tribunal

1.   A securitisation repository may, subject to paragraph 2, refer to the Tribunal the FCA’s decision to:

(a) refuse to register the securitisation repository under Article 12;

(b) exercise its power under paragraph 1 or 2 of Article 13a to withdraw the registration of a securitisation repository; or

(c) refuse the securitisation repository’s application under paragraph 3 of Article 13a to withdraw its registration.

2.   Where there is a review under paragraph 8 of Article 13, paragraph 1 applies only in relation to the FCA’s decision in response to that review.

Article 15 Enforcement provisions relating to securitisation repositories

1.   In this Article ‘the 2019 Regulations’ means the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019(1).

2.   Part 4 of the 2019 Regulations (specific provision for trade repositories) has effect in relation to a securitisation repository as it has effect in relation to a trade repository.

3.   For the purposes of paragraph 2, Part 4 of the 2019 Regulations has effect in relation to a securitisation repository with the following modifications:

(a) ignore Chapter 1 (preliminary);

(b) in Chapter 2 and Chapter 3 (application of the 2000 Act for the purposes of this Part), including any modification of the 2000 Act which is made by that Chapter:

(i) a reference to Part 4 of the 2019 Regulations is a reference to that Part as applied by this Article;

(ii) a reference to the 2019 Regulations (other than in a reference to Part 4) is a reference to those Regulations as applied by this Article;

(iii) a reference to the EMIR regulation is a reference to this Regulation and a reference to a provision of that Regulation is a reference to the provision of this Regulation which has equivalent effect;

(iv) a reference to the registration or recognition of a trade repository under a provision of the EMIR regulation is a reference to the registration of a securitisation repository under this Regulation;

(v) 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;

(vi) a reference to trade repository activities is a reference to the activities of centrally collecting and maintaining records of securitisations;

(vii) ignore any reference to the TRATP Regulations; and

(c) in Chapter 3, including any modification of the 2000 Act which is made by that Chapter:

(i) a reference to a provision of the 2019 Regulations is a reference to the equivalent provision of the Securitisation (Amendment) (EU Exit) Regulations 2019;

(ii) in regulation 73 (application of Part 9 of the 2000 Act (hearings and appeals), ignore paragraph (2);

(iii) in regulation 75 (application of Part 11 of the 2000 Act (information gathering and investigations)), ignore paragraph (2)(f);

(iv) in regulation 76 (application of Part 26 of the 2000 Act (notices)), ignore paragraph (8)(h) and any reference to a supervisory notice.”.

(1)

S.I. 2019/335.