The Securitisation (Amendment) (EU Exit) Regulations 2019

Article 18 (use of the designation ‘simple, transparent and standardised securitisation’)

18.  In Article 18—

(a) the existing text of the first paragraph becomes paragraph 1;

(b) in that paragraph, in point (a) for “ESMA” substitute “the FCA”;

(c) for the existing text of the second paragraph substitute—

“2.   The originator and sponsor involved in a securitisation which is not an ABCP programme or an ABCP transaction and is considered STS must be established in the United Kingdom.

The sponsor involved in an ABCP programme considered STS must be established in the United Kingdom.

The sponsor involved in an ABCP programme which is not considered STS must be established in the United Kingdom if an ABCP transaction within that programme is considered STS.”;

(d) after paragraph (2) (substituted by paragraph (c)) insert—

“3.   This Article has effect in relation to a relevant securitisation without the amendments made by regulation 18 of the Securitisation (Amendment) (EU Exit) Regulations 2019.

A ‘relevant securitisation’ is a securitisation—

(a) which meets all the requirements of Section 1 or Section 2 of this Chapter, and of which ESMA was notified pursuant to Article 27(1) before exit day, or is notified pursuant to Article 27(1) after exit day but before the expiry of a period of two years beginning with exit day; and

(b) which is included in the list referred to in Article 27(5).

In this paragraph a reference to Section 1 or Section 2 of this Chapter or to Article 27 is a reference to that Section or Article as it had or has effect in relation to an EEA State at any time on and after the date of the notification and before the end of the period referred to in the second subparagraph.”.