PART 2Amendment of the Securitisation Regulation
CHAPTER 7Amendment of Chapter 6 of the Securitisation Regulation (amendments)
Article 46 (review)I132
In Article 46—
a
for the first paragraph substitute—
1
The Treasury must, no later than 1st January 2022, review the functioning of this Regulation and lay a report before Parliament.
The Treasury must review the functioning of this Regulation if, at any time before that date, the Treasury consider that progress has been made in third countries other than the EEA States with respect to the implementation of international standards on simple, transparent and comparable securitisation.
Where the Treasury review the functioning of this Regulation in response to such progress, the Treasury must lay a report before Parliament.
b
the existing text of the second paragraph becomes paragraph 2; and
c
in that paragraph, in the opening words, omit “consider in particular the findings of the reports referred to in Article 44, and”.