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There are currently no known outstanding effects for the The Securitisation (Amendment) (EU Exit) Regulations 2019, Section 56.
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Valid from 31/12/2020
56. Article 2 of the CRR amending regulation (transitional provisions concerning outstanding securitisation positions) is amended as follows—
(a)the existing text becomes paragraph 1; and
(b)after paragraph 1 insert—
“2. For the purposes of paragraph 1, Chapter 5 of Title 2 of Part 3 and Article 337 of Regulation (EU) No 575/2013 (in the version applicable on 31 December 2018) have effect with the following modifications—
(a)ignore the following provisions (obligations of the EBA)—
(i)in Article 243 (traditional securitisation), paragraph 6;
(ii)in Article 244 (synthetic securitisation), paragraph 6;
(iii)in Article 248 (implicit support), paragraph 2;
(iv)in Article 262 (supervisory formula method), paragraph 3;
(b)a reference to the competent authority or to competent authorities is a reference to the competent authority as defined in point (40) of Article 4(1) of Regulation (EU) No 575/2013 M1;
(c)a reference to Chapter 2 (standardised approach) is a reference to that Chapter as amended by regulations 111 to 127 of the Capital Requirements (Amendment) (EU Exit) Regulations 2018 (“the 2018 Regulations”);
(d)a reference to Chapter 3 (internal ratings based approach) is a reference to that Chapter as amended by regulations 128 to 134 of the 2018 Regulations;
(e)a reference to Chapter 4 (credit risk mitigation) is a reference to that Chapter as amended by regulations 135 to 144 of the 2018 Regulations;
(f)a reference to Chapter 6 (counterparty credit risk) is a reference to that Chapter as amended by regulations 145 to 151 of the 2018 Regulations;
(g)in Article 245 (calculation of risk-weighted exposure amounts), in paragraph (6) the reference to Article 407 is a reference to that Article as modified by regulation 30(1) and (2) of the Securitisation (Amendment) (EU Exit) Regulations 2019;
(h)in Article 246 (exposure value), in paragraph (1)(e) the reference to Annex II is a reference to that Annex as amended by regulation 218 of the 2018 Regulations;
(i)in Article 252 (originator and sponsor institutions), in the first subparagraph, in point (b) a reference to Article 128 is a reference to that Article as amended by regulation 122 of the 2018 Regulations;
(j)in Article 262, in paragraph (1), in each place where it appears, a reference to Annex II is a reference to that Annex as amended by regulation 218 of the 2018 Regulations;
(k)in Article 270 (mapping)—
(i)in the first subparagraph a reference to EBA is a reference to the Prudential Regulation Authority;
(ii)ignore the second and third subparagraphs; and
(l)in Article 337 (own funds requirement for securitisation instruments)—
(i)in paragraph 1 each reference to Title II, Chapter 5, Section 3 is a reference to Articles 245 to 266 as amended by regulations 44 to 49 of the Securitisation (Amendment) (EU Exit) Regulations 2019;
(ii)in paragraph 2—
(aa)in the first subparagraph the reference to Article 262 is a reference to that Article as modified by points (a)(iv) and (e);
(bb)in the first and the third subparagraphs each reference to Title II, Chapter 3 is a reference to Articles 142 to 191 as amended by regulations 128 to 134 of the 2018 Regulations;
(cc)ignore the fourth subparagraph;
(iii)in paragraph 3 the reference to Article 407 is a reference to that Article as modified by regulation 30(1) and (2) of the Securitisation (Amendment) (EU Exit) Regulations 2019;
(iv)ignore paragraph 4;
(v)in paragraph 5—
(aa)in the first subparagraph the reference to Article 243 is a reference to that Article as modified by point (a)(i);
(bb)in the second subparagraph the reference to Article 244 is a reference to that Article as modified by point (a)(ii).
3. For the purposes of paragraph 2, Chapters 2, 3, 4 and 6 of Regulation (EU) No 575/2013 (in the version applicable on 31 December 2018) have effect with the following modifications—
(a)a reference to Annex II of that Regulation is a reference to that Annex as amended by regulation 218 of the 2018 Regulations; and
(b)a reference to any other provision of that Regulation which has been amended by the 2018 Regulations is a reference to that provision as so amended.”.
Commencement Information
I1Reg. 56 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M1Point (40) is amended by S.I. 2018/1401.
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