32. In Article 43(5) of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No. 1060/2009 and (EU) No. 648/2012, after the second subparagraph M1 insert the following subparagraph—
“For the purposes of this paragraph—
(a)Article 256 of Delegated Regulation (EU) 2015/35 continues to have effect notwithstanding its deletion by Article 1(7) of Commission Delegated Regulation (EU) 2018/1221; and
(b)for the purposes of the application by point (a) of paragraph 3(f) of Article 256, Article 254 continues to have effect notwithstanding its deletion by Article 1(7) of Commission Delegated Regulation (EU) 2018/1221, and has effect for those purposes with the following modifications—
(i)paragraph 1 is to be read as if for “Article 135(2)(a) of Directive 2009/138/EC” there were substituted “rule 6.1 of the Investments Part of the rulebook published by the PRA containing rules made by the PRA under the 2000 Act (as the rulebook has effect on [F1IP completion day]);
(ii)paragraph 2(b) is to be read as if for “Article 242(12)” there were substituted “ Article 242(15) ”.”.
Textual Amendments
F1Words in reg. 32 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(j)
Commencement Information
I1Reg. 32 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)
Marginal Citations
M1The second subparagraph is inserted by regulation 30(1) and (2) of the Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660).