Registration of a securitisation repositoryU.K.
14.—(1) A body corporate may apply to the FCA for registration under this regulation as a securitisation repository by means of which originators, sponsors or securitisation special purpose entities make information available in accordance with FCA securitisation rules or PRA securitisation rules.
(2) A trade repository may submit an application for an extension of registration to the FCA with a view to its registration as a securitisation repository.
(3) To be eligible to be registered under this regulation, a body corporate must—
(a)be established in the United Kingdom,
(b)apply procedures to verify the completeness and consistency of the information made available to it under FCA or PRA securitisation rules, and
(c)meet the requirements provided for in Articles 78, 79 and 80(1) to (3), (5) and (6) of EMIR(1).
(4) For the purposes of this Part, Articles 78, 79 and 80 of EMIR have effect in relation to a securitisation repository as they have effect in relation to a trade repository, but as if—
(a)any reference to EMIR were a reference to this Part, and
(b)the reference in Articles 78 and 80 to Article 9 of EMIR were a reference to FCA securitisation rules.
(5) In this regulation—
“FCA securitisation rules” means—
designated activity rules made by virtue of regulation 5, and
rules made by the FCA under section 137A of FSMA 2000 in relation to securitisation;
“PRA securitisation rules” means rules made by the PRA under section 137G of FSMA 2000 in relation to securitisation;
“trade repository” means a person who centrally collects and maintains records of derivatives and who is registered by the FCA as such under EMIR.
Commencement Information
I1Reg. 14 in force at 30.1.2024 for specified purposes and 1.11.2024 (the main commencement day) in so far as not already in force, see reg. 2(1)(e)(2)
Article 78 was amended by section 40(3) of the Financial Services Act 2021; Article 80 was amended by S.I. 2019/1416.