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The Securitisation Regulations 2024, Section 39 is up to date with all changes known to be in force on or before 03 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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39.—(1) If the FCA considers that—
(a)an originator, sponsor or SSPE has failed to meet the requirements of designated activity rules made by virtue of regulation 5, so far as those rules relate to STS securitisations, or
(b)an originator or sponsor has made a misleading STS notification,
the FCA may, for such period as it considers appropriate, temporarily ban the originator or sponsor from making an STS notification.
(2) The FCA may—
(a)revoke a temporary ban imposed under paragraph (1), or
(b)vary the period for which the temporary ban has effect.
(3) The FCA must consult the PRA before imposing a temporary ban on an originator or sponsor who is a PRA-authorised person, or varying such a ban so as to extend the period for which it has effect.
Commencement Information
I1Reg. 39 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)
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