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The Securitisation Regulations 2024
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PART 1U.K.Amendments of FSMA 2000
1. FSMA 2000 is amended as follows.U.K.
Commencement Information
I1Sch. 1 para. 1 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)
2. In section 39(1) (exemption of appointed representatives), in subsection (4)—U.K.
(a)omit the “or” immediately following paragraph (a), and
(b)after that paragraph insert—
“(aa)a provision contained in or made under the Securitisation Regulations 2024, or”.
Commencement Information
I2Sch. 1 para. 2 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)
3. In section 66A(2) (misconduct: action by the FCA), in subsection (4)—U.K.
(a)omit the “or” immediately following paragraph (ab), and
(b)after that paragraph insert—
“(ac)imposed by or under the Securitisation Regulations 2024, or”.
Commencement Information
I3Sch. 1 para. 3 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)
4. In section 66B(3) (misconduct: action by the PRA), in subsection (4)—U.K.
(a)omit the “or” immediately following paragraph (a), and
(b)after that paragraph insert—
“(aa)imposed by or under the Securitisation Regulations 2024, or”.
Commencement Information
I4Sch. 1 para. 4 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)
5. In section 168(4) (appointment of persons to carry out investigations in particular cases), in subsection (4), after paragraph (ic) insert—U.K.
“(id)a person may have contravened any provision made by or under the Securitisation Regulations 2024;”.
Commencement Information
I5Sch. 1 para. 5 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)
6.—(1) Section 204A(5) (meaning of “relevant requirement” and “appropriate regulator” for purposes of Part 14) is amended as follows.U.K.
(2) In subsection (2), after paragraph (aa) insert—
“(ab)by or under the Securitisation Regulations 2024,”.
(3) In subsection (3), after paragraph (f) insert—
“(g)a requirement imposed by regulation 38 of the Securitisation Regulations 2024 on a PRA-authorised person in a case where the temporary prohibition imposed under regulation 37(1) or (2) of those Regulations was imposed by the PRA.”.
(4) In subsection (6), after paragraph (aa) insert—
“(ab)by or under the Securitisation Regulations 2024;”.
Commencement Information
I6Sch. 1 para. 6 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)
(1)
Subsection (4) was substituted by paragraph 5 of Schedule 8 to the Financial Services Act 2012 and amended by S.I. 2019/632.
(2)
Section 66A was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013 (c. 33); subsection (4) was amended by S.I. 2015/1864, 2016/225 and 2019/632.
(3)
Section 66B was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013; subsection (4) was amended by S.I. 2019/632.
(4)
In section 168(4), paragraph (ic) was inserted by paragraph 8(1) of Schedule 2 to the Financial Services Act 2021.
(5)
Section 204A was inserted by paragraph 10 of Schedule 9 to the Financial Services Act 2012. Subsection (6)(aa) was inserted by section 11(10) of the Civil Liability Act 2018 (c. 29).
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