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The Securitisation Regulations 2024
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- UK Statutory Instruments
- 2024 No. 102
- SCHEDULE 2
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Changes over time for: SCHEDULE 2
Version Superseded: 23/05/2024
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- 30/01/2024- Amendment
- 30/01/2024
Point in time - 23/05/2024- Amendment
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Regulation 51
SCHEDULE 2U.K.Amendments to other legislation and consequential amendments
This schedule has no associated Explanatory Memorandum
Amendment to EMIRU.K.
1. In Article 4 of EMIR(1) (clearing obligation) in paragraph 5A(a)—
(a)the words from “a securitisation notified as STS” to the end become paragraph (i);
(b)at the end of that paragraph insert—
“; or
(ii)an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2024.”.
Commencement Information
I1Sch. 2 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)
Amendment to the Capital Requirements RegulationU.K.
2. For Article 242(10)(b) (meaning of “simple, transparent and standardised securitisation” or “STS securitisation”) of the Capital Requirements Regulation(2) substitute—
“(b)an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2024;”.
Commencement Information
I2Sch. 2 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)
Amendment to the Solvency 2 Delegated RegulationU.K.
3. For Article 1(18b)(b) (meaning of “STS securitisation”) of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)(3) substitute—
“(b)an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2024;”.
Commencement Information
I3Sch. 2 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)
Amendment to the Money Market Funds RegulationU.K.
4. For Article 11(1)(d) of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (eligible securitisations and ABCPs)(4) substitute—
“(d)an overseas STS securitisation as defined in regulation 12(2) of the Securitisation Regulations 2024.”.
Commencement Information
I4Sch. 2 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)
(1)
EUR 2012/648. Article 4(5A) was inserted by S.I. 2019/660 and amended by S.I. 2020/1301 and 2022/1223.
(2)
EUR 2013/575. Article 242(10) is prospectively amended by paragraph 38 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2023.
(3)
EUR 2015/35. Article 1(18b)(b) was inserted by paragraph 39 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2023.
(4)
EUR 2017/1131. Article 11(1)(d) was inserted by paragraph 40 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2023.
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