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The Securitisation Regulations 2018
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Injunctions and restitutionU.K.
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6.—(1) Part 25 of the Act M1 (injunctions and restitution) applies in respect of a relevant requirement as it applies in respect of a relevant requirement under the Act, with the modifications set out in this paragraph.
(2) Part 25 applies as if—
(a)each reference to the Act included a reference to these Regulations;
(b)each reference to a section of the Act were a reference to that section as applied by these Regulations;
(c)references to the Secretary of State were omitted;
(d)each reference to an authorised person included a reference to a securitisation regulation unauthorised person.
(3) Section 380 (injunctions) applies as if—
(a)subsections (6), (7), (8), (9), (11) and (12) M2 were omitted;
(b)after subsection (10) there were inserted—
“(11) In the case of a contravention of a requirement that is imposed by or under the Securitisation Regulations 2018, the Act as applied by those Regulations and the EU Securitisation Regulation 2017, the “appropriate regulator” is whichever of the PRA or the FCA is the appropriate regulator under the Securitisation Regulations 2018.”.
(4) Section 381 (injunctions in cases of market abuse) does not apply.
(5) Section 382 (restitution orders) applies as if—
(a)subsections (9), (10), (11), (12), (14) and (15) M3 were omitted;
(b)after subsection (13) there were inserted—
“(14) In the case of a contravention of a requirement that is imposed by or under the Securitisation Regulations 2018, the Act as applied by those Regulations and the EU Securitisation Regulation 2017, the “appropriate regulator” is whichever of the PRA or the FCA is the appropriate regulator under the Securitisation Regulations 2018.”.
(6) Section 383 (restitution orders in cases of market abuse) does not apply.
(7) Section 384 (power of FCA or PRA to require restitution) applies as if—
(a)the reference to “authorised person” in subsection (1) were a reference to a “securitisation regulation unauthorised person, as defined in regulation 2(1) of the Securitisation Regulations 2018”;
(b)subsections (2) and (3) and references to those subsections were omitted;
(c)subsections (7), (9), (10), (12) and (13) M4 were omitted;
(d)after subsection (11) there were inserted—
“(11) In the case of a contravention of a requirement that is imposed by or under the Securitisation Regulations 2018, the Act as applied by those Regulations and the EU Securitisation Regulation 2017, the “appropriate regulator” is whichever of the PRA or the FCA is the appropriate regulator under the Securitisation Regulations 2018.”.
Marginal Citations
M1Part 25 was amended by paragraphs 19, 21, 23, 24 and 25 of Schedule 9 to the Financial Services Act 2012 (c.21), paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 (c.33) and S.I. 2007/126, 2013/1773, 2015/1755, 2016/225 and 680. There are other amendments but none is relevant.
M2Subsection (12) was inserted by section 37 of and paragraphs 1 and 19 of Schedule 9 to the Financial Services Act 2012 (c.21).
M3Subsection (15) was inserted by section 37 of and paragraphs 1 and 21 of Schedule 9 to the Financial Services Act 2012 (c.21).
M4Subsection (13) was inserted by section 37 of and paragraphs 1 and 23 to Schedule 9 to the Financial Services Act 2012 (c.21).
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