The Securitisation Regulations 2024

PART 1Introductory

1Citation and extent

3Interpretation

PART 2Designated activities

4Activities specified as designated activities for purposes of FSMA 2000

6Power of FCA to give directions

7Directions: procedure

PART 3Matters to consider when making rules

8Matter to which FCA and PRA must have regard when making rules relating to securitisation

PART 4Simple, transparent and standardised securitisations

9STS securitisations

10STS notification requirements

11Removal of STS securitisation from FCA list: procedure

12Use of STS designation

13Overseas simple, transparent and standardised securitisations regime

PART 5Securitisation repositories

14Registration of a securitisation repository

15Application for registration

16Examination of application

17Register of securitisation repositories

18Changes to conditions for registration

19Withdrawal of registration

20Notification of decision

22Power of FCA to make rules in relation to securitisation repositories

23Power of FCA to impose requirements

PART 6Registration of third party verifying STS compliance

24Interpretation of Part 6

25Third party verifying STS compliance

26Application for registration to provide third party verification service

27Determination of application for registration to provide third party verification service

28Register of third party verifiers

29Temporary withdrawal of registration to provide third party verification service

30Temporary withdrawal of registration to provide third party verification service: procedure

31Withdrawal of registration to provide third party verification service on initiative of FCA

32Withdrawal of registration to provide third party verification service at request of third party verifier

PART 7Due-diligence requirements

33Rules relating to due-diligence requirements of institutional investors

34Due-diligence requirements of small registered UK AIFMs as institutional investors

PART 8Monitoring, disciplinary measures and procedures

35Interpretation of Part 8

36Monitoring and enforcement by FCA

37Temporary prohibition relating to management functions

38Temporary prohibition relating to management functions: obligations on originator, sponsor or SSPE

39Imposition of temporary ban on STS notifications

40Procedure for imposition, variation or revocation of a temporary ban on STS notifications

41Public censure

42Financial penalties

43Warning notice

44Decision notice

45Consultation in relation to certain enforcement action

46Statement of policy

47Statement of policy: procedure

48Restriction on penalties

49Right to refer matters to Tribunal

PART 9Application of provisions of FSMA 2000 etc and consequential amendments

50Amendment or application with modifications of provisions of FSMA 2000 etc

51Amendments of other legislation

PART 10Saving and transitional provisions

52Pre-2019 securitisations

53Further transitional provisions

SCHEDULE 1Amendment, or application with modifications, of provisions of FSMA 2000 and secondary legislation made under it

PART 1Amendments of FSMA 2000

1FSMA 2000 is amended as follows.

2In section 39 (exemption of appointed representatives), in subsection (4)—...

3In section 66A (misconduct: action by the FCA), in subsection...

4In section 66B (misconduct: action by the PRA), in subsection...

5In section 168 (appointment of persons to carry out investigations...

6(1) Section 204A (meaning of “relevant requirement” and “appropriate regulator”...

PART 2Application with modifications of provisions of FSMA 2000 and secondary legislation

7In this Part of this Schedule “regulated person” has the...

Hearings and appeals

8(1) Part 9 of FSMA 2000 (hearings and appeals) applies...

FCA rules and guidance

9(1) The provisions of Part 9A of FSMA 2000 listed...

Information gathering and investigations

10(1) Part 11 of FSMA 2000 (information gathering and investigations)...

Injunctions and restitution

11(1) Part 25 of FSMA 2000 (injunctions and restitution) applies...

12(1) Part 26 of FSMA 2000 (notices), other than sections...

13(1) Section 398 of FSMA 2000 applies in relation to...

Limitation on power to require documents

14Section 413 of FSMA 2000 (protected items) applies for the...

Consultation in relation to taking of certain enforcement action

15Section 415B of FSMA 2000 (consultation in relation to taking...

16(1) Paragraphs 19 to 21 (penalties) of Schedule 1ZA to...

17(1) Paragraphs 27 to 30 (penalties) of Schedule 1ZB to...

Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

18The Financial Services and Markets Act 2000 (Service of Notices)...

SCHEDULE 2Amendments to other legislation and consequential amendments

1Amendment to EMIR

2Amendment to the Capital Requirements Regulation

3Amendment to the Solvency 2 Delegated Regulation

4Amendment to the Money Market Funds Regulation

SCHEDULE 3Transitional provisions

1(1) — In this Schedule “the EU-derived securitisation legislation” means—...

STS securitisations on list maintained by FCA under EU Securitisation Regulation 2017

2(1) On the main commencement day, the FCA must include...

Temporary bans on STS notifications

3(1) Where immediately before the main commencement day a temporary...

Securitisation repositories

4(1) This paragraph applies where, immediately before the main commencement...

5Where immediately before the main commencement day a securitisation repository...

Third party verification services

6(1) This paragraph applies where, immediately before the main commencement...

References to Tribunal

7(1) This paragraph applies where immediately before the main commencement...

Temporary prohibitions relating to management functions

8(1) Where, immediately before the main commencement day, a temporary...

Disciplinary measures in respect of contraventions before main commencement day

9(1) The revocation of the EU-derived securitisation legislation does not...

Directions given under regulation 25 of Securitisation Regulations 2018

10(1) Any direction given by the FCA or the PRA...

2024 No. 102

Financial Services And Markets

The Securitisation Regulations 2024

Made29th January 2024

Coming into force in accordance with regulation 2

The Treasury make the following Regulations in exercise of the powers conferred by sections 3RE, 71K, 71M, 71N(2) and (5), 71O(2), (10) and (11), 71P, 71Q, 138EA and 428(3) of the Financial Services and Markets Act 20001 and sections 4, 84(2) and 86(5) and (6) of the Financial Services and Markets Act 20232.

In accordance with sections 71S(2) and 429(2) and (9) of the Financial Services and Markets Act 20003 and section 4(9) of the Financial Services and Markets Act 20234, a draft of these Regulations has been laid before, and approved by a resolution of, each House of Parliament.