{
  "url": "https://openlegislation.uk/draft-securitisation-amendment-and-miscellaneous-provisions-regulations-2026/regulation-3",
  "json_url": "https://openlegislation.uk/draft-securitisation-amendment-and-miscellaneous-provisions-regulations-2026/regulation-3.json",
  "legislation": "ukdsi/2026/9780348288155",
  "legislation_title": "The Securitisation (Amendment and Miscellaneous Provisions) Regulations 2026",
  "legislation_url": "https://openlegislation.uk/draft-securitisation-amendment-and-miscellaneous-provisions-regulations-2026",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Amendments to the Securitisation Regulations 2024",
  "text": "(1) The Securitisation Regulations 2024 are amended as follows.\n(2) In regulation 3(1) (interpretation)—\n(a) after the definition of “the EU Securitisation Regulation 2017” insert—\n““FCA due-diligence rules” means rules made by the FCA—\n(a) by virtue of regulation 5, or\n(b) under section 137A of FSMA 2000,\nrelating to due-diligence requirements for institutional investors in relation to securitisations;”;\n(b) omit the definition of “securitisation repository”.\n(3) In regulation 13 (overseas simple, transparent and standardised securitisations regime), in paragraph (7A)(a), for “required by regulations 32B and 32C” substitute “for the purposes of complying with any applicable FCA due-diligence rules”.\n(4) Omit Part 5 (securitisation repositories).\n(5) Omit regulation 32A (interpretation of Part 7).\n(6) For regulation 32B (due-diligence requirements for occupational pension schemes: before holding a securitisation position), substitute—\n“Due-diligence requirements for occupational pension schemes\n32B (1) The trustees or managers of an occupational pension scheme who are not the originator, sponsor or original lender must comply with the FCA due-diligence rules as they apply to institutional investors—\n(a) before holding, and\n(b) while holding,\na securitisation position.\n(2) The trustees or managers of an occupational pension scheme are not to be regarded as responsible for a failure to comply with an obligation arising under paragraph (1) where the condition in paragraph (3) is met.\n(3) The condition in paragraph (2) is that—\n(a) the trustees or managers of an occupational pension scheme—\n(i) have given a relevant institutional investor (“P”) authority to make investment management decisions that might expose the trustees or managers to a securitisation, and\n(ii) have instructed P to fulfil an obligation with which the trustees or managers are required to comply under paragraph (1) in respect of an exposure to a securitisation arising from those decisions, and\n(b) P fails to fulfil an obligation to which those instructions relate.\n(4) In this regulation “relevant institutional investor” means an institutional investor which is an authorised person.”.\n(7) Omit regulation 32C (due-diligence requirements for occupational pension schemes: ongoing requirements).\n(8) Omit regulation 32D (due-diligence requirements for occupational pension schemes: delegation of investment management decisions).\n(9) Omit regulation 33 (rules relating to due-diligence requirements of institutional investors).\n(10) In regulation 34 (due-diligence requirements of small registered UK AIFMs as institutional investors), in paragraph (1), for “must” substitute “may”.\n(11) In regulation 35 (interpretation of Part 8)—\n(a) in the definition of “regulated person”—\n(i) in paragraph (e), after “SSPE,” insert “or”;\n(ii) in paragraph (f), for “, or” substitute “;”;\n(iii) omit paragraph (g);\n(b) in the definition of “relevant requirement”, in paragraph (d), omit “, Part 5 (securitisation repositories)”.\n(12) In regulation 36A(1) (monitoring and enforcement by Pensions Regulator), for “regulations 8A(2), 32B and 32C” substitute “regulations 8A(2) and 32B”.\n(13) In regulation 41(1) (public censure), in sub-paragraphs (b) and (c), omit “, other than a securitisation repository,” in each place it occurs.\n(14) In regulation 42(1) (financial penalties), in sub-paragraphs (b) and (c), omit “, other than a securitisation repository,” in each place it occurs.\n(15) In regulation 52A (occupational pension schemes: savings relating to pre-commencement securitisations)—\n(a) in paragraph (1), for “Regulations 32B to 32D (due diligence requirements for occupational pension schemes) do not apply” substitute “Regulation 32B (due diligence requirements for occupational pension schemes) does not apply”;\n(b) in paragraph (5), for “regulations 32B and 32C” substitute “regulation 32B”.\n(16) Omit Schedule A1 (supplementary provision about due diligence requirements for the trustees or managers of an occupational pension scheme).\n(17) In Schedule 1 (amendment, or application with modifications, of provisions of FSMA 2000 and secondary legislation made under it)—\n(a) in paragraph 9 (FCA rules and guidance)—\n(i) in sub-paragraph (1), omit “22 or”;\n(ii) in sub-paragraph (3), omit paragraph (a);\n(b) after paragraph 9 , insert—\n“9A Sections 139A (power of the FCA to give guidance) and 139B (notification of FCA guidance to Treasury) apply to the giving of guidance in relation to rules made under regulation 34(1) of these Regulations as if the references to rules in section 139A include a reference to rules made under regulation 34(1) of these Regulations.”;\n(c) after paragraph 15 (consultation in relation to taking of certain enforcement action) insert—\n“Arrangements for discharging functions\n15A Paragraph 8 of Schedule 1ZA to FSMA 2000 (arrangements for discharging functions) applies in relation to rules made by the FCA under regulation 34(1) of these Regulations as it applies to rules made under FSMA 2000.”.\n(18) In Schedule 3 (transitional provisions)—\n(a) in paragraph 2, omit sub-paragraph (5);\n(b) omit paragraphs 4 and 5;\n(c) in paragraph 7—\n(i) in sub-paragraph (1), in paragraph (a), omit sub-paragraph (i);\n(ii) in sub-paragraph (3), omit “4 or”;\n(d) omit paragraph 10.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2024/102; relevantly amended by S.I. 2024/705."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Section 139A was inserted by section 24(1) of the Financial Services Act 2012."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Section 139B was inserted by section 24(1) of the Financial Services Act 2012."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Paragraph 8, Schedule 1ZA was inserted by the Financial Services Act 2012 (c. 21), Schedule 3."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2026/9780348288155/regulation/3",
    "retrieved_at": "2026-11-06T03:34:13.476000+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}