{
  "url": "https://openlegislation.uk/draft-securitisation-amendment-eu-exit-regulations-2019/regulation-35",
  "json_url": "https://openlegislation.uk/draft-securitisation-amendment-eu-exit-regulations-2019/regulation-35.json",
  "legislation": "ukdsi/2019/9780111179024",
  "legislation_title": "The Securitisation (Amendment) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/draft-securitisation-amendment-eu-exit-regulations-2019",
  "path": "regulation/35",
  "kind": "regulation",
  "number": "35",
  "heading": "Article 3 (definitions)",
  "text": "In Article 3 of the CRA Regulation, in paragraph 1 for the definition of ‘structured finance instrument’ substitute—\n“‘securitisation instrument’ means a financial instrument or other assets resulting from a securitisation transaction or scheme whereby the credit risk associated with an exposure or pool of exposures is tranched, having the following characteristics:\n(i) payments in the transaction or scheme are dependent upon the performance of the exposure or pool of exposures;\n(ii) the subordination of tranches determines the distribution of losses during the ongoing life of the transaction or scheme; and\n(iii) the transaction or scheme does not create exposures which possess all of the characteristics listed in Article 147(8) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "This definition was substituted, with the rest of Article 3(1), by S.I. 2019/XXX [the Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019]."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2019/9780111179024/regulation/35",
    "retrieved_at": "2026-10-30T15:01:34.865446+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."
}