# The Securitisation (Amendment) (EU Exit) Regulations 2019, Regulation 35: Article 3 (definitions)


In Article 3 of the CRA Regulation, in paragraph 1 for the definition of ‘structured finance instrument’ substitute—
“‘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:
(i) payments in the transaction or scheme are dependent upon the performance of the exposure or pool of exposures;
(ii) the subordination of tranches determines the distribution of losses during the ongoing life of the transaction or scheme; and
(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;”.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111179024/regulation/35 (the official version)
Page: https://openlegislation.uk/draft-securitisation-amendment-eu-exit-regulations-2019/regulation-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.