# The Securitisation (Amendment) (EU Exit) Regulations 2019, Regulation 37: Article 4 (clearing obligation)


In Article 4 of the EMIR Regulation—
(a) after paragraph 5 insert—
“5A. In paragraph 5—
(a) the reference to a securitisation includes a reference to a securitisation notified as STS in accordance with Article 27 of the Securitisation Regulation before exit day, or before the expiry of a period of two years beginning with exit day, where the person responsible for the notification (the originator and sponsor or, in the case of an ABCP programme, the sponsor) is established in an EEA State; and
(b) in relation to any securitisation so notified a reference to a numbered Article of the Securitisation Regulation is a reference to the Article so numbered of that Regulation as it had or has effect in relation to an EEA State at any time on and after the date of the notification and before the end of the period referred to in point (a).
In the first subparagraph ‘the Securitisation Regulation’ means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation.
In paragraph 6 the reference to paragraph 5 is a reference to paragraph 5 without the modification made by this paragraph.”; and
(b) in paragraph 6—
(i) in the first subparagraph for “ESA’s shall develop draft regulatory” substitute “FCA may make”;
(ii) omit the second and third subparagraphs.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111179024/regulation/37 (the official version)
Page: https://openlegislation.uk/draft-securitisation-amendment-eu-exit-regulations-2019/regulation-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.