{
  "url": "https://openlegislation.uk/draft-securitisation-amendment-eu-exit-regulations-2019/regulation-56",
  "json_url": "https://openlegislation.uk/draft-securitisation-amendment-eu-exit-regulations-2019/regulation-56.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/56",
  "kind": "regulation",
  "number": "56",
  "heading": null,
  "text": "Article 2 of the CRR amending regulation (transitional provisions concerning outstanding securitisation positions) is amended as follows—\n(a) the existing text becomes paragraph 1; and\n(b) after paragraph 1 insert—\n“2. For the purposes of paragraph 1, Chapter 5 of Title 2 of Part 3 and Article 337 of Regulation (EU) No 575/2013 (in the version applicable on 31 December 2018) have effect with the following modifications—\n(a) ignore the following provisions (obligations of the EBA)—\n(i) in Article 243 (traditional securitisation), paragraph 6;\n(ii) in Article 244 (synthetic securitisation), paragraph 6;\n(iii) in Article 248 (implicit support), paragraph 2;\n(iv) in Article 262 (supervisory formula method), paragraph 3;\n(b) a reference to the competent authority or to competent authorities is a reference to the competent authority as defined in point (40) of Article 4(1) of Regulation (EU) No 575/2013;\n(c) a reference to Chapter 2 (standardised approach) is a reference to that Chapter as amended by regulations 111 to 127 of the Capital Requirements (Amendment) (EU Exit) Regulations 2018 (“the 2018 Regulations”);\n(d) a reference to Chapter 3 (internal ratings based approach) is a reference to that Chapter as amended by regulations 128 to 134 of the 2018 Regulations;\n(e) a reference to Chapter 4 (credit risk mitigation) is a reference to that Chapter as amended by regulations 135 to 144 of the 2018 Regulations;\n(f) a reference to Chapter 6 (counterparty credit risk) is a reference to that Chapter as amended by regulations 145 to 151 of the 2018 Regulations;\n(g) in Article 245 (calculation of risk-weighted exposure amounts), in paragraph (6) the reference to Article 407 is a reference to that Article as modified by regulation 30(1) and (2) of the Securitisation (Amendment) (EU Exit) Regulations 2019;\n(h) in Article 246 (exposure value), in paragraph (1)(e) the reference to Annex II is a reference to that Annex as amended by regulation 218 of the 2018 Regulations;\n(i) in Article 252 (originator and sponsor institutions), in the first subparagraph, in point (b) a reference to Article 128 is a reference to that Article as amended by regulation 122 of the 2018 Regulations;\n(j) in Article 262, in paragraph (1), in each place where it appears, a reference to Annex II is a reference to that Annex as amended by regulation 218 of the 2018 Regulations;\n(k) in Article 270 (mapping)—\n(i) in the first subparagraph a reference to EBA is a reference to the Prudential Regulation Authority;\n(ii) ignore the second and third subparagraphs; and\n(l) in Article 337 (own funds requirement for securitisation instruments)—\n(i) in paragraph 1 each reference to Title II, Chapter 5, Section 3 is a reference to Articles 245 to 266 as amended by regulations 44 to 49 of the Securitisation (Amendment) (EU Exit) Regulations 2019;\n(ii) in paragraph 2—\n(aa) in the first subparagraph the reference to Article 262 is a reference to that Article as modified by points (a)(iv) and (e);\n(bb) in the first and the third subparagraphs each reference to Title II, Chapter 3 is a reference to Articles 142 to 191 as amended by regulations 128 to 134 of the 2018 Regulations;\n(cc) ignore the fourth subparagraph;\n(iii) in paragraph 3 the reference to Article 407 is a reference to that Article as modified by regulation 30(1) and (2) of the Securitisation (Amendment) (EU Exit) Regulations 2019;\n(iv) ignore paragraph 4;\n(v) in paragraph 5—\n(aa) in the first subparagraph the reference to Article 243 is a reference to that Article as modified by point (a)(i);\n(bb) in the second subparagraph the reference to Article 244 is a reference to that Article as modified by point (a)(ii).\n3. For the purposes of paragraph 2, Chapters 2, 3, 4 and 6 of Regulation (EU) No 575/2013 (in the version applicable on 31 December 2018) have effect with the following modifications—\n(a) a reference to Annex II of that Regulation is a reference to that Annex as amended by regulation 218 of the 2018 Regulations; and\n(b) a reference to any other provision of that Regulation which has been amended by the 2018 Regulations is a reference to that provision as so amended.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Point (40) is amended by S.I. 2018/1401."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2019/9780111179024/regulation/56",
    "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."
}