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The Securitisation (Amendment) (No. 2) Regulations 2024

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2024, ISBN 9780348263954

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under sections 4(9) and 84(3) of the Financial Services and Markets Act 2023, for approval by resolution of each House of Parliament.

FINANCIAL SERVICES AND MARKETS

Made ***

Coming into force in accordance with regulation 1(2)

The Treasury make these Regulations in exercise of the powers conferred by section 4(4) of the Financial Services and Markets Act 2023f1.

In accordance with sections 4(9) and 84(3) of the Financial Services and Markets Act 2023 a draft of these Regulations has been laid before, and approved by a resolution of, each House of Parliament.

Annotations to the whole text

Footnotes

f1

2023 c. 29.

Contents

  1. 1Citation, commencement and extent
  2. 2Amendment to the Securitisation Regulations 2024
  3. Signature
  4. Explanatory note

1Citation, commencement and extent

(1)

These Regulations may be cited as the Securitisation (Amendment) (No. 2) Regulations 2024.

(2)

These Regulations come into force on the day after the day on which they are made.

(3)

These Regulations extend to England and Wales, Scotland and Northern Ireland.

2Amendment to the Securitisation Regulations 2024

In the Securitisation Regulations 2024f1, in regulation 12(5) (use of STS designation), for “31st December 2024” substitute “30th June 2026”.

Signature

Name

Name

Two of the Lords Commissioners of His Majesty's Treasury

Explanatory note

(This note is not part of the Regulations)

Regulation 12(3) of the Securitisation Regulations 2024 (S.I. 2024/102) (“the Securitisation Regulations”) defines a qualifying EU securitisation which may use the STS (simple, transparent and standardised) designation in the UK. Regulation 12(3)(b) of the Securitisation Regulations requires applicable securitisations to be notified to the European Securities and Markets Authority before the relevant time, stated in regulation 12(5) to be 11 p.m. on 31st December 2024. These Regulations amend regulation 12(5) of the Securitisation Regulations to extend this deadline to 11 p.m. on 30th June 2026.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment of the effect of these Regulations is available from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published alongside these regulations on www.legislation.gov.uk.