{
  "url": "https://openlegislation.uk/draft-securitisation-amendment-regulations-2024/schedule-2/paragraph-28",
  "json_url": "https://openlegislation.uk/draft-securitisation-amendment-regulations-2024/schedule-2/paragraph-28.json",
  "legislation": "ukdsi/2024/9780348260670",
  "legislation_title": "The Securitisation (Amendment) Regulations 2024",
  "legislation_url": "https://openlegislation.uk/draft-securitisation-amendment-regulations-2024",
  "path": "schedule/2/paragraph/28",
  "kind": "paragraph",
  "number": "28",
  "heading": "Solvency 2 Delegated Regulation",
  "text": "(1) Article 257 (requirements for investments in securitisation that no longer comply with the risk-retention and qualitative requirements) is amended as follows.\n(2) In paragraph 1—\n(a) for “set out in Article 6 of Regulation (EU) 2017/2402” substitute “imposed in relation to risk retention by securitisation rules”;\n(b) for “set out in Article 5(1), (2) and (3) of that Regulation” substitute “imposed by PRA rules in relation to due diligence before the holding of a securitisation position”.\n(3) After paragraph 1 insert—\n“1A In paragraph 1 “securitisation rules” means—\n(a) in relation to an originator, sponsor or original lender who is a PRA-authorised person, PRA rules relating to securitisation;\n(b) in relation to any other originator, sponsor or original lender, rules made by the FCA by virtue of regulation 5 of the Securitisation Regulations 2024.”.\n(4) In paragraph 2, for ”in Article 5(1), (2) and (3) of Regulation (EU) 2017/2402” substitute “imposed by PRA rules in relation to due diligence before the holding of a securitisation position”.\n(5) In paragraph 4, for “set out in Article 5 of Regulation (EU) 2017/2402” substitute “mentioned in paragraph 2”.\n(6) In paragraph 5, for “set out in Article 5(4) of Regulation (EU) 2017/2402” substitute “imposed by PRA rules in relation to due diligence during the holding of a securitisation position”.\n(7) After paragraph 5 insert—\n“6 In this Article “PRA rules” means rules made by the PRA under section 137G of the Financial Services and Markets Act 2000.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Article 257 was amended by S.I. 2019/1361."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2024/9780348260670/schedule/2/paragraph/28",
    "retrieved_at": "2026-10-30T14:41:12.593612+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."
}