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The Securitisation Regulations 2023

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

Draft 2023, ISBN 9780348254242

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 71S(2) and 429(2) and (9) of the Financial Services and Markets Act 2000 and section 4(9) 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 2

The Treasury make the following Regulations in exercise of the powers conferred by sections 3RE, 71K, 71M, 71N(2) and (5), 71O(2), (10) and (11), 71P, 71Q, 138EA and 428(3) of the Financial Services and Markets Act 2000f1 and sections 4, 84(2) and 86(5) and (6) of the Financial Services and Markets Act 2023f2.

In accordance with sections 71S(2) and 429(2) and (9) of the Financial Services and Markets Act 2000f3 and section 4(9) of the Financial Services and Markets Act 2023f4, 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

2000 c. 8. Section 3RE was inserted by section 30 of the Financial Services and Markets Act 2023 (c. 29); sections 71K to 71Q were inserted by section 8(2) of that Act; section 138EA was inserted by section 31(2) of that Act. Section 428(3) was amended by section 66(3)(a) of that Act.

f2

2023 c. 29.

f3

Section 71S was inserted by section 8(2) of the Financial Services and Markets Act 2023; section 429(2) was amended by sections 30(3) and 31(5) of that Act. There are other amendments to section 429(2) which are not relevant.

f4

For the meaning of “the affirmative procedure”, see section 84(3) of the Financial Services and Markets Act 2023.

Contents

  1. Part 1: Introductory
  2. 1Citation and extent
  3. 2Commencement
  4. 3Interpretation
  5. Part 2: Designated activities
  6. 4Activities specified as designated activities for purposes of FSMA 2000
  7. 5FCA rules
  8. 6Power of FCA to give directions
  9. 7Directions: procedure
  10. Part 3: Matters to consider when making rules
  11. 8Matter to which FCA and PRA must have regard when making rules relating to securitisation
  12. Part 4: Simple, transparent and standardised securitisations
  13. 9STS securitisations
  14. 10STS notification requirements
  15. 11Removal of STS securitisation from FCA list: procedure
  16. 12Use of STS designation
  17. 13Overseas simple, transparent and standardised securitisations regime
  18. Part 5: Securitisation repositories
  19. 14Registration of a securitisation repository
  20. 15Application for registration
  21. 16Examination of application
  22. 17Register of securitisation repositories
  23. 18Changes to conditions for registration
  24. 19Withdrawal of registration
  25. 20Notification of decision
  26. 21Tribunal
  27. 22Power of FCA to make rules in relation to securitisation repositories
  28. 23Power of FCA to impose requirements
  29. Part 6: Registration of third party verifying STS compliance
  30. 24Interpretation of Part 6
  31. 25Third party verifying STS compliance
  32. 26Application for registration to provide third party verification service
  33. 27Determination of application for registration to provide third party verification service
  34. 28Register of third party verifiers
  35. 29Temporary withdrawal of registration to provide third party verification service
  36. 30Temporary withdrawal of registration to provide third party verification service: procedure
  37. 31Withdrawal of registration to provide third party verification service on initiative of FCA
  38. 32Withdrawal of registration to provide third party verification service at request of third party verifier
  39. Part 7: Due-diligence requirements
  40. 33Rules relating to due-diligence requirements of institutional investors
  41. 34Due-diligence requirements of small registered UK AIFMs as institutional investors
  42. Part 8: Monitoring, disciplinary measures and procedures
  43. 35Interpretation of Part 8
  44. 36Monitoring and enforcement by FCA
  45. 37Temporary prohibition relating to management functions
  46. 38Temporary prohibition relating to management functions: obligations on originator, sponsor or SSPE
  47. 39Imposition of temporary ban on STS notifications
  48. 40Procedure for imposition, variation or revocation of a temporary ban on STS notifications
  49. 41Public censure
  50. 42Financial penalties
  51. 43Warning notice
  52. 44Decision notice
  53. 45Consultation in relation to certain enforcement action
  54. 46Statement of policy
  55. 47Statement of policy: procedure
  56. 48Restriction on penalties
  57. 49Right to refer matters to Tribunal
  58. Part 9: Application of provisions of FSMA 2000 etc and consequential amendments
  59. 50Amendment or application with modifications of provisions of FSMA 2000 etc
  60. 51Amendments of other legislation
  61. Part 10: Saving and transitional provisions
  62. 52Pre-2019 securitisations
  63. 53Further transitional provisions
  64. Signature
  65. Schedule 1: Amendment, or application with modifications, of provisions of FSMA 2000 and secondary legislation made under it
  66. Part 1: Amendments of FSMA 2000
  67. 1Paragraph 1
  68. 2Paragraph 2
  69. 3Paragraph 3
  70. 4Paragraph 4
  71. 5Paragraph 5
  72. 6Paragraph 6
  73. Part 2: Application with modifications of provisions of FSMA 2000 and secondary legislation
  74. Interpretation
  75. 7Paragraph 7
  76. Hearings and appeals
  77. 8Paragraph 8
  78. FCA rules and guidance
  79. 9Paragraph 9
  80. Information gathering and investigations
  81. 10Paragraph 10
  82. Injunctions and restitution
  83. 11Paragraph 11
  84. Notices
  85. 12Paragraph 12
  86. Offences
  87. 13Paragraph 13
  88. Limitation on power to require documents
  89. 14Paragraph 14
  90. Consultation in relation to taking of certain enforcement action
  91. 15Paragraph 15
  92. Penalties
  93. 16Paragraph 16
  94. 17Paragraph 17
  95. Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
  96. 18Paragraph 18
  97. Schedule 2: Amendments to other legislation and consequential amendments
  98. 1Amendment to EMIR
  99. 2Amendment to the Capital Requirements Regulation
  100. 3Amendment to the Solvency 2 Delegated Regulation
  101. 4Amendment to the Money Market Funds Regulation
  102. Schedule 3: Transitional provisions
  103. Interpretation
  104. 1Paragraph 1
  105. STS securitisations on list maintained by FCA under EU Securitisation Regulation 2017
  106. 2Paragraph 2
  107. Temporary bans on STS notifications
  108. 3Paragraph 3
  109. Securitisation repositories
  110. 4Paragraph 4
  111. 5Paragraph 5
  112. Third party verification services
  113. 6Paragraph 6
  114. References to Tribunal
  115. 7Paragraph 7
  116. Temporary prohibitions relating to management functions
  117. 8Paragraph 8
  118. Disciplinary measures in respect of contraventions before main commencement day
  119. 9Paragraph 9
  120. Directions given under regulation 25 of Securitisation Regulations 2018
  121. 10Paragraph 10
  122. Explanatory note