Regulation 11 Removal of STS securitisation from FCA list: procedure

(1)

The removal of a securitisation under regulation 10(3)(a) from the list maintained under regulation 10(2) takes effect—

(a)

immediately, if the notice under paragraph (2) states that that is the case;

(b)

in any other case, on such date as may be specified in the notice.

(2)

If the FCA removes, or proposes to remove, a securitisation under regulation 10(3)(a), it must give written notice to the originator or sponsor who gave the FCA the STS notification.

(3)

The notice must—

(a)

give details of the FCA’s action or proposed action,

(b)

state the FCA’s reasons for considering that the securitisation does not comply with regulation 9(1)(a) or (b) and for choosing the date on which the removal took effect or takes effect,

(c)

inform the person to whom the notice is given (“P”) that P may make representations to the FCA within such period as may be specified in the notice (whether or not P has referred the matter to the Tribunal),

(d)

inform P of the date on which the removal took effect or takes effect, and

(e)

inform P of P’s right to refer the matter to the Tribunal.

(4)

The FCA may extend the period allowed under the notice for making representations.

(5)

If, having considered any representations made to it, the FCA decides to maintain, vary or revoke its earlier decision it must give written notice to the person to whom the notice under subsection (2) was given.

(6)

Where a notice has been given under paragraph (2) or (5) in relation to a securitisation, the originator or sponsor may refer the matter to the Tribunal.