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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations are the seventh commencement Regulations made under the Financial Services and Markets Act 2023, (c.29) (“the Act”).

Section 1 of the Act revokes assimilated law relating to financial services and markets that is referred to in Schedule 1 to the Act. Regulation 2 brings into force section 1(1) of the Act so far as it relates to the revocation of certain instruments (or provisions of instruments) referred to in Schedule 1 to the Act. Those instruments or provisions are as follows—

  • so far as its revocation is not already in force, Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC and 2001/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (“the EU Securitisation Regulation 2017”);

  • provisions of instruments that had amended the EU Securitisation Regulation 2017;

  • the Securitisation Regulations 2018 (S.I. 2018/1288);

  • Commission Delegated Regulation (EU) No 625/2014 of 13 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council by way of regulatory technical standards specifying the requirements for investor, sponsor, original lender and originator institutions relating to exposures to transferred credit risk;

  • instruments made under the EU Securitisation Regulation 2017.

A full impact assessment has not been produced for this instrument, as no, or no significant, impact on the private, voluntary or private sector is foreseen. A full impact assessment has been published in relation to the Act and copies can be obtained from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or at https://bills.parliament.uk/publications/49053/documents/2621.