{
  "url": "https://openlegislation.uk/securitisation-amendment-regulations-2024/schedule-2/paragraph-16",
  "json_url": "https://openlegislation.uk/securitisation-amendment-regulations-2024/schedule-2/paragraph-16.json",
  "legislation": "uksi/2024/705",
  "legislation_title": "The Securitisation (Amendment) Regulations 2024",
  "legislation_url": "https://openlegislation.uk/securitisation-amendment-regulations-2024",
  "path": "schedule/2/paragraph/16",
  "kind": "paragraph",
  "number": "16",
  "heading": "Commission Delegated Regulation (EU) No231/2013",
  "text": "In Article 51 (requirements for retained interest), for paragraph 2 substitute—\n“2 Paragraph 1 shall not apply—\n(a) where the securitised exposures are claims or contingent claims on or fully, unconditionally and irrevocably guaranteed by an institution in relation to which securitisation rules provide an exemption from risk retention requirements that would otherwise be imposed by the rules, or\n(b) to transactions which are based on an index and in relation to which securitisation rules provide an exemption from risk retention requirements that would otherwise be imposed by the rules,\nand for this purpose “securitisation rules” means rules made by the FCA by virtue of regulation 5 of the Securitisation Regulations 2024 or rules made by the Prudential Regulation Authority under section 137G of the Financial Services and Markets Act 2000 which relate to securitisation.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Article 51 was amended by S.I. 2019/328."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2024/705/schedule/2/paragraph/16",
    "retrieved_at": "2026-10-28T21:28:48.939172+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."
}