# The Securitisation (Amendment) Regulations 2024, Paragraph 28: Solvency 2 Delegated Regulation


(1) Article 257 (requirements for investments in securitisation that no longer comply with the risk-retention and qualitative requirements) is amended as follows.
(2) In paragraph 1—
(a) for “set out in Article 6 of Regulation (EU) 2017/2402” substitute “imposed in relation to risk retention by securitisation rules”;
(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”.
(3) After paragraph 1 insert—
“1A In paragraph 1 “securitisation rules” means—
(a) in relation to an originator, sponsor or original lender who is a PRA-authorised person, PRA rules relating to securitisation;
(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.”.
(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”.
(5) In paragraph 4, for “set out in Article 5 of Regulation (EU) 2017/2402” substitute “mentioned in paragraph 2”.
(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”.
(7) After paragraph 5 insert—
“6 In this Article “PRA rules” means rules made by the PRA under section 137G of the Financial Services and Markets Act 2000.”.

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Source: https://www.legislation.gov.uk/uksi/2024/705/schedule/2/paragraph/28 (the official version)
Page: https://openlegislation.uk/securitisation-amendment-regulations-2024/schedule-2/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.