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The Securitisation Regulations 2024

S.I. 2024/102 · Made 29 January 2024 · Extends to United Kingdom

Not fully up to date. 3 changes made by later legislation have not yet been written into this text, which is revised to 22 November 2024.

See the changes not yet applied
ProvisionChangeMade by
reg. 3(1)words insertedThe Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 reg. 23(b)(i)
reg. 3(1)words substitutedThe Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 reg. 23(b)(ii)
reg. 3(1)words insertedThe Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 reg. 23(a)

Financial Services And Markets

Made

29th January 2024

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 3A: Restriction on establishment of a securitisation special purpose entity
  13. 8ARestriction on establishment of a securitisation special purpose entity
  14. Part 4: Simple, transparent and standardised securitisations
  15. 9STS securitisations
  16. 10STS notification requirements
  17. 11Removal of STS securitisation from FCA list: procedure
  18. 12Use of STS designation
  19. 13Overseas simple, transparent and standardised securitisations regime
  20. Part 5: Securitisation repositories
  21. 14Registration of a securitisation repository
  22. 15Application for registration
  23. 16Examination of application
  24. 17Register of securitisation repositories
  25. 18Changes to conditions for registration
  26. 19Withdrawal of registration
  27. 20Notification of decision
  28. 21Tribunal
  29. 22Power of FCA to make rules in relation to securitisation repositories
  30. 23Power of FCA to impose requirements
  31. Part 6: Registration of third party verifying STS compliance
  32. 24Interpretation of Part 6
  33. 25Third party verifying STS compliance
  34. 26Application for registration to provide third party verification service
  35. 27Determination of application for registration to provide third party verification service
  36. 28Register of third party verifiers
  37. 29Temporary withdrawal of registration to provide third party verification service
  38. 30Temporary withdrawal of registration to provide third party verification service: procedure
  39. 31Withdrawal of registration to provide third party verification service on initiative of FCA
  40. 32Withdrawal of registration to provide third party verification service at request of third party verifier
  41. Part 7: Due-diligence requirements
  42. 32AInterpretation of Part 7
  43. 32BDue-diligence requirements for occupational pension schemes: before holding a securitisation position
  44. 32CDue-diligence requirements for occupational pension schemes: ongoing requirements
  45. 32DDue-diligence requirements for occupational pension schemes: delegation of investment management decisions
  46. 33Rules relating to due-diligence requirements of institutional investors
  47. 34Due-diligence requirements of small registered UK AIFMs as institutional investors
  48. Part 8: Monitoring, disciplinary measures and procedures
  49. 35Interpretation of Part 8
  50. 36Monitoring and enforcement by FCA
  51. 36AMonitoring and enforcement by Pensions Regulator
  52. 37Temporary prohibition relating to management functions
  53. 38Temporary prohibition relating to management functions: obligations on originator, sponsor or SSPE
  54. 39Imposition of temporary ban on STS notifications
  55. 40Procedure for imposition, variation or revocation of a temporary ban on STS notifications
  56. 41Public censure
  57. 42Financial penalties
  58. 43Warning notice
  59. 44Decision notice
  60. 45Consultation in relation to certain enforcement action
  61. 46Statement of policy
  62. 47Statement of policy: procedure
  63. 48Restriction on penalties
  64. 49Right to refer matters to Tribunal
  65. Part 9: Application of provisions of FSMA 2000 etc and consequential amendments
  66. 50Amendment or application with modifications of provisions of FSMA 2000 etc
  67. 51Amendments of other legislation
  68. Part 10: Saving and transitional provisions
  69. 52Pre-2019 securitisations
  70. 52AOccupational pension schemes: savings relating to pre-commencement securitisations
  71. 53Further transitional provisions
  72. Signature
  73. Schedule A1: Supplementary provision about due diligence requirements for the trustees or managers of an occupational pension scheme
  74. Schedule 1: Amendment, or application with modifications, of provisions of FSMA 2000 and secondary legislation made under it
  75. Part 1: Amendments of FSMA 2000
  76. 1Paragraph 1
  77. 2Paragraph 2
  78. 3Paragraph 3
  79. 4Paragraph 4
  80. 5Paragraph 5
  81. 6Paragraph 6
  82. Part 2: Application with modifications of provisions of FSMA 2000 and secondary legislation
  83. Interpretation
  84. 7Paragraph 7
  85. Hearings and appeals
  86. 8Paragraph 8
  87. FCA rules and guidance
  88. 9Paragraph 9
  89. Information gathering and investigations
  90. 10Paragraph 10
  91. Injunctions and restitution
  92. 11Paragraph 11
  93. Notices
  94. 12Paragraph 12
  95. Offences
  96. 13Paragraph 13
  97. Limitation on power to require documents
  98. 14Paragraph 14
  99. Consultation in relation to taking of certain enforcement action
  100. 15Paragraph 15
  101. Penalties
  102. 16Paragraph 16
  103. 17Paragraph 17
  104. Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
  105. 18Paragraph 18
  106. Schedule 2: Amendments to other legislation and consequential amendments
  107. 1Amendment to EMIR Repealed
  108. 2Amendment to the Capital Requirements Regulation
  109. 3Amendment to the Solvency 2 Delegated Regulation
  110. 4Amendment to the Money Market Funds Regulation
  111. Schedule 3: Transitional provisions
  112. Interpretation
  113. 1Paragraph 1
  114. STS securitisations on list maintained by FCA under EU Securitisation Regulation 2017
  115. 2Paragraph 2
  116. Temporary bans on STS notifications
  117. 3Paragraph 3
  118. Securitisation repositories
  119. 4Paragraph 4
  120. 5Paragraph 5
  121. Third party verification services
  122. 6Paragraph 6
  123. References to Tribunal
  124. 7Paragraph 7
  125. Temporary prohibitions relating to management functions
  126. 8Paragraph 8
  127. Disciplinary measures in respect of contraventions before main commencement day
  128. 9Paragraph 9
  129. Directions given under regulation 25 of Securitisation Regulations 2018
  130. 10Paragraph 10
  131. Explanatory note