Paragraph 2 I1
United Kingdom
Sub-paragraph (1) is subject to regulation 10(3) (which requires the FCA in certain circumstances to remove a securitisation from the list).
A securitisation within sub-paragraph (1) is to be regarded for the purposes of these Regulations as meeting the STS criteria at any time on or after the main commencement day if, and only if, the securitisation complies with Articles 19 to 22 or Articles 23 to 26 of the EU Securitisation Regulation 2017f2, as they had effect immediately before the main commencement day.
References in these Regulations to compliance with the STS criteria are, in relation to a securitisation within sub-paragraph (1), to be read in accordance with sub-paragraph (3).
In relation to a securitisation that is included on the list referred to in regulation 10(2) as a result of sub-paragraph (1)—
the reference in regulation 32B(5)(c) to any applicable designated activity rules relating to the notification mentioned in regulation 10(1) is to be read as a reference to Article 27 of the EU Securitisation Regulation 2017, and
the references in regulation 32B(8) and paragraph 7 of Schedule A1 to the STS notification is to be read as a reference to the notification to the FCA under Article 27(1) of the EU Securitisation Regulation 2017.
Annotations
Textual amendments
- F1
Sch. 3 para. 2(5) inserted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), regs. 1(3), 2(12)
Commencement
- I1
Sch. 3 para. 2 in force at 30.1.2024 for specified purposes and 1.11.2024 (the main commencement day) in so far as not already in force, see reg. 2(1)(e)(2)
Footnotes
- f1
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Article 27 was substituted by S.I. 2019/660.
- f2
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Articles 19 to 26 were amended by S.I. 2019/660.