Regulation (EU) 2017/2402 of the European Parliament and of the CouncilShow full title

[F1 Article 13 U.K. Publication and notification of decisions

1. The FCA must publish on its website a list of securitisation repositories registered in accordance with Article 12 (‘the Register’).

2. On the adoption of a decision under Article 12 or 13a, the FCA must notify its decision to the securitisation repository concerned.

3. A refusal of an application to register under Article 12 comes into effect on the fifth working day following its adoption.

4. A withdrawal of registration under Article 13a takes effect:

(a) immediately upon the adoption of the decision if the notice states that is the case;

(b) on such date as may be specified in that notice; or

(c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.

5. A decision to withdraw registration on the FCA's own initiative under paragraph 1 or 2 of Article 13a may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is exercising its power reasonably considers that it is necessary for the withdrawal or direction to take effect immediately (or on that date).

6. If the decision referred to in paragraph 2 is—

(a) to refuse the application for registration made under Article 12,

(b) to exercise the FCA's power under paragraph 1 or 2 of Article 13a to withdraw the registration of the securitisation repository on the FCA's own initiative, or

(c) to refuse an application made by a securitisation repository under paragraph 3 of Article 13a to withdraw the registration of the securitisation repository,

the FCA must give the securitisation repository a written notice.

7. A written notice under paragraph 6 must:

(a) give details of the decision made by the FCA;

(b) state the FCA's reasons for the decision;

(c) state when the decision takes effect;

(d) inform the securitisation repository that it may either:

(i) request a review of the decision by the FCA, and make written representations for the purpose of the review, within such period as may be specified in the notice; or

(ii) refer the matter to the Upper Tribunal (‘the Tribunal’) within such period as may be specified in the notice; and

(e) indicate the procedure on a reference to the Tribunal.

8. If the securitisation repository requests a review of the decision made by the FCA (‘the original decision’) the FCA must consider any written representations made by the securitisation repository and review the original decision.

9. On a review under paragraph 8, the FCA may make any decision (‘the new decision’) it could have made on the application.

10. The FCA must give the securitisation repository written notice of its decision on the review.

11. This paragraph applies to a decision—

(a) to maintain a decision to refuse an application for registration, made under Article 12;

(b) to refuse to revoke a decision made under paragraph 1 or 2 of Article 13a to withdraw the registration of the securitisation repository on the FCA's own initiative; or

(c) to maintain a decision to refuse an application from a securitisation repository under paragraph 3 of Article 13a to withdraw the registration of the securitisation repository.

12. A written notice in relation to a decision to which paragraph 11 applies must:

(a) give details of the new decision made by the FCA;

(b) state the FCA's reasons for the new decision;

(c) state whether the decision takes effect immediately or on such date as may be specified in the notice;

(d) inform the securitisation repository that it may, within such period as may be specified in the notice, refer the new decision to the Tribunal; and

(e) indicate the procedure on a reference to the Tribunal.]

Textual Amendments

F1 Arts. 13, 13a, 14, 15 substituted for Arts. 13-15 (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 15 (as amended by S.I. 2019/1390, regs. 1(4), 12 and S.I. 2020/1385, regs.1(4), 59(4)) (with savings in S.I. 2019/680, reg. 11) ; 2020 c. 1, Sch. 5 para. 1(1)