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

Article 29 U.K. Designation of competent authorities

[F1 1. Compliance with the obligations set out in Article 5 of this Regulation is to be supervised as follows—

(a) where the institutional investor is an insurance undertaking or a reinsurance undertaking, by the PRA;

(b) where the institutional investor is an AIFM which markets or manages AIFs in the United Kingdom, by the FCA;

(c) where the institutional investor is a management company or a UCITS which is an authorised open ended investment company as defined in section 237(3) of the 2000 Act, by the FCA;

(d) where the institutional investor is an occupational pension scheme, by the Pensions Regulator;

[F2 (e) where the institutional investor is a CRR firm, by the PRA;

(f) where the institutional investor is an FCA investment firm, by the FCA.]

2. Compliance by a sponsor with the obligations set out in Articles 6, 7, 8 and 9 of this Regulation is to be supervised by the PRA, if the sponsor is a PRA-authorised person, and in any other case by the FCA.

3. Paragraph 3A applies where an originator, original lender or SSPE is an insurance undertaking or a reinsurance undertaking, an AIFM, a management company, a UCITS which is an authorised open ended investment company, an institution for occupational retirement provision [F3 , a CRR firm or an FCA investment firm].

3A. Where this paragraph applies, compliance with the obligations set out in Articles 6, 7, 8 and 9 of this Regulation is to be supervised as follows—

(a) where the originator, original lender or SSPE is a PRA-authorised person, by the PRA;

(b) where the originator, original lender or SSPE is an institution for occupational retirement provision, by the Pensions Regulator; and

(c) in any other case by the FCA.

3B. In paragraphs (1) to (3A)—

(a) ‘AIF’ and AIFM' have the meaning given in regulations 3 and 4(1) of the Alternative Investment Fund Managers Regulation 2013;

(b) ‘CRR firm’ has the meaning given by Article 4(1)(2A) of Regulation (EU) No 575/2013;

[F4 (ba) ‘FCA investment firm’ has the meaning given by Article 4(1)(2AB) of Regulation (EU) No 575/2013;]

(c) ‘occupational pension scheme’ has the meaning given in section 1(1) of the Pension Schemes Act 1993;

(d) ‘insurance undertaking’, ‘reinsurance undertaking’ and ‘PRA-authorised person’ have the meaning given in section 417(1) of the 2000 Act;

(e) ‘management company’ has the meaning given in section 237(2) of the 2000 Act ; and

(f) ‘UCITS’ has the meaning given in section 236A of the 2000 Act.]

4. For originators, original lenders and SSPEs established in the [F5 United Kingdom in relation to which paragraph 3A does not apply, the Treasury] shall designate one or more competent authorities to supervise compliance with the obligations set out in Articles 6, 7, 8 and 9. F6 .... That obligation shall not apply with regard to those entities that are merely selling exposures under an ABCP programme or another securitisation transaction or scheme and are not actively originating exposures for the primary purpose of securitising them on a regular basis.

5. [F7 The Treasury] shall designate one or more competent authorities to supervise the compliance of originators, sponsors and SSPEs with Articles 18 to 27, and the compliance of third parties with Article 28. F8 ...

6. Paragraph 5 of this Article shall not apply with regard to those entities that are merely selling exposures under an ABCP programme or other securitisation transaction or scheme and are not actively originating exposures for the primary purpose of securitising them on a regular basis. In such a case, the originator or sponsor shall verify that those entities fulfil the relevant obligations set out in Articles 18 to 27.

F9 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Art. 29(1)-(3B) substituted for Art. 29(1)-(3) (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 26(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2 Art. 29(1)(e)(f) substituted for Art. 29(1)(e) (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 30(4)(a) (with regs. 35, 38)

F3 Words in Art. 29(3) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 30(4)(b) (with regs. 35, 38)

F4 Art. 29(3B)(ba) inserted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 30(4)(c) (with regs. 35, 38)

F5 Words in Art. 29(4) substituted (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 26(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Art. 29(4) omitted (31.12.2020) by virtue of The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 26(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F7 Words in Art. 29(5) substituted (31.12.2020) by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 26(4)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F8 Words in Art. 29(5) omitted (31.12.2020) by virtue of The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 26(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F9 Art. 29(7) omitted (31.12.2020) by virtue of The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 26(5) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F10 Art. 29(8) omitted (31.12.2020) by virtue of The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 26(5) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)