The Securitisation Regulations 2018

Offences

8.—(1) Section 398 of the Act(1) (misleading FCA or PRA: residual cases) applies in respect of requirements imposed by or under these Regulations and by or under the EU Securitisation Regulation 2017 as it applies in respect of requirements imposed by or under the Act.

(2) Section 399 of the Act (misleading the CMA) does not apply.

(3) Section 400(2) (offences by bodies corporate etc.) applies in respect of offences under the Act as applied by these Regulations as it applies in respect of offences under the Act.

(4) Section 401 of the Act(3) (proceedings for offences) applies in respect of offences under the Act as applied by these Regulations as it applies in respect of offences under the Act, as if—

(a) subsection (1)(c) were omitted;

(b) references to the Secretary of State were omitted;

(c) subsections (3A), (3AB)(4) and (3B)(5) were omitted.

(5) Section 402 of the Act (power of FCA to institute proceedings for certain other offences) does not apply; and

(6) Section 403(6) of the Act (jurisdiction and procedure in respect of offences) applies in respect of offences under the Act as applied by these Regulations as they apply in respect of offences under the Act, as if in subsection (7) for the words from “or an offence” to the end were omitted.

(1)

Section 398 was amended by paragraph 36 of Schedule 9 to the Financial Services Act 2012 (c.21) and S.I. 2013/1773, 2015/1882, 2016/680, 2017/701, 2018/135 and 2018/698.

(2)

Section 400 was amended by paragraph 37 of Schedule 9 to the Financial Services Act 2012.

(3)

Section 401 was amended by paragraph 38 of Schedule 9 to the Financial Services Act 2012 (c.21) and S.I. 2013/1881 and 2016/1239.

(4)

Subsection (3AB) was inserted by S.I. 2016/1239.

(5)

Subsection (3A) and (3B) were inserted by section 37 of and paragraph 38 of Schedule 9 to the Financial Services Act 2012 (c.21).

(6)

Section 403 was amended by paragraph 40 of Schedule 9 to the Financial Services Act 2012 (c.21).