The Securitisation (Amendment) (EU Exit) Regulations 2019

Article 2 (definitions) U.K.

4.—(1) Article 2 is amended as follows.

(2) After “the following definitions apply:” insert the following points—

“(A1) ‘Regulation (EU) No 575/2013’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;

(A2) ‘Regulation (EU) No 648/2012’ means Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;

(A3) ‘the 2000 Act’ means the Financial Services and Markets Act 2000 M1 ;

(A4) ‘competent authority’ means an authority designated or required to be designated for the purpose of supervising compliance by an entity with obligations set out in this Regulation; and in relation to an entity, means the authority designated for the purpose of supervising compliance with such obligations by that entity M2 ;

(A5) ‘the FCA’ means the Financial Conduct Authority;

(A6) ‘the FCA Handbook’ means the Handbook of Rules and Guidance published by the FCA containing rules made by the FCA under the 2000 Act (as that Handbook has effect on [F1 IP completion day]);

(A7) ‘the PRA’ means the Prudential Regulation Authority;

(A8) ‘third country’ means a country other than the United Kingdom;”.

(3) For point (5) (definition of ‘sponsor’) substitute—

“(5) ‘sponsor’ means a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 or an investment firm as defined in paragraph 1A of Article 2 of Regulation 600/2014/EU, whether located in the United Kingdom or in a third country, which—

(a) is not an originator; and

(b) either—

(i) establishes and manages an asset-backed commercial paper programme or other securitisation that purchases exposures from third party entities; or

(ii) establishes an asset-backed commercial paper programme or other securitisation that purchases exposures from third party entities and delegates the day-to-day active portfolio management involved in that securitisation to an entity which is authorised to manage assets belonging to another person in accordance with the law of the country in which the entity is established.”.

(4) In point (12) (definition of ‘institutional investor’)—

(a) in point (a) for “point (1) of Article 13 of Directive 2009/138/EC” substitute “ section 417(1) of the 2000 Act ”;

(b) in point (b) for “point (4) of Article 13 of Directive 2009/138/EC” substitute “ section 417(1) of the 2000 Act ”M3 ;

(c) for points (c) to (g) substitute—

[F2 “(c) an occupational pension scheme as defined in section 1(1) of the Pension Schemes Act 1993 that has its main administration in the United Kingdom, or a fund manager of such a scheme appointed under section 34(2) of the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorised for the purposes of section 31 of the 2000 Act.]

(d) an AIFM (as defined in regulation 4(1) of the Alternative Investment Fund Managers Regulations 2013 M4 ) which markets or manages AIFs (as defined in regulation 3 of those Regulations) in the United Kingdom;

(e) a management company as defined in section 237(2) of the 2000 Act M5 ;

(f) a UCITS as defined by section 236A of the 2000 Act M6 , which is an authorised open ended investment company as defined in section 237(3) of that Act;

(g) a CRR firm as defined by Article 4(1)(2A) of Regulation (EU) No 575/2013 M7 ;”.

(5) Omit the words after point (23).

Textual Amendments

F1 Words in reg. 4(2) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 35(a)

F2 Words in reg. 4(4)(c) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 59(3)

Commencement Information

I1 Reg. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M1 2000 c.8.

M2 For the designation of competent authorities see Article 29(1) to (3B) of the Securitisation Regulation as substituted by these Regulations and S.I. 2018/1288, regulation 4.

M3 The definitions of “insurance undertaking” and “reinsurance undertaking” were substituted by S.I. 2019/632 the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019.

M4 S.I. 2013/1773, as amended by S.I. 2019/328 the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019.

M5 The definition was substituted by S.I. 2019/325 the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019.

M6 Section 236A was inserted by S.I. 2019/325 the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019.

M7 Point (2A) was inserted by S.I. 2018/1401.