CHAPTER 4U.K.SIMPLE, TRANSPARENT AND STANDARDISED SECURITISATION

Article 18U.K.Use of the designation ‘simple, transparent and standardised securitisation’

[F11.]Originators, sponsors and SSPEs may use the designation ‘STS’ or ‘simple, transparent and standardised’, or a designation that refers directly or indirectly to those terms for their securitisation, only where:

(a)

the securitisation meets all the requirements of Section 1 or Section 2 of this Chapter, and [F2the FCA] has been notified pursuant to Article 27(1); and

(b)

the securitisation is included in the list referred to in Article 27(5).

[F32.The originator and sponsor involved in a securitisation which is not an ABCP programme or an ABCP transaction and is considered STS must be established in the United Kingdom.]

[F43.This Article has effect in relation to a relevant securitisation without the amendments made by regulation 18 of the Securitisation (Amendment) (EU Exit) Regulations 2019.

(a)which meets all the requirements of Section 1 or Section 2 of this Chapter, and of which ESMA was notified pursuant to Article 27(1) before IP completion day, or is notified pursuant to Article 27(1) after IP completion day but before the expiry of a period of [F5four years] beginning with IP completion day; and

(b)which is included in the list referred to in Article 27(5).

In this paragraph a reference to Section 1 or Section 2 of this Chapter or to Article 27 is a reference to that Section or Article as it had or has effect in relation to an EEA State at any time on and after the date of the notification and before the end of the period referred to in the second subparagraph.]

Textual Amendments