The Securitisation Regulations 2018

Regulation 28

SCHEDULE 2 U.K. Minor and consequential amendments to primary and secondary legislation

The Act U.K.

F1 1.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 2 para. 1 omitted (31.12.2020) by virtue of The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 58(7) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

The Financial Services and Markets Act (Regulated Activities) Order 2001 U.K.

2.—(1) The Financial Services and Markets Act (Regulated Activities) Order 2001 M1 is amended as follows.

(2) In article 3 (interpretation), in the appropriate places insert—

“securitisation repository” means a person registered with ESMA under Article 10 of the EU Securitisation Regulation 2017;”;

“EU Securitisation Regulation 2017” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012;.

(3) In Part 6, after article 35A M2 (trade repositories) there were inserted—

“Securitisation repositories

35AB   A securitisation repository does not carry on an activity of the kind specified by article 25(2) by carrying on its functions of centrally collecting and maintaining records of securitisations under the EU Securitisation Regulation 2017.”.

Marginal Citations

M1 S.I. 2001/544.

M2 Article 35A was inserted by S.I. 2013/504.

The Payment to Treasury of Penalties (Enforcement Costs) Order 2013 U.K.

3.  In article 2(1) of the Payment to Treasury of Penalties (Enforcement Costs) Order 2013 M3 (enforcement powers), after sub-paragraph (n) insert—

“(o) regulations 5, 7 and 8 of the Securitisation Regulations 2018.”.

Marginal Citations

M3 S.I. 2013/418.

The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 U.K.

4.—(1) The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 M4 is amended as follows.

(2) In article 1(2) (interpretation), insert the following definition in the appropriate place—

“EU Securitisation Regulation 2017” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012;.

(3) In article 2(2) (qualifying EU provisions: general), after subparagraph (m) M5 insert—

“(n) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”.

(4) In article 2(6) (qualifying EU provisions: general), after sub-paragraph (e) M6 insert –

“(f) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”

(5) In article 3 (qualifying EU provisions: disciplinary measures)—

(a) after paragraph (2)(p) M7 insert—

“(q) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (3)(n) M8 insert—

“(o) in relation to a contravention of a requirement imposed for the purposes of the EU Securitisation Regulation 2017 or any directly applicable regulation made under that Regulation—

(i) the FCA if it is the competent authority for the purposes of that Regulation for the person concerned; or

(ii) the PRA if it is the competent authority for the purposes of that Regulation for the person concerned.”.

(6) In article 5 (qualifying EU provisions: injunctions and restitution)—

(a) after paragraph (2)(p) M9 insert—

“(q) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (5)(o) M10 insert—

“(p) in relation to a contravention of a requirement imposed by the EU Securitisation Regulation 2017 or any directly applicable regulation made under that Regulation—

(i) the FCA if it is the competent authority under that Regulation for the person concerned;

(ii) the PRA if it is the competent authority under that Regulation for the person concerned.”.

(7) In article 6(2) (qualifying EU provisions: fees), after sub-paragraph (r) M11 insert—

“(s) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”.

(8) In article 6(4) (qualifying EU provisions: fees), after sub-paragraph (f) insert—

“(g) the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation.”.

Marginal Citations

M4 S.I. 2013/419.

M5 Subparagraph (m) was inserted by 2018/698. There are other amendments to Article 2(2) but none is relevant.

M6 Subparagraph (e) was inserted by S.I. 2014/3348. There are other amendments to Article 2(6) but none is relevant.

M7 Paragraph (2)(p) was inserted by S.I. 2018/698. There are other amendments to Article 3(2) but none is relevant.

M8 Paragraph (3)(n) was inserted by S.I. 2018/698. There are other amendments to Article 3(3) but none is relevant.

M9 Paragraph 2(p) was inserted by S.I. 2018/698. There are other amendments to Article 5(2) but none is relevant.

M10 Paragraph 5(o) was inserted by S.I. 2018/698. There are other amendments to Article 5(5) but none is relevant.

M11 Paragraph 2(r) was inserted by S.I. 2018/698. There are other amendments to Article 6(2) but none is relevant.

The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 U.K.

5.—(1) The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2001 M12 is amended as follows.

(2) In article 2 (relevant functions of the FCA), after paragraph (g) M13 insert “ (h) its functions under the Securitisations Regulations 2018. ”.

(3) In article 3 (relevant functions of the PRA), after “2017” insert “ and under the Securitisation Regulations 2018 ”.

Marginal Citations

M12 S.I. 2014/1195.

M13 Paragraph 2(g) was inserted by S.I. 2017/1127. There are other amendments to Article 2 but none is relevant.

The Public Interest Disclosure (Prescribed Persons) Order 2014 U.K.

6.—(1) The Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014 M14 (prescribed persons) is amended as follows.

(2) In the second column of the entry in the table relating to the Financial Conduct Authority, after paragraph (n) insert—

“and

(o) the conduct of persons regulated under Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012.”.

(3) In the second column of the entry in the table relating to the Prudential Regulatory Authority, after paragraph (b) insert—

“and

(c) the conduct of persons regulated under Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012.”.

Marginal Citations

M14 S.I. 2014/2418 was amended by S.I. 2017/701. There are other amendments but none is relevant.