The Securitisation Regulations 2018

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

4.—(1) The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013(1) 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)(2) 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)(3) 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)(4) insert—

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

(b) after paragraph (3)(n)(5) 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)(6) insert—

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

(b) after paragraph (5)(o)(7) 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)(8) 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.”.

(1)

S.I. 2013/419.

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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