30.—(1) A person may submit an advance application to the FCA for registration as a securitisation repository.
(2) Such an application must—
(a)be made in such a manner as the FCA may direct; and
(b)contain, or be accompanied by, such information as the FCA may direct.
31. The FCA must, before the end of a period of 20 working days beginning with the day of receipt of an advance application (“the application”)—
(a)if it considers that the application complies with any applicable direction under regulation 30(2)(a) or (b), confirm in writing that the application is complete; or
(b)if it considers that the application does not comply with one or more of the directions under that regulation—
(i)confirm in writing to the applicant that the application is not complete; and
(ii)where applicable, inform the applicant of the steps which need to be taken, and the time within which they need to be taken, for the application to be considered complete.
32.—(1) The FCA must, before the end of a period of 40 working days beginning with the day on which the FCA confirms that an advance application is complete, take the following steps.
(2) The first step is that the FCA must consider the application based on compliance with Article 10(2) and Article 17 of the Securitisation Regulation.
(3) The second step is that the FCA must decide whether the applicant should be registered as a securitisation repository or whether the application for registration should be rejected.
(4) The third step is that the FCA must notify the applicant of its decision under paragraph (3), and the reasons for that decision.
33. A decision in respect of an advance application under regulation 32(3) has effect from whichever is the later of—
(a)the day of notification under regulation 32(4), or
(b)IP completion day,
as if it were a decision to register or refuse registration adopted in accordance with Article 12 of the Securitisation Regulation.
34. Section 398 of the Financial Services and Markets Act 2000 (misleading the FCA or PRA: residual cases)(1) applies to a requirement to provide information in accordance with a direction under regulation 30(2)(a) or (b) as it applies to a requirement falling within subsection (1A) of that section.
35.—(1) The power to make a direction under regulation 30(2)(a) or (b) includes the power—
(a)to make different directions in relation to different applications or categories of application;
(b)to vary or revoke a previous direction.
(2) A direction under regulation 30(2)(a) or (b) must be—
(a)in writing; and
(b)published by the FCA in a manner suitable to bring it to the attention of persons likely to be affected.
36. In this Part—
“advance application” means an application made under regulation 30(1) submitted during the period that begins with the day on which this Part comes into force and ends immediately before IP completion day;
“the FCA” means the Financial Conduct Authority;
“Securitisation Regulation” 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 as it forms part of retained EU law;
“securitisation repository” has the same meaning as in Article 2(23) of the Securitisation Regulation;
“working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday, or a bank holiday within the meaning of the Banking and Financial Dealings Act 1971.
2000 c. 8. Section 398 is amended by paragraph 36 of Schedule 9 to the Financial Services Act 2012 (c. 21), S.I. 2013/1773, S.I. 2015/1882, S.I. 2016/680, S.I. 2017/701, S.I. 2018/135, S.I. 2018/698, S.I. 2019/362, and S.I. 2019/1043.