The Securitisation (Amendment) (EU Exit) Regulations 2019

Made: 25th March 2019

Coming into force in accordance with regulation 1(2) and (3)

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PART 1 — General

Citation and commencement

1

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Interpretation

2

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PART 2 — Amendment of the Securitisation Regulation

CHAPTER 1 — Introductory provision

Amendments

3

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CHAPTER 2 — Amendment of Chapter 1 of the Securitisation Regulation (general provisions)

Article 2 (definitions)

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Article 3 (selling of securitisations to retail clients)

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Article 4 (requirements for securitisation special purpose entities)

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CHAPTER 3 — Amendment of Chapter 2 of the Securitisation Regulation (provisions applicable to all securitisations)

Article 5 (due-diligence requirements for institutional investors)

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Article 6 (risk retention)

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Article 7 (transparency requirements for originators, sponsors and SSPEs)

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Article 8 (ban on resecuritisation)

10

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Article 9 (criteria for credit-granting)

11

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CHAPTER 4 — Amendment of Chapter 3 of the Securitisation Regulation (conditions and procedures for registration of a securitisation repository)

Article 10 (registration of a securitisation repository)

12

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Article 11 (notification and consultation with competent authorities prior to registration or extension of registration)

13

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Article 12 (examination of the application)

14

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Articles 13 to 15 (notification of ESMA decisions relating to registration or extension of registration, powers of ESMA and withdrawal of registration)

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Article 16 (supervisory fees)

16

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Article 17 (availability of data held in a securitisation repository)

17

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CHAPTER 5 — Amendment of Chapter 4 of the Securitisation Regulation (simple, transparent and standardised securitisation)

Article 18 (use of the designation ‘simple, transparent and standardised securitisation’)

18

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Article 19 (simple, transparent and standardised securitisation)

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Article 20 (requirements relating to simplicity)

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Article 23 (simple, transparent and standardised ABCP securitisation)

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Article 24 (transaction-level requirements)

22

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Article 25 (sponsor of an ABCP programme)

23

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Article 27 (STS notification requirements)

24

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Article 28 (third party verifying STS compliance)

25

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CHAPTER 6 — Amendment of Chapter 5 of the Securitisation Regulation (supervision)

Article 29 (designation of competent authorities)

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Article 30 (powers of the competent authorities)

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Articles 31 to 37

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CHAPTER 7 — Amendment of Chapter 6 of the Securitisation Regulation (amendments)

Articles 38, 39 and 41

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Article 43 (transitional provisions)

30

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Articles 44 and 45

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Article 46 (review)

32

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Article 47 (exercise of the delegation)

33

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Final provision

34

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PART 3 — Amendment of the CRA Regulation

Article 3 (definitions)

35

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PART 4 — Amendment of the EMIR Regulation

Article 2 (definitions)

36

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Article 4 (clearing obligation)

37

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Article 11 (risk-mitigation techniques for OTC derivative contracts not cleared by a CCP)

38

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PART 5 — Amendment of the Capital Requirements Regulation

CHAPTER 1 — Introductory provision

Amendments

39

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CHAPTER 2 — Amendment of Chapter 5 of Title 2 of Part 3 of the Capital Requirements Regulation

Chapter 5 (securitisation)

40

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References to the competent authorities

41

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Article 242 (definitions for Chapter 5)

42

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Article 244

43

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Article 245

44

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Article 248

45

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Article 250 (implicit support)

46

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Article 254

47

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Article 255 (determination of KIRB and KSA)

48

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Article 257 (determination of tranche maturity (MT))

49

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Article 270 (senior positions in SME securitisations)

50

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Article 270a

51

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Article 270e (securitisation mapping)

52

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CHAPTER 3 — Amendment of other Articles of the Capital Requirements Regulation

Article 337 (own funds requirement for securitisation instruments)

53

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Article 519a (reporting and review)

54

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PART 6 — Amendment of the Liquidity Commission Delegated Regulation

Article 13 of the Liquidity Commission Delegated Regulation (level 2B securitisations)

55

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PART 7 — Amendment of the CRR amending regulation

56

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PART 8 — Amendment of subordinate legislation

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

57

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Amendment of the Securitisation Regulations 2018

58

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Signed

Mike Freer — Rebecca Harris — Two of the Lords Commissioners of Her Majesty's Treasury — 2019-03-25

Explanatory note

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Footnotes

[^f00001]: 2018 c. 16.

[^f00002]: S.I. 2019/266.

[^f00003]: 2000 c.8.

[^f00004]: 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.

[^f00005]: 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.

[^f00006]: 1993 c. 48. The definition of “occupational pension scheme” was inserted by section 239 of the Pensions Act 2004 (c. 35) and amended by S.I. 2007/3014.

[^f00007]: S.I. 2013/1773, as amended by S.I. 2019/328 the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019.

[^f00008]: The definition was substituted by S.I. 2019/325 the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019.

[^f00009]: Section 236A was inserted by S.I. 2019/325 the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019.

[^f00010]: Point (2A) was inserted by S.I. 2018/1401.

[^f00011]: S.I. 2004/1862, as amended by S.I. 2019/264 the Financial Conglomerates and other Financial Groups (Amendment) (EU Exit) Regulations 2019.

[^f00012]: These are “prospectus rules”; see section 73A of the Financial Services and Markets Act 2000 (Part 6 Rules), inserted by S.I. 2005/381).

[^f00013]: S.I. 2019/335.

[^f00014]: The definition of “transferable securities” in Regulation (EU) No 600/2014 was substituted by S.I. 2018/1403.

[^f00015]: Point (2A) was inserted and point (2) was amended by S.I. 2018/1401.

[^f00016]: S.I. 2013/1773, as amended by S.I. 2019/328 the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019

[^f00017]: The definition was substituted by S.I. 2019/325 the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019.

[^f00018]: Section 236A was inserted by S.I. 2019/325 the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019.

[^f00019]: Articles 407 and 410, with all other provisions of Part 5 of Regulation (EU) No 575/2013, are repealed by the CRR amending regulation, Article 1(11).

[^f00020]: Article 405, with all other provisions of Part 5 of Regulation (EU) No 575/2013, is repealed by the CRR amending regulation, Article 1(11).

[^f00021]: S.I. 2004/1862, as amended by 2019/264 the Financial Conglomerates and other Financial Groups (Amendment) (EU Exit) Regulations 2019.

[^f00022]: This definition was substituted, with the rest of Article 3(1), by S.I. 2019/266 the Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations2019.

[^f00023]: Point (30) was inserted by the Securitisation Regulation, Article 42(1).

[^f00024]: Paragraph 6 was inserted by the Securitisation Regulation, Article 42(2).

[^f00025]: Paragraph 15 was substituted by S.I. 2019/335 the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019.

[^f00026]: The definitions of “covered bond” and “covered bond entity” are inserted by the Securitisation Regulation, Article 42.

[^f00027]: Chapter 5 was substituted by point (9) of Article 1 of Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms.

[^f00028]: Article 237 is substituted by point (10) of Article 1 of Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms.

[^f00029]: Article 519a is substituted by point (14) of Article 1 of that Regulation.

[^f00030]: S.I. 2017/752.

[^f00031]: Point (40) is amended by S.I. 2018/1401.

[^f00032]: S.I. 2001/544.

[^f00033]: The definition was inserted by S.I. 2018/1288.

[^f00034]: S.I. 2018/1288.

[^f00035]: Paragraph (3A) of Article 29 is substituted by regulation 28 of these Regulations.

Editorial notes