UK FCA issues a consultation on proposed new rules for securitisation

As a consequence of the UK leaving the European Union, the shaping of the regulatory landscape for finance, including securitisation, became the responsibility of the British government and British regulatory institutions. Following the publication of HM Treasury's near final statutory instrument modifying the European Securitisation Regulation and the UK PRA's consultation on its proposed changes, it is now the turn of the UK FCA to issue its own consultation on changes it would like to see to the existing rules inherited from the EU. A quick glance at the just issued document appears to show at attempt at fixing some […]

On Friday 25th, the final pieces of the STS regulatory puzzle fell into place when ESMA registered two securitisation repositories. The registrations of both the European Datawarehouse GmbH, based in Frankfurt, and Secrep B.V. , based in Rotterdam, were announced on the same day. Both firms have long experience in the field, Secrep B.V. having been set up by the founders of Euro-ABS. Both will be able to operate throughout the EU. Following this registration, originators of European Union securitisations will - as of 30th June 2021 - mandatorily have to report their data through one of these repositories. This […]

FCA STS list up and running

First, PCS wishes for all a new year more serene than the one just ended and hopes that the holiday season proved to be a source of joy and rest notwithstanding the various restrictions imposed by the pandemic. As they had promised, the UK FCA set up their website list for UK transactions wishing to be treated as STS in the hands of UK investors. As our attentive readers will recall, this was a necessary step for the STS regime to come into force in the United Kingdom on January 1st. It has been done. To save you from having […]

Monday saw two important announcements from European regulators. First, the UK Financial Conduct Authority went live with its new STS notification platform. As of 11 pm on 31st December, UK securitisations will no longer be STS in the hands of UK investors unless they appear in a new publicly available list hosted by the FCA and replacing the ESMA list to which all securitisations were previously notified. To avoid a problematic interregnum between the time the new rules come into force at the end of the year and the time it takes for UK transactions previously notified to ESMA to […]

Last Friday the UK Financial Conduct Authority published a consultation on some of the changes that may be made to their Handbook. Most important for stakeholders are the proposals for what happens at 11.00 pm London time on 31st December as the Brexit transition period comes to an end. This consultation, which may be found here, covers a number of Brexit topics in paragraph 4. These include (from paragraph 4.17 onwards) securitisation issues, namely data templates, data repositories, STS notifications, counterparty risks and risk retention. The consultation period ends on October 5th. With so many tricky issues of detail plaguing […]

More about the B-word: the UK FCA puts out a consultation on STS

The UK Financial Conduct Authority has just issued a consultation relating to the format of future STS notifications in a world where the United Kingdom may no longer be part of the European Union. Entitled a “Draft technical standards on the content and format of STS notifications under the onshored Securitisation Regulation”, the consultation is the first to deal with the technical standards to be applied in the UK in the event of a departure by the UK from the EU without some transitional arrangements. Responses are required by August 27th, so if you had not yet found a good […]

UK FCA issues a consultation on proposed new rules for securitisation

Final pieces of the puzzle fall into place - Data Repositories

FCA STS list up and running

Monday sees important announcements from the EBA on SRT and the FCA on STS

United Kingdom FCA publishes a consultation on the end of the Brexit transition period

More about the B-word: the UK FCA puts out a consultation on STS