Earlier this week, the UK Treasury published a draft statutory instrument on securitisation. For our readers less well versed in the British constitutional arrangements, a statutory instrument is a secondary piece of legislation passed by the government pursuant to an Act of Parliament (pace my British legal friend, I know but we are summarising here…). In Brussels it would be known as Level 2 and in many European jurisdictions as a “decree”. This draft is designed to fill in gaps left by the post-Brexit repeal of EU legislation, including the Securitisation Regulation. As assidous followers of PCS’ news items know, the […]

UK Treasury publishes near-final draft of the rules replacing the EU Securitisation Regulation

The UK Treasury has published a near final draft of the statutory instrument that will, in due course, fully replace the European Union Securitisation Regulation for the UK market. This draft updates the December 2022 draft on which we commented back then. It comes with a handy and helpful policy note. This new draft does not substantially alter the December version. To summarise the key points: The approach, in line with other changes to the legal and regulatory landscape of UK finance, is to remove large parts of the rules from primary law making and the UK Parliament to vest […]

UK publishes proposed amendments to the Securitisation Regulation

At the end of last week, the Chancellor of the Exchequer unveiled the government’s roadmap to a new regulatory framework for British finance. Although overlooked by most commentators, the announcement contained detailed proposals to revise the Securitisation Regulation inherited from the EU. These proposals may be found in a draft statutory instrument. There are quite a few highly technical drafting changes the implications of which are still somewhat unclear. But here are the highlights. The definition of “securitisation” remains unchanged. The STS regime remains in place. However, the STS criteria have disappeared from the legislative text altogether and are now […]

UK Treasury publishes draft securitisation statutory instrument

UK Treasury publishes near-final draft of the rules replacing the EU Securitisation Regulation

UK publishes proposed amendments to the Securitisation Regulation