a securitisation where the securitised assets are themselves securitisations. Examples of re-securitisations would be CDO squared securities. After the GFC and the very severe losses incurred on re-securitisations such as CDO squared and CDO cubed securities, re-securitisations were considered a main trigger of the financial crisis. As a result, re-securitisations are banned in the EU (article 4 of the Securitisation Regulation). Although they are currently banned in the UK, current proposals by the British government would allow them but only with the prior approval of the FCA and PRA.

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