Following the publication by the UK Treasury of the draft statutory instrument, the FCA and PRA have today published policy statements on the new securitisation rules. These policy statements, each containing the full new proposed rules, can be found here and here. (Note that the proposed PRA rules are to be found hidden in the appendices - scroll down the left hand column). These rules, together with the statutory instrument will come into force on November 1st. This is all to the good since the market will take some time to digest these documents with the FCA rules alone running to a hefty 691 pages...
Once they come into effect, these rules will fully replace the EU Securitisation Regulation and attendant level 2 European legislation.
PCS will be reading both with interest, as will no doubt all market participants with an interest in UK transactions.
Created by Proformat
