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    FCA to Supervise UK Securitization Repositories Post Brexit Transition

    April 20, 2020

    FCA updated information on the implementation of securitization legislation in UK. At the end of the transition period leading up to Brexit, the UK Securitization Regulation—also known as the Securitization (Amendment) (EU Exit) Regulations 2019—will transfer the powers to register and supervise UK securitization repositories from ESMA to FCA. From that point onward, public securitizations within the scope of the regulation must be reported to a UK securitization repository, once a UK repository is available.

    To register itself as a UK Securitization Repository, a firm will need to submit an application for registration to FCA. Soon, FCA is expected to publish a draft application form for prospective UK repositories to submit a draft application for registration to FCA before the end of the transition period. This should facilitate prospective UK repositories being registered by FCA to become operational as soon as possible after the end of the transition period, provided they meet the conditions for registration under the UK Securitization Regulation. During the transition period, EU securitization legislation will continue to apply in the UK and originators, sponsors, or securitization special purpose entities (SSPEs) will be required to report their public securitizations to a securitization repository registered by ESMA.

     

    Related Link: Update on Securitization Repositories

     

    Keywords: Europe, UK, Banking, Securities, Brexit, Securitization, Securitization Regulation, Securitization Repositories, FCA

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