January 08, 2019

FCA sets out proposals (CP19/1) for recovering the costs of regulation from securitization repositories after UK leaves EU. This paper sets out the fees structure FCA intends to establish for securitization repositories when responsibility for their regulation passes to FCA from ESMA after Brexit. Securitization repositories are established under the Securitization Regulation and none have yet been formed. Comments are requested by February 11, 2019.

FCA will communicate separately on authorization and supervision of securitization repositories. Post the January 01, 2019 effective date for the Securitization Regulation, firms wishing to establish securitization repositories will be able to apply to be regulated by ESMA. When UK leaves EU, FCA is expected to become the regulatory authority of securitization repositories in the UK. The HM Treasury has stated its intention to introduce regulations that would allow FCA to use powers under the Financial Services and Markets Act 2000 (FSMA) to recover fees from them. CP19/1 applies to firms that are considering setting up a securitization repository. It is not directly relevant to retail financial services consumers, although fees are indirectly paid by users of financial services.

 

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Comment Due Date: February 11, 2019

Keywords: Europe, UK, EU, Banking, Securities, Brexit, Securitization Repositories, Regulating Cost, CP19/1, ESMA, FCA

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