FCA Consults on Costs for Regulating Securitization Repositories
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.
Related Links
Comment Due Date: February 11, 2019
Keywords: Europe, UK, EU, Banking, Securities, Brexit, Securitization Repositories, Regulating Cost, CP19/1, ESMA, FCA
Previous Article
EBA Updates Risk Dashboard for the Third Quarter of 2018Related Articles
APRA Decides to Standardize Submission Date for Quarterly Reporting
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
EBA Publishes Phase 1 of Reporting Framework 3.1
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
UK Government to Set Out Rules on Wind-down of Critical Benchmarks
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA Launches Stress Test for Insurance Sector in EU
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK Authorities Publish Third Edition of Regulatory Initiatives Grid
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC Consults on Regulation on Non-Financial Sustainability Disclosures
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI Outlines Prudential Policy Priorities for Coming Months
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
BIS Announces TechSprint on Innovative Green Finance Solutions
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR Publishes Version 1.0.0 of RUBA Taxonomy
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA Proposed Regulatory Standards for Central Database on AML/CFT
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
