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    PRA Delays Final Direction on Reporting of Private Securitizations

    January 15, 2019

    PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019. This direction is intended to apply to all UK-established originators, sponsors, and securitization special purpose entities (SSPEs). This direction supplements the policy statement PS29/18 on the EU securitization framework, including Significant Risk Transfer.

    The authorities had earlier issued a statement on how they propose to direct the manner in which firms must make information regarding "private" securitizations available to their UK competent authorities. The proposed template to be used for notifying PRA and FCA had also been published. Following the comments from firms and other industry participants, this direction is now intended to apply to all UK-established originators, sponsors, and securitization special purpose entities (SSPEs) by the end of January 2019, instead of on January 15, 2019. The related securitization legislation came into effect on January 01, 2019.

     

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    Keywords: Europe, UK, Banking, Securitization Regulation, Securitization Framework, Private Securitizations, Reporting, FCA, PRA

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