PRA and FCA Finalize Direction on Reporting of Private Securitizations
PRA and FCA issued the final direction, including the final template, on reporting of private securitizations. This direction comes into effect from January 31, 2019 and is intended to apply to all UK-established originators, sponsors, and securitization special purpose entities (SSPEs).
The statement clarifies that, where any completed notification form (in Annexes A to F of the Notification Template) would have been required by this direction if this direction had taken effect on January 01, 2019, such a notification form must be provided to the PRA and FCA (as the case may be) in the manner specified in this direction as soon as reasonably possible from the entry into effect of this direction. The Annexes contain main notification form (Annex A) and supplementary notification form (Annex B) for private securitizations that are non-ABCP securitizations, main notification form (Annex C) and supplementary notification form (Annex D) for private ABCP program where the sponsor or SSPE is established in the United Kingdom, and main notification form (Annex E) and supplementary notification form (Annex F) for private ABCP transactions under an ABCP program where neither the sponsor nor the SSPE is established in the United Kingdom
In this direction, "private securitization" means a securitization where no prospectus has to be drawn up in compliance with Directive 2003/71/EC of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading. The direction supplements the policy statement PS29/18 on the EU securitization framework, including Significant Risk Transfer, which became effective on January 01, 2019.
Related Links
- Notification
- Joint Statement (PDF)
- Securitization Notification Template (XLSX)
- Policy Statement on Securitization Framework
- FCA Overview on Securitization Legislation
Effective Date: January 31, 2019
Keywords: Europe, UK, Banking, Securitization Regulation, Securitization Framework, Private Securitizations, Reporting, FCA, PRA
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