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.
- 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
Previous ArticleDNB Publishes Banking and Insurance Newsletters for January 2019
HKMA has published a circular that sets out the regulatory and reporting treatment for loans that participating authorized institutions may grant to eligible borrowers under the 100% Personal Loan Guarantee Scheme.
ECB published the results of the assessment of internal models that banks use to calculate risk-weighted assets for credit, market, and counterparty credit risks.
PRA published a statement on the regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme, or MGS.
FCA is consulting, via CP21/7, on the second phase of proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR).
HM Treasury and BoE announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential central bank digital currency in UK.
EIOPA published an opinion to set out its expectations on the supervision of the integration of climate change risk scenarios by insurers in their Own Risk and Solvency Assessment (ORSA).
EC published the Implementing Regulation 2021/622 that lays down implementing technical standards for reporting of the minimum requirement for own funds and eligible liabilities (MREL).
BCBS has set out the strategic work priorities, as part of its the work program for 2021-22.
Bundesbank published two circulars on AnaCredit reporting requirements. Circular 27/2021 covers changes to the reporting of branches, additional attributes to be reported for investment funds from August 01, 2021, and updates to the list of international organizations.
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.