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 urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.
FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.
EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).
EBA published the final draft regulatory technical standards specifying the methodology for prudential treatment of software assets by banks.
FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas.
In a recent communication, EIOPA urged the insurance sector to complete its preparations for the end of the Brexit transition period on December 31, 2020.