Featured Product

    HM Treasury to Legislate Securitization Repository Registration

    July 30, 2020

    HM Treasury issued a statement on securitization repository registration arrangements under the UK Securitization Regulation, in preparation for the end of the transition period of the withdrawal of UK from EU. The Treasury is informing prospective securitization repositories and relevant market participants that it will soon bring forward legislation to assist FCA when considering draft applications for registration from prospective securitization repositories, in relation to its functions under the UK Securitization Regulation. This will enable applicable securitization repositories to operate in the UK immediately following the end of the transition period. The Treasury seeks to ensure that FCA has the relevant powers to enable a well-functioning securitization regime following the end of the transition period.

    This statement from HM Treasury should be read in conjunction with the statement of FCA on securitization repositories. During the transition period, EU securitization legislation continues to apply in the UK and originators, sponsors, or securitization special purpose entities will be required to report their public securitizations to a securitization repository registered by ESMA. At the end of the transition period, the UK Securitization Regulation (the EU Securitization Regulation as amended by The Securitization (Amendment) (EU Exit) Regulations 2019) will transfer the powers to register and supervise UK securitization repositories from ESMA to FCA. From that point onward, public securitizations within the scope of the Regulation must be reported to a UK securitization repository, once a UK securitization repository is available. To become a UK securitization repository, firms will need to submit an application for registration to FCA. To ensure a smooth transition in the reporting of public securitizations, FCA will shortly be publishing a draft application form that prospective UK securitization repositories can use to submit a draft application for registration to FCA, before the end of the transition period. 

     

    Related Links

    Keywords: Europe, UK, Banking, Securities, Brexit, Transition Period, Securitization, Securitization Regulation, Securitization Repositories, FCA, HM Treasury

    Related Articles
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6432