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 Sets Out Work Priorities and Deliverables for 2021

    EBA published its annual work program for 2021. The work program describes the activities and deliverables for the coming year in the context of the six key strategic areas of work.

    September 30, 2020 WebPage Regulatory News
    News

    PRA Proposes to Amend SS11/13 on Internal Ratings-Based Approaches

    PRA is proposing, via the consultation paper CP14/20, to introduce two complementary expectations on the level of mortgage risk-weights in UK for banks applying the internal ratings-based approaches.

    September 30, 2020 WebPage Regulatory News
    News

    ECB Confirms Compliance of €STR with Financial Benchmark Principles

    ECB published its statement of compliance with the IOSCO principles for financial benchmarks developed by IOSCO.

    September 30, 2020 WebPage Regulatory News
    News

    OSFI Updates Timelines for Implementation of IFRS 17

    OSFI updated the timelines for implementation of IFRS 17 on insurance contracts.

    September 30, 2020 WebPage Regulatory News
    News

    IFRS Consults on Global Approach to Sustainability Reporting

    IFRS launched a consultation to assess the demand for global sustainability standards.

    September 30, 2020 WebPage Regulatory News
    News

    EIOPA Sets Out Work Priorities for 2021-2023

    EIOPA has set out the work priorities for 2021-2023, taking into account the current market situation in light of the COVID-19 pandemic.

    September 30, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Three Interim Final Rules Issued Amid Pandemic

    US Agencies (FDIC, FED, and OCC) finalized three interim final rules that were published in March and April this year to ease the impact of disruptions caused by the COVID-19 pandemic.

    September 30, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Interim Final Rules Issued Amid Pandemic

    US Agencies (FDIC, FED, and OCC) finalized two rules, which are either identical or substantially similar to the interim final rules in effect and issued earlier this year.

    September 29, 2020 WebPage Regulatory News
    News

    APRA Proposes to Increase Transparency of Banking Data

    APRA announced that it is resuming consultation on the confidentiality of data submitted to APRA by the authorized deposit-taking institutions.

    September 29, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Use of Risk Mitigation Techniques Under Solvency II

    EIOPA is consulting on a supervisory statement on the use of risk mitigation techniques by insurance and reinsurance undertakings.

    September 29, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5873