March 11, 2019

FCA published the consultation paper CP19/11, which sets out changes to the Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG) that reflect new responsibilities of FCA over securitization repositories. Comments are requested by April 08, 2019. FCA intends to publish responses and the final rules by mid-June 2019.

FCA is also consulting on certain minor amendments to DEPP and EG resulting from the new enforcement powers granted to FCA under the Securitization Regulations 2018. This follows consultation in CP18/30 and policy statement in PS18/25, in which FCA consulted on and laid out rules in respect of the draft Statutory Instrument. These amendments are to reflect the further changes made by the Securitization Regulations 2018 and describe the enforcement powers and processes for securitization repositories. Recently, FCA issued CP19/1, which set out the fees structure to be established for securitization repositories when responsibility for their regulation passes to FCA from ESMA, after UK leaves EU on March 29, 2019.

Securitization repositories in EU are currently regulated by ESMA. The Treasury intends to transfer responsibility for regulating securitization repositories to FCA when UK leaves EU on March 29, 2019. To do so the Treasury has laid before Parliament the Securitization (Amendment) (EU Exit) Regulations 2019 (draft Statutory Instrument). FCA proposed to apply its existing supervisory and enforcement processes as necessary to enable to fulfill the new roles effectively. 

 

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Comment Due Date: April 08, 2019

Keywords: Europe, UK, Banking, Securities, Securitization Regulation, Securitization Repositories, CP 19/11, Brexit, Statutory Instrument, EU, ESMA, FCA

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