FCA Proposes Handbook Changes in Line with Securitization Regulations

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. 

Related Links

• Notification
• CP19/11 (PDF)
• Draft Statutory Instrument (PDF)

Comment Due Date: April 08, 2019

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