FCA Proposes Handbook Changes in Line with the EU Securitization Rules
FCA proposed changes to ensure that the FCA Handbook is consistent with the directly applicable EU Securitization Regulation and the associated Capital Requirements Regulation (CRR) amendment. The EU Securitization Regulation and the related amendment to CRR came into effect on January 17, 2018 while most of their provisions will come into force on January 01, 2019. The consultation (CP18/30) closes on November 02, 2018.
FCA proposed to amend the Decision Procedures and Penalties Manual (DEPP) and Enforcement Guide (EG) to reflect the changes introduced by the EU Securitization Regulation and by HM Treasury that is intending to lay an implementing Statutory Instrument (SI) before Parliament. These amendments include, but are not limited to, the decision procedure for applications for and withdrawal of authorization of third party verifiers (TPV) and the extension of the enforcement powers to cover unauthorized firms acting as sponsors, originators, or Securitization Special Purpose Entities (SSPEs) in a securitization. This consultation will be of interest to anyone who may be subject to regulation under the EU Securitization Regulation. This includes (but is not limited to) the following entities:
- Entities that may wish to act as TPVs
- Firms involved in securitization markets, either as institutional investors or manufacturers (originators, sponsors or SSPEs) of securitizations or as sellers of securitization positions
- Unauthorized entities (originators, original lenders, or SSPEs) participating in a securitization transaction subject to the EU Securitization Regulation
- Individuals holding offices or positions involving responsibility for taking management decisions at originators, sponsors, or SSPEs
Related Links
Comment Due Date: November 02, 2018
Keywords: Europe, UK, Banking, Securities, Securitization Regulation, CRR, FCA Handbook, FCA
Previous Article
US Agencies Propose Leverage Ratio for Qualifying Community BanksRelated Articles
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.
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.
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.
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.
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.
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.
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.
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.
SRB Chair Outlines Work Priorities for 2021
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC Selects Companies to Compete in Final Phase of Tech Sprint
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.