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
OSFI Updates Manual of Reporting Forms and Instructions for BanksRelated Articles
|
News
EBA Report Assesses Regulatory Framework for Fintech ActivitiesEBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.
July 18, 2019
WebPage
Regulatory News
|
|
News
OSFI Revises Capital Requirements for Operational Risk for BanksOSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.
July 18, 2019
WebPage
Regulatory News
|
|
News
OSFI Consults on Revised Principles for Management of Liquidity RiskOSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.
July 18, 2019
WebPage
Regulatory News
|
|
News
ESMA Guidance on Disclosures for Credit Rating Sustainability IssuesESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.
July 18, 2019
WebPage
Regulatory News
|
|
News
FASB Issues Q&A on Estimation of Expected Credit Losses by FirmsFASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”
July 17, 2019
WebPage
Regulatory News
|
|
News
US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign FundsUS Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.
July 17, 2019
WebPage
Regulatory News
|
|
News
SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billionSRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.
July 17, 2019
WebPage
Regulatory News
|
|
News
FASB to Propose to Delay CECL Compliance Deadline for Certain EntitiesFASB published a summary of the tentative decisions taken at its Board meeting in July 2019.
July 17, 2019
WebPage
Regulatory News
|
|
News
IMF Publishes Report on 2019 Article IV Consultation with VietnamIMF published its staff report in context of the 2019 Article IV consultation with Vietnam.
July 16, 2019
WebPage
Regulatory News
|
|
News
European Parliament Elects Next President of European CommissionEuropean Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.
July 16, 2019
WebPage
Regulatory News
|
