The End Of The Temporary Transitional Power: Securitisation Reporting

Brexit and the Temporary Transitional Power

On 31 January 2020, the UK ceased to be a member of the EU. Following a transition period, EU law ceased to be applicable in the UK with effect from 11 p.m. on 31 December 2020. Directly applicable EU legislation, such as the EU Securitisation Regulation and associated technical standards, was ‘onshored' into UK domestic law as of that date. Such onshored financial services legislation was subject to changes which reflected, among other things, the changed relationship between the UK and the EU, the replacement of EU authorities and regulators with their UK equivalents, and differing regulatory priorities in the EU and UK.

In order to give UK authorised firms enough time to adapt to this partial overhaul of the regulatory system, the UK Government empowered the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”) to make transitional provisions in respect of the onshored legislation for an