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ARTICLE · 13 NOVEMBER 2024

Guide To The New UK Securitisation Rules

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The UK Securitisation Regulations 2024 and new rules from the FCA and PRA came into effect on 1 November 2024, replacing the EU Securitisation Regulation. The updated rules, outlined in the FCA's Securitisation Sourcebook and PRA Rulebook, aim to align with the UK's Smarter Regulatory Framework for financial services.

United KingdomFinance and Banking
James Warbey
James Warbey
Alex Martin
Alex Martin
Claire Bridcut
Claire Bridcut
Kristine Kozicki
Kristine Kozicki
Robert Wyse Jackson
Robert Wyse Jackson
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Introduction

From 1 November 2024, the UK Securitisation Regulations 20241 and the FCA's and PRA's new rules for securitisation came into full effect (the "UK Securitisation Rules"), six months after their original promulgation, and replacing the retained EU Securitisation Regulation.2 The firm-facing securitisation rules are now set out in the FCA's new Securitisation Sourcebook ("SECN") and the PRA's new Securitisation Part of the PRA Rulebook, alongside an updated PRA supervisory statement.3 The change forms a key pillar of the UK Government's Smarter Regulatory Framework for financial services,4 and follows consultation and final rules issued by both regulators.5

The UK Securitisation Regulations 2024 also set out due diligence requirements for trustees or managers of occupational pension schemes ("OPS") investing in securitisation positions,6 given that The Pensions Regulator does not have powers to make its own rules in relation to securitisation. The

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