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ARTICLE · 23 FEBRUARY 2024

The UK Finalises Its Securitisation Regulations

Hogan Lovells Cadwalader
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Following up on a consultation in July 2023 here, the post-Brexit replacement of Regulation (EU) 2017/2402 of the European Parliament and of the Council ("Sec Reg")...

United KingdomFinance and Banking
Alix Prentice
Alix Prentice
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Following up on a consultation in July 2023 here, the post-Brexit replacement of Regulation (EU) 2017/2402 of the European Parliament and of the Council ("Sec Reg"), the UK Securitisation Regulations 2024 (SI 2024/102) ("SI") was made final on 29 January 2024. While certain of the SI's provisions are in force as of that date, they will come fully into force alongside the new Financial Conduct Authority ("FCA") and Prudential Regulation Authority ("PRA") firm-facing rules on securitisations, the final version of which is expected in Q2 following the conclusion of the consultation period, and the repeal of retained EU law on securitisation.

To recap, the SI creates a new framework within which the FCA and PRA can make rules and switches on the FCA's powers to do so in a way that speak to both the regulated and unregulated in relation to the 'designated activities' described in Regulation 4. This maintains the Sec Reg status quo that all providers of securitisations

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