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ARTICLE · 04 JUNE 2018

UK Prudential Regulation Authority Consults On Its Approach To New EU Securitization Framework And Significant Risk Transfer

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On May 22, 2018, the U.K. Prudential Regulation Authority published a consultation paper, setting out the PRA's proposals on its approach to supervision under the new EU securitization ...

United KingdomFinance and Banking
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On May 22, 2018, the U.K. Prudential Regulation Authority published a consultation paper, setting out the PRA's proposals on its approach to supervision under the new EU securitization framework that will take effect from January 1, 2019. The incoming EU framework consists of: (i) the Securitization Regulation, which imposes general requirements for all EU securitization activity and outlines the criteria and process for designating certain securitizations as "Simple, Transparent and Standardised;" and (ii) revisions to the banking securitization capital framework within the CRR.

The PRA proposes to:

  • Introduce a new Supervisory Statement, "Securitisation: general requirements and capital framework." This will set out the PRA's approach and expectations relating to: (a) the provisions within the Securitization Regulation that are applicable to all securitizations; (b) firms that intend to sponsor STS Asset Backed Commercial Paper programes; and (c) incoming

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