Final rules published by FCA and PRA on UK securitisation
parties
On 30 April 2024, the FCA and PRA each published its final rules
on the UK securitisation framework, using the powers delegated to
each of them under the Securitisation Regulations 2024 SI
(together, the "New UK Rules"). These rules contain the
much awaited detail surrounding how the UK regulators will change
key areas of the onshored version of the current UK securitisation
regulation (the "Existing UK Rules") and derogate from
its EU equivalent (the "EU Securitisation
Regulation").
The New UK Rules will come into effect on 1 November 2024 (the
"Implementation Date"). However, the existing regime will
continue to apply for securitisations issued prior to the
implementation of the new rules, except where a UK institutional
investor delegates its due diligence requirements to a non-UK
authorised AIFM (as discussed below).
