On 22 May 2024, the Securitisation (Amendment) Regulations 2024 were made.

The explanatory memorandum published alongside the Regulations explains that they make amendments to the UK’s securitisation regime, as part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services. The Securitisation Regulations 2024 establish the new legislative framework under which financial services regulators will make rules on general requirements for securitisation that apply to firms. The Regulations make textual amendments to the Securitisation Regulations 2024, so that the resulting law will be contained in a single statutory instrument. For more information, see our previous blog.

Most provisions of the Regulations will come into force on 1 November 2024.

On 22 April 2024, a draft statutory instrument, the Securitisation (Amendment) Regulations 2024 (the draft SI), which makes amends to the Securitisation Regulations 2024, was published alongside a draft Explanatory Memorandum

The draft SI forms part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services. The Securitisation Regulations 2024 establish the new legislative framework under which financial services regulators will make rules on general requirements for securitisation that apply to firms. The draft SI makes textual amendments to the Securitisation Regulations 2024, so that the resulting law will be contained in a single set of Regulations.

The draft SI:

  • Restates due diligence requirements for Occupational Pension Schemes, currently dealt with by the Securitisation Regulation. This is because The Pensions Regulator (which supervises Occupational Pension Schemes) does not have statutory rule-making powers, unlike the financial services regulators. Therefore, provisions relating to Occupational Pension Schemes are restated and set out in the draft SI.
  • Restates the prohibition on the establishment of Securitisation Special Purpose Entities in high-risk jurisdictions, with a modification to specify its application to institutional investors, as well as originators or sponsors.
  • Contains a range of consequential amendments of other enactments, resulting from the Securitisation Regulations 2024 or the revocation of the Securitisation Regulation.

Most provisions of the draft SI are due to come into force on 1 November 2024.

On 26 March 2019, the Securitisation (Amendment) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. Our earlier blog addressing the content of these Regulations is here.

You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is free via the NRF Institute portal. Conformed copies of the EU Exit statutory instruments are available exclusively through our PathfinderPLUS service. To gain access to PathfinderPLUS, please contact Jochen Vester or Simon Lovegrove.

On 11 March 2019, the FCA published Consultation Paper 19/11: Handbook changes to reflect the application of the Securitisation (Amendment) (EU Exit) Regulations 2019 and Securitisation Regulations 2018 (CP19/11).

In CP19/11 the FCA consults on changes to the Decision Procedure and Penalties manual (DEPP) and the Enforcement Guide (EG) that reflect its new responsibilities over securitisation repositories (SRs). In particular, the FCA propose a decision-making procedure for registering or withdrawing the registration of SRs. The FCA is also consulting on minor amendments to DEPP and EG resulting from new enforcement powers granted to it under the Securitisation Regulations 2018 (2018 Regulations).  The FCA proposes decision-making procedures for:

  • imposing a suspension, condition or limitation on an individual for a breach of a requirement imposed by or under the 2018 Regulations; and
  • imposing a suspension, limitation or other restrictions on an authorised person for a breach of a requirement imposed by or under the 2018 Regulations.

The deadline for comments on CP19/11 is 8 April 2019.

On 23 January 2019, there was published on legislation.gov.uk a draft of The Securitisation (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument was first published on 19 December 2018 (our blog is here) and have now been laid before Parliament.

You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is free via the NRF Institute portal. Conformed copies of the EU Exit statutory instruments are available exclusively through our PathfinderPLUS service. To gain access to PathfinderPLUS, please contact Jochen Vester or Simon Lovegrove.

On 19 December 2018, HM Treasury published a draft of The Securitisation (Amendment) (EU Exit) Regulations 2019 together with explanatory information.

The draft statutory instrument remedies deficiencies within the EU Securitisation Regulation to ensure that the underlying policy framework remains in place upon the UK’s withdrawal from the EU. The Securitisation Regulation came into force in the EU in January 2018 and will take effect from January 2019. Key deficiencies remedied by the draft statutory instrument relate to simple, transparent and standardised (STS) securitisations. The draft statutory instrument allows for the possibility of cross-border securitisations post-exit and seeks to avoid a cliff-edge impact where EU STS securitisations cease to be recognised from exit day. This would be achieved in two steps:

  • securitisations recognised as STS in the EU before exit, and added during a subsequent two-year transition period, will continue to be recognised as STS in the UK; and
  • in the long term, specifically for asset-backed commercial paper (ABCP) cross-border securitisations, these will be eligible for STS recognition in the UK where the sponsor is located in the UK, even where the originator is located outside the UK. For non-ABCP cross-border securitisations, these would still be eligible for UK STS recognition where the sponsor and originator are located in the UK.

In addition to the amendments concerning STS securitisations, the draft statutory instrument makes a number of amendments to replace references to EU bodies (and their corresponding functions) to UK bodies, to reflect the UK’s position outside the EU.

You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is free via the NRF Institute portal. Conformed copies of the EU Exit statutory instruments are available exclusively through our PathfinderPLUS service. To gain access to PathfinderPLUS, please contact the financial services team.

On 30 April 2024, the Prudential Regulation Authority (PRA) published PS7/24 on Securitisation General Requirements, providing feedback to responses the PRA received to consultation paper CP15/23 and setting out its final policy. The FCA has also published its Policy Statement on securitisation.

Background

The PRA published CP15/23 in July 2023, setting out its proposed rules to replace retained EU law requirements in the provisions of the UK Securitisation Regulation for which the PRA has supervisory responsibility, the related Risk Retention Technical Standards and the related Disclosure Technical Standards. The proposed approach set out in CP15/23 was to largely preserve the relevant requirements when transferring them into PRA rules, but with certain targeted changes to address known existing issues.

The final rules

The responses to CP15/23 were largely supportive of the policy changes proposed in CP15/23. However, respondents also requested a number of changes and clarifications relevant to the policy changes, and as a result the PRA has made some adjustments to the policy package consulted on in CP15/23, including:

  • Allowing for a 6-month period between publication of PS7/24 and the implementation date for the new rules and revised SS10/18.
  • Adding transitional provisions for pre-transfer securitisations to largely preserve their treatment under the UK Securitisation Regulation and related technical standards.
  • Better aligning PRA and FCA rule drafting.
  • Clarifying the meaning of ‘before pricing’ in the due diligence and transparency requirements.
  • Adjustments to the due diligence requirements for secondary market investors in relation to what disclosures are made by manufacturers.
  • Clarifying that it is possible for a UK institutional investor to delegate its due diligence to another investor, which is not an ‘institutional investor’ as defined for purposes of the Securitisation Part of the PRA Rulebook, in which case the UK institutional investor retains the responsibility for compliance with the due diligence requirements.
  • Clarifying that firms may comply, as before, with the transparency requirements by disclosing data only in aggregated or anonymised form (or in relation to underlying documentation, as a summary) in circumstances where UK law relating to confidentiality and/or processing of personal data or any confidentiality obligation relating to customer, original lender or debtor information do not allow more ‘granular’ disclosures.
  • Clarifying the prohibition on hedging of the material net interest required to be retained under the risk retention requirements.
  • Clarifying that there is no need for risk retention in relation to securitisations of own liabilities (e.g. own issued covered bonds).
  • Not proceeding with the draft Statement of Policy – Permission for resecuritisations.

The final policy is contained in:

  • A new Securitisation Part of the PRA Rulebook (together with consequential amendments to the Liquidity Coverage Ratio (CRR) Part and the Non-Performing; Exposures Securitisation (CRR) Part of the PRA Rulebook (Appendices 1 and 2).
  • An updated PRA supervisory statement (SS) 10/18 – Securitisation: General Requirements and capital framework (Appendix 3).

PS7/24 is relevant to all categories of PRA authorised persons who are established in the UK, including CRR firms.

Next steps

The changes resulting from PS7/24 will come into force on 1 November 2024, subject to the Securitisation Regulation and related technical standards being revoked. The FCA flags that HM Treasury has not yet made the commencement order to revoke these pieces of onshored legislation but that it is expected to do so later in 2024 once the draft Securitisation (Amendment) Regulations 2024 have been approved by Parliament. The PRA will delay or revoke these rules if the commencement order is not made.

The FCA and PRA also expect to consult on further changes to their securitisation rules in Q4 2024 / Q1 2025, although timings are potentially subject to change.

On 30 April 2024, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a joint consultation (FCA CP24/10 and Chapter 5 of the PRA’s Occasional Consultation Paper) on consequential amendments to BTS 2016/2251. The PRA and FCA state that the proposed amendments are necessary to reflect the expected changes to the UK version of the European Market Infrastructure Regulation (UK EMIR) that will be made in the Securitisation (Amendment) Regulations 2024.

The consultation is relevant to:

  • PRA-authorised banks, building societies and PRA-designated investment firms in scope of the margin requirements under UK EMIR.
  • All FCA solo-regulated entities and non-financial counterparties in scope of the margin requirements under UK EMIR. 

The deadline for responses to the consultation is 30 May 2024. Once they have considered the feedback received, the PRA and FCA propose to implement the changes in November 2024, subject to the changes to UK EMIR.

Having only days previously made statements that such a deal was unlikely and warning their citizens to prepare for a no deal Brexit, the United Kingdom (UK) and the European Union (EU) announced on 24 December 2020 that they had reached an agreement in principle on trade and co-operation. More than 1200 pages long, the draft trade and co-operation agreement (TCA)[1] lays out the foundation for the future (i.e. post-Brexit) relationship on trade and business between the UK and EU, narrowly avoiding a no-deal Brexit mere days before the Brexit deadline. The TCA has since been universally approved by the ambassadors of the 27 EU countries allowing the deal to have immediate effect (although it still needs to be ratified by the EU parliament, which is scheduled for January 2021) and as at the date of this blog, has now been approved by the UK (through ratification in Parliament).

For those of you who have not been following the twists and turns of the UK’s departure from the EU (especially if you are wondering why we are still talking about Brexit when Brexit happened 11 months ago), the following summary of events may be helpful:

  1. in May 2015, the Conservative Party, having spent the previous 5 years in a coalition government with the Liberal Democrat party, wins an outright majority in the House of Commons of the UK Parliament, on a manifesto including a pledge to hold a referendum on UK membership of the EU. On the morning after the election, the then Prime Minister, David Cameron, announced an intention to hold such referendum as soon as possible. Most people expected the referendum to result in a vote in favour of the UK remaining in the EU;
  2. in June 2016, the referendum is held and the UK votes to leave the EU. David Cameron resigns as Prime Minister and Theresa May succeeds him;
  3. the UK government serves notice on the EU that it intends to leave the EU, triggering a two year period in which to finalise an agreement to leave the EU;
  4. the two year period has to be extended on numerous occasions. In large part, this is due to Theresa May calling an election in 2017 which leaves the Conservative Party as the largest party in the House of Commons, but without a majority (i.e. the Conservative Party became a minority government). No agreement that such government is able to negotiate with the EU is capable of securing the majority needed in the House of Commons to be ratified by the UK;
  5. Theresa May resigns as Prime Minister and is replaced by Boris Johnson. He holds an election in 2019 which restores the Conservative Party majority in the House of Commons on a manifesto of “Getting Brexit done” and agrees a withdrawal agreement with the EU under which Brexit occurs on 31 January 2020, but with an 11 month “transition period” (also known as the “implementation period”) expiring on 31 December 2020. During the transition period, the UK remains subject to EU law and continues to trade with the EU as if it were still in the EU, while an agreement for the future trade relationship between the EU and the UK is to be negotiated. If no agreement had been reached between the EU and the UK by 31 December 2020, then the UK would have left the EU entirely and, in the absence of a trade agreement, would only have been able to trade with the EU on World Trade Organisation (or WTO) terms, which include significant tariff barriers and quota restrictions on such trade. In order for the UK to retain tariff and quota free trade access to the EU, an agreement on the future (i.e. post-Brexit) relationship between the EU and the UK needed to be agreed before the end of the transition period (i.e. by no later than 31 December 2020);
  6. Brexit was thus a two stage process, whereby the UK’s departure was initially negotiated (i.e. the withdrawal agreement) and only thereafter was a post-Brexit trading agreement negotiated. The TCA represents that post-Brexit trading agreement.

The withdrawal agreement between the UK and the EU referred to in paragraph 5 above was entered into on 17 October 2019 (the Withdrawal Agreement). The Withdrawal Agreement was implemented as UK law by The European Union Withdrawal Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020 (the Withdrawal Act). Given that during the period of its membership of the EU, much UK law was derived from EU law, the Withdrawal Act provided for such law to remain part of UK law, provided that it was in force immediately prior to 1 January 2021 (which the Withdrawal Act has labelled the IP completion day).

Hence, after the IP completion day, existing EU laws will become part of UK domestic law (so-called retained EU law) which notably, on and from 1 January 2021, can only be amended, insofar as such laws apply in the UK, by UK legislation. EU laws that become applicable after IP completion day will not be part of the law of the UK. Following IP completion day, the UK becomes a third country for (amongst other things) the purposes of the EU financial services regulation. The TCA includes relatively few provisions for facilitating trade in services between the EU and the UK. Accordingly, there will not be “free trade” in services between the UK and the EU post IP completion day. One example of this is the financial services “passporting” regime, which allowed a financial services business that was approved to carry on financial services business in one EU member state to carry on the same business in other EU member states. Such passporting rights will, after IP completion day, no longer apply to UK financial services businesses that want to operate in the EU – such businesses will need to be separately approved and regulated to conduct such business by both UK and EU regulators.

This blog considers how the risk retention provisions of the EU Securitisation Regulation will apply in the UK after the IP completion day.

The EU Securitisation Regulation –Risk Retention

Article 6 (Risk retention) of Regulation (EU) 2017/2042 (the EU Securitisation Regulation) creates a direct risk retention requirement that applies to the originator, sponsor or original lender of a securitisation. The obligation is to retain on an ongoing basis a material net economic interest in a securitisation of not less than 5%. The EU Securitisation Regulation also imposes an ‘indirect’ risk retention obligation, via the obligation on EU based institutional investors to verify that such risk retention obligation is being complied with as part of their due diligence requirements under Article 5 of the EU Securitisation Regulation (Due-diligence requirements for institutional investors). The Article 6 risk retention obligation only applies where one of the originator, sponsor, original lender or the securitisation issuer (known in EU Securitisation Regulation terminology as a “securitisation special purpose entity” or “SSPE”) is based in the EU. However, the Article 5 due diligence requirement applies to EU based institutional investors whenever they invest in a securitisation as defined in the EU Securitisation Regulation, which can include securitisations issued from third country jurisdictions. Accordingly, the “indirect” risk retention requirement can apply to non-EU securitisations, if the target market for such securitisation includes institutional investors located in the EU.

The five accepted retention methods are: vertical slice, originator share, random selection, first loss (portfolio), or first loss (asset-by-asset). Unlike in the US, mixing different retention methods is not permitted. Also unlike the US, the calculation of the 5% material net economic interest may vary between the five accepted retention methods. The 5% in the vertical slice method is calculated by reference to the nominal (i.e. principal) amount of the notes issued under such securitisation whereas for each of the other risk retention methods, the 5% is calculated by reference to the nominal amount of the assets being securitised. The nominal amount calculation is made solely by reference to the contractual amount of the relevant obligation – there is no requirement to determine the accounting value of such obligations.

The Securitisation (Amendment) (EU Exit) Regulations 2019

Ministers in the UK government have been granted powers to effect statutory instruments to amend retained EU law to correct certain deficiencies to their application in the UK. Largely this consists of changing references from EU regulators (who will not have jurisdiction in the UK from the IP completion day) to their domestic UK equivalents.

This occurred in relation to the EU Securitisation Regulation via the Securitisation (Amendment) (EU Exit) Regulations 2019 (SI 2019/660) (the UK Securitisation Regulations SI), which replaced references to “the Union” with “the United Kingdom”, “ESMA” with “FCA” and “the EBA” with “PRA”. The PRA is a division of the Bank of England whereas the FCA is a separate entity incorporated under and with duties and powers given by statute.

The Withdrawal Act and the UK Securitisation Regulations SI (which will apply from 1 January 2021) while adopting almost all of the EU Securitisation Regulation, have made some changes which will mean as of 1 January 2021, the UK will have a slightly different regulatory regime for securitisations than the EU.

Risk Retention RTS and Guidelines

Paragraph 7 of article 6 (Risk retention) of the EU Securitisation Regulation obliges the European Banking Authority (EBA), in close cooperation with the European Securities and Markets Authority (ESMA) and a few other bodies, to draft regulatory technical standards (RTS) and implementing technical standards that specify in greater detail the risk retention requirements for originators, sponsors and original lenders (Risk Retention RTS).

A draft of the Risk Retention RTS has been produced. However, it has not as yet been adopted by the EU Commission, which is a prerequisite to it being formally published (which needs to occur before it can apply under EU law). Given that most such EU secondary legislation only becomes applicable 20 days after being published, it is (in practical terms) impossible for the Risk Retention RTS to become applicable on or prior to the IP completion day. Accordingly, that Risk Retention RTS will not become retained EU law under the Withdrawal Act and will not form part of the UK securitisation regime. This is unfortunate, as the draft Risk Retention RTS did include helpful clarifications on how risk retention amounts were to be calculated and the (limited) circumstances where a disposal of a risk retention position might occur without breaching Article 6 of the EU Securitisation Regulation. While not binding, given that it is only in draft form, the draft Risk Retention RTS is seen as providing market participants with useful guidance as to the EBA’s likely view on how Article 6 should be interpreted. There is no equivalent guidance from the PRA and as the draft Risk Retention RTS was not produced by the PRA, it is difficult to regard it as representing guidance as to the PRA’s views.

In addition, from IP completion day, the UK will be free to enact its own secondary legislation regarding the implementation of the risk retention requirements under the UK Securitisation Regulations SI and this could lead to the EU and the UK having different implementation requirements in respect of risk retention requirements.

Similarly, Guidelines also do not automatically become retained EU-law. For these purposes, the effect of this is limited, as there are no extant Guidelines in relation to risk retention. However, the Bank of England (Bank) and Prudential Regulation Authority (PRA) Statement of Policy of December 2020[2] sets out the Bank’s and PRA’s approach to EU Guidelines and Recommendations in light of the UK’s withdrawal from the European Union (EU). The Bank and PRA expect PRA-regulated firms, investment firms in scope of the UK resolution regime and all Bank-regulated financial market infrastructure firms operating, or intending to operate, in the UK to make every effort to comply with existing EU Guidelines and Recommendations that are applicable as at the end of the IP completion day.

Other relevant considerations

Risk retention on a consolidated basis is permitted under the EU Securitisation Regulation and is also applicable in the UK post-Brexit. However, problems may arise where the risk retention holder is in the UK and the originator in the EU or vice versa.

In addition, there are discussions in various EU or EU related forums about potential future amendments to the EU Securitisation Regulation. For instance, the EBA published a report on 23 October 2019[3] on NPL securitisations, where it recommended changes to the EU risk retention rules both as to the manner in which the 5% net economic interest should be calculated and as to who could be the risk retainer in the context of NPL securitisations. No such amendment has occurred yet, but if it were to, such amendment would not now apply in the UK (unless the UK government deliberately choose to pass similar legislation). Similarly, the High Level Forum on Capital Markets Union published a paper on 10 June 2020[4], which made a number of recommendations regarding reducing the regulatory capital cost of securitisations for EU institutional investors. While none of these specifically addressed risk retention (and the paper suggested that the High Level Forum was broadly in favour of risk retention and the suppression of originate to distribute business models), it was indicative of a growing acceptance amongst European policy makers that elements of the EU Securitisation Regulation are overly restrictive and amount to impediments on fostering dynamic European capital markets. Against this backdrop, it would seem reasonable to anticipate that the EU may look to amend aspects of the EU Securitisation Regulation in the near future, which may have an impact of risk retention requirements. Any such amendments will not automatically apply in the UK and this could lead to significant divergence between the EU and UK regimes.

While not part of the scope of this blog, it is worth noting that there may be significant divergence between the EU and UK due diligence regimes under Article 5 following IP completion day. No doubt many readers of this blog will be familiar with the uncertainty around the interpretation of Article 5(1)(e) and whether such provision required non-EU securitisations to comply with the EU Securitisation Regulation reporting requirements (under Article 7) if sold to EU institutional investors. While there is growing market consensus that Article 5(1)(e) does not impose a de facto Article 7 reporting requirement on non-EU securitisations, there has been no official guidance to this effect. However, the UK government, in the UK Securitisation Regulations SI, has amended Article 5(1)(e) as it applies in the UK so that UK based institutional investors in non-UK securitisations will be required to ensure that such securitisations comply with Article 7 as if such securitisation had been carried out in the UK. This will potentially make it harder to market non-UK securitisations to UK institutional investors than to EU institutional investors (if Article 7 style reporting cannot be carried out in the jurisdiction where the securitisation is being issued).

Conclusion

As of 1 January 2021, the UK and the EU will have separate (albeit largely identical) regulatory regimes for securitisation. However, there is scope for future divergence in the application of those regimes, as well as the possibility for either or both of the EU or the UK to implement new rules in the future that are significantly different from each other’s. Market participants will need to bear this in mind when structuring securitisations and deciding whether to market them to EU institutional investors, UK institutional investors or both. If a transaction is offered to both EU and UK institutional investors, it will, post IP completion day, need to satisfy the requirements of both the EU and UK regimes – compliance with one cannot necessarily be assumed to amount to compliance with the other.

[1] https://ec.europa.eu/info/sites/info/files/brexit_files/info_site/tca-20-12-28.pdf

[2] https://www.bankofengland.co.uk/-/media/boe/files/paper/2019/interpretation-of-eu-guidelines-and-recommendations-boe-and-pra-approach-sop-december-2020.pdf?la=en&hash=44B9CDFD3F6C9D22674F4FE64FEB25F61695F58B

[3] Opinion of the European Banking Authority to the European Commission on the Regulatory Treatment of Non-Performing Exposure Securitisations – EBA-Op-2019-13

[4] A new vision for Europe’s capital markets – Final Report of the High Level Forum on Capital Markets Union. This report can be found at https://europa.eu/!gU33Hm

On 18 November 2020, there was published on legislation.gov.uk The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020. The statutory instrument updates references to “exit day” (31 January 2020) within substantive provisions of previous financial services EU exit instruments, where considered appropriate, so that they refer instead to the end of the transition period. In the statutory instrument itself, the term “IP completion day” is used, which is the defined term within the European Union (Withdrawal Agreement) Act 2020 for the end of the transition period.

The financial services EU exit instruments that the statutory instrument amends are:

  • The Friendly Societies (Amendment) (EU Exit) Regulations 2018;
  • The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018;
  • The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018;
  • The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018;
  • The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018;
  • The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018;
  • The Bank of England (Amendment) (EU Exit) Regulations 2018;
  • The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018;
  • The Short Selling (Amendment) (EU Exit) Regulations 2018;
  • The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018;
  • The Capital Requirements (Amendment) (EU Exit) Regulations 2018;
  • The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018;
  • The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019;
  • The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019;
  • The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019;
  • The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019;
  • The Market Abuse (Amendment) (EU Exit) Regulations 2019;
  • The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019;
  • The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019;
  • The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019;
  • The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019;
  • The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019;
  • The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019;
  • The Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019;
  • The Money Market Funds (Amendment) (EU Exit) Regulations 2019;
  • The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019;
  • The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019;
  • The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2019;
  • The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019;
  • The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019;The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019;
  • The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019;
  • The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019;
  • The Securitisation (Amendment) (EU Exit) Regulations 2019;
  • The Payment Accounts (Amendment) (EU Exit) Regulations 2019;
  • The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019;
  • The Insurance Distribution (Amendment) (EU Exit) Regulations 2019;
  • The Uncertificated Securities (Amendment and EU Exit) Regulations 2019;
  • The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019;
  • The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019;
  • The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019;
  • The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019;
  • The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019;
  • The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019;
  • The Capital Requirements (Amendment) (EU Exit) Regulations 2019;
  • The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019;
  • The Prospectus (Amendment etc.) (EU Exit) Regulations 2019; and
  • The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019.

The statutory instrument also substitutes reference to “exit” in the EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018 with “IP completion day”.