On 1 August 2018, the FCA published Consultation Paper 18/22: Handbook changes to reflect the application of the EU Securitisation Regulation and the amendment to the Capital Requirement Regulation (CP18/22).

In CP18/22 the FCA consults on amendments to its Handbook which take into account the Securitisation Regulation and amendments to the Capital Requirement Regulation (CRR), which are due to come into effect on 1 January 2019. The changes mostly involve amending or removing existing FCA rules that are superseded by the EU legislation.

The FCA is proposing:

  • new application and periodic fees for the authorisation of Third Party Verification Agents under the Securitisation Regulation. The FCA’s proposals, discussed in chapter 3 of CP18/22, are based on the requirements of the draft European regulatory technical standards and its existing framework for setting fees; and
  • changes to various Handbook modules. These include changes to the Investment Funds sourcebook and the Collective Investment Schemes sourcebook in relation to the obligations of Alternative Investment Fund Managers and Undertakings for Collective Investment in Transferable Securities investing in securitisations, and to parts of the Prudential sourcebook for Investment Firms to reflect changes brought about by changes to the CRR.

The deadline for comments on CP18/22 is 1 October 2018.