On 1 February 2019, the FCA and PRA jointly published a direction under regulation 25 of the Securitisation Regulations 2018. The direction concerns the manner in which the originator, sponsor or securitisation special purpose entity (SSPE) of a private securitisation that is established in the United Kingdom must make the information under Article 7(1)(a) to (g) of the EU Securitisation Regulation 2017 available to the FCA or the PRA, as the case may be.
The direction provides information on the manner in which an SSPE can make the above information available to the FCA and/or PRA in the following instances:
- private securitisations that are non-asset backed commercial paper (non-ABCP) securitisations;
- private asset-backed commercial paper (ABCP) programme where the sponsor or SSPE of the ABCP programme is established in the United Kingdom;
- private ABCP transactions under an ABCP programme where neither the sponsor nor the SSPE of the ABCP programme is established in the United Kingdom; and
- all private securitisations.
The direction came into force on 31 January 2019 and has taken effect.