United Kingdom (and EU regulation)

Handbook changes to reflect the application of the Securitisation (Amendment) (EU Exit) Regulations 2019 and Securitisation Regulations 2018

By Hannah Meakin (UK) and Jochen Vester (UK) on March 12, 2019 Posted in Banking, United Kingdom

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.