On 11 July 2023, HM Treasury published a near-final draft of the Securitisation Regulations 2023 (the draft SI), along with an accompanying policy note. The draft SI creates a new framework for the regulation of securitisation, replacing the Securitisation Regulation and related legislation.

An illustrative version of the draft SI was published on 9 December 2022 as part of the Edinburgh Reforms to demonstrate to stakeholders how the powers introduced in the Financial Services and Markets Act 2023 would be used to tailor the regulation of securitisation to the UK.

The draft SI is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services which is tailored to the UK, as set out in the government’s policy statement. As well as replacing the Securitisation Regulation, the draft SI is intended to enable reforms to be taken forward, including reforms identified in HM Treasury’s 2021 Review of the Securitisation Regulation.

HM Treasury welcomes any technical comments on the draft SI by 21 August 2023.