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FCA and PRA Publish Direction on Reporting Private Securitizations Under Securitization Regulation

On January 31, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a direction under the UK Securitization Regulations 2018 (a statutory instrument that implements the EU Securitization Regulation) setting out how relevant parties must report certain information to the FCA or PRA.

The requirements relate to private securitizations, which are securitizations where no prospectus has to be drawn up in compliance with the Prospectus Directive. The direction sets out when and in what manner relevant information must be sent to the FCA or PRA (as the case may be) for:

  • Private securitizations that are non-asset backed commercial paper (ABCP) securitizations, where the originator, sponsor or securitization special purpose entity (SSPE) is established in the United Kingdom;
  • Private ABCP programs, where the sponsor or SSPE of the ABCP program is established in the United Kingdom; and
  • Private ABCP transactions under an ABCP program, where neither the sponsor nor the SSPE of the ABCP program is established in the United Kingdom, but an originator, sponsor or SSPE of an ABCP transaction within that ABCP program is established in the United Kingdom.

In each case, notification templates are prescribed, which are annexed to the direction.

The direction became immediately effective on January 31. The direction also applies beginning January 1, where notification would otherwise have been required; any such notifications need to be made as soon as reasonably possible from January 31.

The direction is available here.

©2019 Katten Muchin Rosenman LLP


About this Author

John Ahern, Financial Attorney, London, Katten Law Firm

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

+44 (0) 20 7770 5253
Carolyn H. Jackson, International Attorney, Katten Muchin law firm

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...