January 24, 2021

Volume XI, Number 24


January 22, 2021

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January 21, 2021

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FCA Publishes Instruments Implementing the EU Securitization Regulation

On January 3, the UK Financial Conduct Authority (FCA) published the Securitization Regulation Implementation (Fees for Third Party Verifiers) Instrument 2019 (FCA 2019/1) and Enforcement (EU Securitization Regulation) Instrument 2019 (FCA 2019/2) (collectively, the Securitization Instruments).

The Securitization Instruments have been published in light of the Financial Services and Markets Act 2000 (Securitization) Regulations 2018 (UK Securitization Regulations), which became effective on January 1, and reflect the United Kingdom’s implementation of the European Union’s Securitization Regulation (EU Securitization Regulation). The Securitization Instruments subsequently became effective on January 3.

Additionally, the FCA published a statement jointly with the UK Prudential Regulation Authority (PRA) on December 20, 2018, in which they set out their intention to exercise the power granted to them under the UK Securitization Regulations to direct the manner in which the originator, sponsor or securitization special purpose entity of a private securitization established in the United Kingdom must make information available to the FCA or PRA. The FCA and PRA intend to exercise this power beginning January 15.

Only a summary of the relevant information would need to be notified to the relevant UK competent authority—the full set of information would remain available to each UK competent authority upon request. The FCA and PRA’s joint statement also sets out the frequency with which notifications would need to be provided and provides a link to the FCA-PRA private securitization notification template.

FCA 2019/1 is available here and FCA 2019/2 is available here.

The UK Securitization Regulations are available here.

The FCA and PRA’s joint statement is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume IX, Number 5



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...

+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...