FCA consultation CP19/26: draft technical standards for STS notifications
- CP19/26: Draft technical standards on the content and format of STS notifications under the onshored Securitisation Regulation
- Published by the FCA on 30 July 2019
- The FCA continues to prepare for a range of scenarios, including one in which the UK leaves the EU without a withdrawal agreement and implementation period having been ratified between the UK Government and the European Union (EU).
- This is the first consultation paper (CP) setting out the FCA’s proposed technical standards for the onshored Securitisation Regulation.
The FCA is consulting on proposed UK technical standards in the event the UK leaves the EU on October 31 without an implementation period and the relevant EU technical standards have not been brought into UK law as part of the EU Withdrawal Act.
The FCA seeks to ensure that it has adequate technical standards to support a well-functioning Simple, Transparent, and Standardised (STS) securitisation market in the UK and can effectively supervise firms’ compliance with the requirements of the onshored Securitisation Regulation on Exit day assuming a no-deal Brexit.
These proposals will be of interest to anyone involved in securitisations, including:
- firms involved in securitisation markets either as investors or manufacturers (originators, sponsors or securitisation special purpose entities (SSPEs)) of securitisations
- individuals holding offices or positions involving responsibility for taking management decisions at originators and sponsors
- third party verifiers assessing compliance with STS criteria
Timeline with relevant dates to be logged on regulatory calendar
- Consultation opens on 30 July 2019
- Consultation closes on 27 August 2019