Securitisation Repositories

A Securitisation Repository (SR) is a legal entity which centrally collects and maintains the records of securitisations, as set out by the Securitisation Regulation.

Originators, sponsors or securitisation special purpose entities (SSPEs) must report their public securitisations to an SR that has been registered by the European Securities and Markets Authority (ESMA), once ESMA has registered one. This is required by EU securitisation legislation. 

On 31 January 2020, the UK exited the EU with a Withdrawal Agreement. Under the terms of the Withdrawal Agreement, the UK is in a transition period until 31 December 2020. During this period, EU legislation, including securitisation legislation and reporting to any ESMA-registered SR, will continue to apply in the UK.

The onshored Securitisation Regulation will transfer the powers to register and supervise UK SRs from ESMA to the FCA at the end of the transition period. From that time, public securitisations within the scope of the onshored Securitisation Regulation must be reported to a UK SR, once a UK SR is available.

To ensure there is a smooth transition in the reporting of public securitisations, we are accepting draft applications for registration before the end of the transition period.

This should help prospective UK SRs become registered by us and operational as soon as possible after the transition period has ended, provided they meet the conditions for registration under the onshored Securitisation Regulation. The Treasury has stated here that it will soon bring forward legislation to assist us when considering draft applications. 

Previously, we have consulted on and published rules to enable us to recover the costs of supervision of UK SRs:

On 4 September 2020, we issued further consultations regarding onshoring technical standards for UK SRs.

Firms registered as UK SRs will be included on the Financial Services Register.

Submitting a draft application to be a UK SR

Firms who wish to apply to be a UK SR may complete the draft SR application form from 23 September 2020 and email it to [email protected]. Any queries in advance of submitting a draft SR application should also be directed to this email address.

To be authorised as a UK SR, a firm must meet the conditions set out in article 10 of the onshored Securitisation Regulation. Firms should be able to evidence that they have the necessary competence to carry out the collecting and maintaining of securitisation records.