CP23/17: Rules relating to Securitisation

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Consultation closes

We’re consulting on our proposed rules for the UK securitisation markets.

Read CP23/17 (PDF)

Addendum: On 16 October 2023, we published an addendum to CP23/17.

Why we are consulting

This consultation paper (CP) sets out our proposed rules to replace the firm-facing provisions from the UK Securitisation Regulation (UK SR) which are being transferred into our Handbook. This CP contains the proposed legal instrument and all related technical standards and their annexes.

Who this is for

  • authorised firms that are involved in securitisation markets either as institutional investors or as manufacturers
  • unauthorised entities acting as an original lender, originator, or a securitisation special purpose entity (SSPE) of a securitisation subject to the UK SR
  • individuals holding offices or positions that are responsible for taking management decisions at firms involved in securitisation markets
  • Third Party Verifiers (TPV)
  • Securitisation Repositories (SR)

Next steps

Online response form

We’re asking for comments on this CP by 30 October 2023

Please submit your comments, including any feedback, via our response form or by email.

You can also write to: Shiv Virk, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

We’ll consider your feedback and plan to publish our rules in a Policy Statement in 2024 Q2.


The UK SR is retained EU law which specifies how securitisation markets are regulated.

Supervisory responsibility for the regulation is currently shared primarily between us and the Prudential Regulation Authority (PRA).

As part of the Treasury’s Smarter Regulatory Framework, some provisions of the UK SR will be brought into new UK legislation, and most firm-facing provisions of the UK SR will be covered by new FCA and PRA rules.

The Treasury expects to lay a Statutory Instrument (SI) before Parliament which will keep part of the UK SR in new legislation. This CP should be read alongside the near-final draft of that SI.

The PRA has published its own CP on proposed rules to replace firm-facing requirements in the UK SR, for which it has supervisory responsibility.

Page updates

: Document added addendum