PS18/25: EU Securitisation Regulation

Open consultation: CP18/30
Consultation closed
Policy Statement

This Policy Statement outlines the final and near-final rules that implement the EU Securitisation Regulation and Capital Requirements Regulation (CRR) Amendment. This Policy Statement follows our Consultation Papers CP18/22 (August 2018) and CP18/30 (October 2018) on the changes to our Handbook, to ensure it is consistent with the directly applicable EU Securitisation Regulation and ​​​​​​CRR Amendment, as well as the implementing Statutory Instrument (SI 2018/1288).

Read PS18/25 (PDF)

The Policy Statement contains final and near-final rules. The near final-rules have now been finalised and published in our Handbook, see FCA 2019/1 and FCA 2019/2

This Policy Statement informs market participants of the following changes to the Handbook:

  • Third Party Verifier fees: £1,500 application fee; £250 periodic fee
  • Amendments to the IFPRU, COLL and FUND sourcebooks to be consistent with the Securitisation Regulation and the CRR amendment.
  • Amendments to the Decision Procedure and Penalties manual (DEPP) and Enforcement Guide (EG) sections of the Handbook

Who this applies to

The Handbook changes will affect:

  • entities which may wish to act as Third Party Verifiers (TPVs)
  • authorised firms that are involved in securitisation markets either as institutional investors or manufacturers (originator, sponsor and securitisation special purpose entities (SSPEs)) of securitisations
  • unauthorised entities (originators, original lenders or SSPEs) participating in securitisation transactions subject to the Securitisation Regulation
  • individuals holding offices or positions involving responsibility for taking management decisions at firms involved in securitisation markets