FCA enters examination stage in registration of first UK securitisation repositories
The UK Financial Conduct Authority (FCA) announces that it has assessed completeness and now reached the examination stage in the assessment process of applications received from Securitisation Repositories (SRs) under the UK Securitisation Regulation.
The obligation to report public securitisations within the scope of the UK Securitisation Regulation to an SR that is registered and supervised by the FCA will apply as soon as one SR is registered. The regulator says it will inform market participants when the registration of the first SR(s) is completed.
The FCA has 40 working days in which to examine the application for registration and, if favourable, the entity will be registered as an SR.
The regulator encourages reporting entities to take all necessary preparatory measures to comply with their reporting obligations to an SR.
A Securitisation Repository (SR) is a legal entity that centrally collects and maintains the records of securitisations. Originators, sponsors or securitisation special purpose entities (SSPEs) must report their public securitisations within the scope of the UK Securitisation Regulation to a UK SR registered by the FCA.