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SECN 1.1 Application

SECN 1.1.1G
  1. (1)

    1The rules, guidance and directions in this sourcebook apply to:

    1. (a)

      sponsors;

    2. (b)

      originators;

    3. (c)

      original lenders;

    4. (d)

      SSPEs;

    5. (e)

      body corporates applying to be registered as securitisation repositories;

    6. (f)

      securitisation repositories;

    7. (g)

      trade repositories;

    8. (h)

      sellers of securitisation positions;

    9. (i)

      persons applying to be registered as third party verifiers;

    10. (j)

      institutional investors; and

    11. (k)

      retail clients.

  2. (2)

    Each chapter of SECN has its own application provision which provides further details about who the requirements apply to.

SECN 1.1.2G

1GEN does not apply in respect of the rules and guidance in SECN, except as provided for in SECN 1.1.3R and SECN 1.1.4G.

SECN 1.1.3R

1The rules and guidance in GEN 1.3, GEN 2.1, GEN 2.2.1R to GEN 2.2.16G and GEN 2.2.18R to GEN 2.2.25G apply to the entities in SECN 1.1.1G(1) as they apply to authorised persons, insofar as they do not already apply.

SECN 1.1.4G
  1. (1)

    1GEN applies in its entirety to rules in SECN 4 applying to sponsors and institutional investors who are authorised persons, as these rules were made under the general rule-making powers.

  2. (2)

    GEN also applies in its entirety to rules in SECN 7 applying to institutional investors who are authorised persons, as these rules were made under the general rule-making powers.

SECN 1.1.5R

1The entities referred to in SECN 1.1.1G(1) must deal with the FCA in an open and cooperative way.