SECN 13.1 Application and purpose

1This chapter applies to originators, sponsors, original lenders and SSPEs which are not PRA-authorised persons and which are established in the United Kingdom.

1. (1)

   Under regulation 5(6) of the Securitisation Regulations 2024, which was made under section 71N(4) of the Financial Services and Markets Act 2023, the FCA is able to dispense with, modify or reimpose (with or without modifications) requirements that have been imposed under the rule making power in regulation 5(1) of the Securitisation Regulations 2024, in such cases or circumstances as determined by the FCA.

2. (2)

   This chapter sets out the cases or circumstances in which the FCA may dispense with, modify or reimpose requirements (with or without modifications) imposed by rules.