Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

You are viewing the version of the document as on 2024-11-30.

SECN 13.1 Application and purpose

SECN 13.1.1 G

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

SECN 13.1.2 G
  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.

SECN 13.2 Cases in which rules can be dispensed with or modified

SECN 13.2.1 R
  1. (1)

    Sponsors, originators, SSPEs and original lenders subject to the rules set out in SECN 5 to SECN 8 and SECN 11 to SECN 14 may apply to the FCA for a decision that:

    1. (a)

      the rule is not to apply to that person;

    2. (b)

      the rule is to apply to the person with modifications; or

    3. (c)

      the rule that was previously dispensed with or modified under (a) or (b) is to be varied.

  2. (2)

    With the consent of the person subject to the rule, the FCA may dispense with, modify or reimpose (with or without modifications) any of the rules set out in SECN 5 to SECN 8.

  3. (3)

    A decision that dispenses with, modifies or reimposes (with or without modification) a rule following an application under (1) and via consent under (2) may be varied, or revoked by a further decision on the FCA’s own initiative without the consent of the person subject to the rule.

SECN 13.3 Applications for dispensation or modification of rules

SECN 13.3.1 R

The application in SECN 13.2.1R(1) must set out:

  1. (1)

    the rules which the applicant seeks a dispensation for; or

  2. (2)

    the modification of rules sought.

SECN 13.3.2 D
  1. (1)

    The application must be made in the manner and form made available by the FCA from time to time.

  2. (2)

    The application must be accompanied by such information or documents as reasonably required by the FCA.

  3. (3)

    The FCA may request further information and documents as it reasonably considers to be necessary to determine the application.

SECN 13.3.3 G

Different forms or information may be required in relation to different applications, or categories of application.

SECN 13.4 Decisions: written notices

SECN 13.4.1 G

A decision issued under SECN 13.2.1R will be in writing and will indicate:

  1. (1)

    in the case of an application, whether the application has been approved;

  2. (2)

    if an application has been refused, the reasons for the decision;

  3. (3)

    the date on which the decision takes effect and, if relevant, the date on which it expires; and

  4. (4)

    if relevant, any conditions to which the decision is subject.

SECN 13.5 Publication

SECN 13.5.1 R

A decision issued under SECN 13.4.1G(1) may be published by the FCA in a way appearing to the FCA to be best calculated for bringing it to the attention of the persons likely to be affected by it.