SECN 14.3 Conversion of requirements relating to pre-revocation securitisations

In relation to pre-revocation securitisations, the following provisions as they applied immediately before their revocation on 31 October 2024 shall continue to apply as if they still had effect and were set out expressly here:

1. (a)

   Articles 5, 6 (excluding paragraph 7), 7 (excluding paragraph 3 and 4), 8 (excluding paragraphs 2, 3 and 5), 9, 43(5) and 43(6) (together with relevant terms defined in Article 2) of the Securitisation Regulation;

2. (b)

   Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) 625/2014;

3. (c)

   Commission Delegated Regulation (EU) 2020/1224; and

4. (d)

   Commission Implementing Regulation (EU) 2020/1225.

The provisions referred to in SECN 14.3.1R(1)(a) are to be read as follows:

1. (a)

   in paragraph 5 of Article 5, as if the references to ‘institutional investor’ did not include an AIFM (as defined in Article 2) unless the AIFM falls within point (e) of the definition of an institutional investor in regulation 3(1) of the Securitisation Regulations 2024; and

2. (b)

   in sub-paragraph (b) of Article 8(1), as if it read ‘any securitisation in respect of which the FCA has disapplied, modified or dispensed with the first sub-paragraph such that the underlying exposures can include securitisation positions’.

In this chapter, ‘pre-revocation securitisations’ means:

1. (a)

   securitisations the securities of which were issued on or after 1 January 2019 and before 1 November 2024; or

2. (b)

   securitisations in relation to which the following conditions are met:

   1. (i)

      the securitisations do not involve the issue of securities;

   2. (ii)

      the initial securitisation positions of the securitisations were created on or after 1 January 2019 and before 1 November 2024; and

   3. (iii)

      no new securitisation positions of the securitisations have been created on or after 1 November 2024.