SECN 6.3 Designation relating to securitisation repository

1. (1)

   1The originator, sponsor and SSPE of a securitisation must designate one of their number to be the entity responsible for fulfilling the information requirements under SECN 6.2.1R(1), SECN 6.2.1R(2), SECN 6.2.1R(4), SECN 6.2.1R(5), SECN 6.2.1R(6) and SECN 6.2.1R(7).

2. (2)

   Such designation does not relieve the other parties referred to in SECN 6.3.1R of their responsibilities under SECN 6.2.

1The reporting entity shall make the information for a securitisation transaction available by means of a securitisation repository registered by the FCA.

1The obligations referred to in SECN 6.3.2R and SECN 6.3.4R shall not apply to securitisations for which section 85 of the Act and rules made by the FCA for the purposes of Part 6 of the Act do not require a prospectus to be drawn up.

1Where no securitisation repository is registered in accordance with regulation 14 of the Securitisation Regulations 2024, the reporting entity must make the information available by means of a website that:

1. (1)

   includes a well-functioning data quality control system;

2. (2)

   is subject to appropriate governance standards and to maintenance and operation of an adequate organisational structure that ensures the continuity and orderly functioning of the website;

3. (3)

   is subject to appropriate systems, controls and procedures that identify all relevant sources of operational risk;

4. (4)

   includes systems that ensure the protection and integrity of the information received and the prompt recording of the information; and

5. (5)

   makes it possible to keep records of the information for at least 5 years after the maturity date of the securitisation.

1In relation to SECN 6.3.2R and SECN 6.3.4R, the reporting entity and the securitisation repository where the information is made available shall be indicated in the documentation regarding the securitisation.