UK – FCA Onshored STS Notifications

UK – FCA Onshored STS Notifications

On 30 July 2019, FCA issued draft technical standards for no deal Brexit.

  • Issued consultation paper Draft technical standards on the content and format of STS notifications under the onshored Securitization Regulation in case of no deal Brexit.
  • Followed Securitization (Amendment) (EU Exit) Regulations 2019, which transfers responsibility for UK STS notifications, list of UK STS securitizations to FCA.

Proposals

  • Setting out proposed technical standards for the onshored securitization regulation.
  • The proposals in this consultation paper specify the information that originators and sponsors are required to provide to comply with the STS notification requirement.
  • Establishing templates for provision of required information in the technical standards.
  • Proposed standards are consistent with ESMA draft technical standards.

Effectiveness

  • Comments to be received by 27 August 2019.