New UK Securitisation Framework | Regulators Publish Final Rules

By Ranajoy Basu, Priya Taneja, Vlad Maly, Kevin Cummings, Siddhartha Sivaramakrishnan, Fausto Giacomet, Michal Chajdukowski and Laura-May Jones on 2024-05-17

Posted In United Kingdom

On 30 April 2024, the FCA and the PRA published their respective policy statements (PS24/4 [1] by the FCA and PS7/24[2] by the PRA) in response to feedback received on their proposed draft rules on securitisations, which were presented in 2023 (CP23/17[3] and CP15/23[4]).

The new UK securitisation framework seeks to repeal and replace retained EU law in the UK, as part of the wider post-Brexit programme. Market participants will now need to read the FCA and PRA rules together with the Securitisation Regulations 2024[5] (as amended[6]), as these will comprise the new UK securitisation framework. Although the framework is new, the rules share many similarities with those of the EU Securitisation Regulation (2017/2402/EU) as currently adopted in the UK.

Changes will take effect from 1 November 2024, giving participants a six-month implementation period.

To read the full alert, please click here.

Ranajoy Basu
Ranajoy Basu focuses his practice on structured finance with key experience in debt capital markets transactions. He has a broad range of experience in international capital markets advising a wide range of participants, including arrangers, originators, servicers and trustees, in connection with the securitisation of a wide variety of assets in numerous jurisdictions, including emerging markets transactions.

Priya Taneja
Priya Taneja is a debt capital markets, restructuring and impact finance lawyer. Priya represents issuers/borrowers, trustees/successor trustees, security agents and bond agents, noteholders, servicers, corporate service providers together with other capital market participants across debt capital markets issuances, high yields, MTN programmes and securitisations. Priya is recognised as having market leading expertise in advising on high yield issuances, complex restructurings, defaults, enforcements, amendments/consent solicitations and related trustee discretion matters, liability management matters, as well as general litigation concerning corporate trust clients.

Vlad Maly
Vlad Maly has a broad corporate practice, representing clients on general corporate matters, capital markets and derivatives transactions in the context of cross-border financings and acquisition strategies in the context of public M&A.

Kevin Cummings
Kevin Cummings is the partner-in-charge of the Firm’s UK Tax Practice. Kevin is a senior, solutions-driven tax practitioner, having served as a tax partner from within both the legal sector and the Big Four – a hybrid background that enables Kevin to draw upon the strengths of both professions in delivering client advice.

Siddhartha Sivaramakrishnan
Siddhartha Sivaramakrishnan represents multinational companies and investors on cross-border business transactions, including M&A, investments, financings and regulatory and compliance matters. He also counsels on US and UK capital markets and public company matters. He has deep experience across APAC and EMEA advising corporations, shareholders and financial sponsors on effective legal and commercial solutions that propel success. Siddhartha has particular sector expertise in energy and renewables, healthcare and life sciences, financial services and technology and data protection.

Fausto Giacomet
Fausto Giacomet focuses his practice on structured finance and is a member of the Firm’s ESG, Impact and Sustainability group. He has significant experience in debt securities issuances, repackaging programmes, synthetic securitisations, actively managed certificates, exchange traded products, repos, stock loans and OTC derivatives for private equity funds, pension funds, asset managers and banks.

Michal Chajdukowski
Michal Chajdukowski focuses his practice on a range of regulatory and trade related matters. Drawing on his experience in financial regulation, he guides national and multi-national clients through the complexity of the UK and EU sanctions regimes and export controls, with a keen eye to cross-border commercial transactions.

Laura-May Jones
Laura-May focuses her practice on structured finance and is a member of the Firm’s ESG, Impact and Sustainability group. She has experience in cross-border social impact finance structures, including social and development impact bonds. Laura-May was recently seconded to the legal team of one of our key social impact finance clients.

New UK Securitisation Framework | Regulators Publish Final Rules

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