This page contains an interactive version of the tables derivation and changes tables produced by the FCA in policy statements dealing with the repeal and replacement of retained EU law.
The FCA produces derivation and changes tables for consultations papers (CPs) and policy statements (PSs) dealing with the repeal and replacement of retained EU law (REUL). These tables set out how REUL has been repealed and replaced by Handbook rules and include details of the source REUL provisions, their destination in the Handbook (where applicable) and a description of how the Handbook rules differ from their source material. These tables are published in the relevant CPs and PSs.
The table below sets out interactive versions of the derivation and changes tables published by the FCA in policy statements. The tables reflect the status of REUL and Handbook provisions at the time the relevant policy statement was published and are not updated for any subsequent changes.
Insurance Distribution Directive
Source Instrument |
Source provision number |
Handbook Reference |
Subject matter |
Comments |
|---|---|---|---|---|
Commission Implementing Regulation (EU) 2017/1469 |
Article 1 |
Not transferred |
Application |
REUL revoked without restatement. ICOBS 1.1.1R and application for ICOBS 6 Annex 3 already covers this. |
Commission Implementing Regulation (EU) 2017/1469 |
Article 1(1) |
ICOBS 6 Annex 3 paragraph 2.4R |
Insurance product information document (IPID) information requirements: Name and company logo of manufacturer |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 1(2) |
ICOBS 6 Annex 3 paragraph 2.5G |
IPID information requirements: Name and company logo of manufacturer |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 2 |
ICOBS 6 Annex 3 paragraph 2.6R |
IPID information requirements: Reference to complete pre-contractual and contractual information |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 3 |
ICOBS 6 Annex 3 paragraph 3.2R |
IPID information requirements: How must the IPID be presented and formatted? |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 4(1) |
ICOBS 6 Annex 3 paragraph 3.3R and |
IPID information requirements: Presentation and order of content |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 4(2) |
ICOBS 6 Annex 3 paragraphs 3.4G and 3.4AR |
IPID information requirements: Presentation and order of content |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 4(3) |
ICOBS 6 Annex 3 paragraph 3.5G |
IPID information requirements: Presentation and order of content |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 4(4) |
ICOBS 6 Annex 3 paragraph 3.6R |
IPID information requirements: Presentation and order of content |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 4(5) |
ICOBS 6 Annex 3 paragraph 3.7R |
IPID information requirements: Presentation and order of content |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 5 |
ICOBS 6 Annex 3 paragraphs 3.8R and 3.8AG |
IPID information requirements: Plain language |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 6(1) |
ICOBS 6 Annex 3 paragraph 3.9 |
IPID information requirements: Headings and information thereunder |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 6(2) |
ICOBS 6 Annex 3 paragraph 3.9AR |
IPID information requirements: Headings and information thereunder |
Transferred to FCA Handbook with no changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 7(1) |
ICOBS 6 Annex 3 paragraph 3.10R |
IPID information requirements: Use of icons |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 7(2) |
ICOBS 6 Annex 3 3.11R |
IPID information requirements: Use of icons |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 7(3) |
ICOBS 6 Annex 3 3.12G |
IPID information requirements: Use of icons |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Implementing Regulation (EU) 2017/1469 |
Article 8 |
Not transferred |
Entry into force of the Regulation |
REUL revoked without restatement |
Commission Implementing Regulation (EU) 2017/1469 |
Annex |
ICOBS 6 Annex 3 paragraph 3.13R |
IPID information requirements: Template for the standardised presentation format |
Transferred to FCA Handbook with no changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 1 |
Not transferred |
Subject |
REUL revoked without restatement |
Commission Delegated Regulation (EU) 2017/2358 |
Article 2 |
Not transferred |
Scope - application of regulation |
Deleted. Not transferred as part of these changes as PROD application followed |
Commission Delegated Regulation (EU) 2017/2358 |
Article 2A |
Not transferred |
Definitions |
Deleted. Existing FCA glossary terms have been relied upon and rules cross references are included in particular rules |
Commission Delegated Regulation (EU) 2017/2358 |
Article 3(1) |
PROD 1.4.4R(1) |
When an intermediary may be considered to be manufacturing |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 3(2) |
PROD 1.4.4R(2) |
When an intermediary may be considered to be manufacturing |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 3(3) |
PROD 1.4.4R(3) |
When an intermediary may be considered to be manufacturing |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 3(4) |
PROD 4.2.13R |
Need for written agreement where more than one manufacturer |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 4(1) |
PROD 4.2.5R |
Product approval process |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 4(2) |
PROD 4.2.6R |
Product approval process– written document |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 4(3) |
PROD 4.2.8R |
Product approval process – high level outcomes |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 4(4) |
PROD 4.2.9R |
Internal governance for Product approval process |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 4(5) |
PROD 4.2.11R |
Product approval process – responsibility when using third parties |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 4(6) |
PROD 4.2.12R |
Product approval process – review of process |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 5(1) |
PROD 4.2.16R |
Target market identification |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 5(2) |
PROD 4.2.17R |
Target market – identifying customers for whom product is not compatible |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 5(3) |
PROD 4.2.18R |
Insurance products compatibility with target market |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 5(4) |
PROD 4.2.10R |
Target market – knowledge and competence of staff |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 5(5) |
Not transferred |
Meaning on insurance-based investment product for target market |
REUL revoked without restatement. Reliance on existing FCA Handbook Glossary terms |
Commission Delegated Regulation (EU) 2017/2358 |
Article 5(6) |
Not transferred |
Meaning on insurance-based investment product for target market |
REUL revoked without restatement. Reliance on existing FCA Handbook Glossary terms |
Commission Delegated Regulation (EU) 2017/2358 |
Article 6(1) |
PROD 4.2.22R |
Product testing |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 6(2) |
PROD 4.2.24R |
Product testing |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 7(1) |
PROD 4.2.35R. |
Monitoring and review of insurance products |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 7(2) |
PROD 4.2.36R |
Monitoring and review – intervals for review |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 7(3) |
PROD 4.2.37R |
Monitoring and review – requirement to take mitigating action |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 8(1) |
PROD 4.2.27R |
Distribution channels – selecting appropriate channels |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 8(2) |
PROD 4.2.30R |
Distribution channels - information disclosure to distributors |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 8(3) |
PROD 4.2.31R |
Distribution channels – purpose of information disclosure to distributors |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 8(4) |
PROD 4.2.38R |
Distribution channels - Monitoring distribution |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 8(5) |
PROD 4.2.39R |
Distribution channels – remedial action |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 9 |
PROD 4.2.7R |
Product approval process – record keeping |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 10(1) first sub-paragraph |
PROD 4.3.5R |
Product distribution arrangements for distributors |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 10(1) second sub-paragraph |
PROD 4.3.14R |
Product distribution arrangements – written document |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 10(2) |
PROD 4.3.6R |
Product distribution arrangements – high level outcomes |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 10(3) |
PROD 4.3.7R |
Product distribution arrangements – obtaining information from manufacturers |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 10(4) |
PROD 4.3.8R |
Product distribution arrangements – alignment of distribution strategies |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 10(5) |
PROD 4.3.9R |
Product distribution arrangements – internal governance |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 10(6) |
PROD 4.3.10R |
Product distribution arrangements – review of distribution arrangements |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 11 |
PROD 4.3.11R |
Notifying manufacturer and amending distribution strategy |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 12 |
PROD 4.3.13R |
Product distribution arrangements – record keeping |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2358 |
Article 12A |
Not transferred |
Directive functions transferred to the Treasury |
REUL revoked without restatement |
Commission Delegated Regulation (EU) 2017/2358 |
Article 12B |
Not transferred |
Directive functions for making technical standards regarding the IPID transferred to the Financial Conduct Authority (FCA). |
Deleted. FSMA rule making powers relied upon FCA to make changes proposed here (and any changes in future) |
Commission Delegated Regulation (EU) 2017/2358 |
Article 13 |
Not transferred |
Entry into force and application |
REUL revoked without restatement |
Commission Delegated Regulation (EU) 2017/2359 |
Article 1 |
Not transferred |
Scope - application of regulation |
REUL revoked without restatement. Existing application of relevant COBS and SYSC chapters/ sections relied upon. |
Commission Delegated Regulation (EU) 2017/2359 |
Article 2(1) |
Not transferred |
Definition of relevant person |
REUL revoked without restatement. Already included in the FCA Handbook Glossary |
Commission Delegated Regulation (EU) 2017/2359 |
Article 2(2) |
COBS 2.3A.9AR(4)(a) |
Assessment of inducements – definition of inducement |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 2(3) |
COBS 2.3A.9AR(4)(b) |
Assessment of inducements – definition of inducement scheme |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 2(4) – (7) |
Not transferred |
Definitions |
REUL revoked without restatement. Already included in the FCA Handbook Glossary |
Commission Delegated Regulation (EU) 2017/2359 |
Article 3(1) |
SYSC 3.3.6R, SYSC 10.1A.2R(1) and 10.1A.2R(2) |
Identification of conflicts of interest |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 3(2) |
SYSC 3.3.7R and SYSC 10.1A.2R(3) |
Identification of conflicts of interest |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 4(1) |
SYSC 3.3.10R and SYSC 10.1A.3R |
Conflicts policy - establishing, implementing and maintaining an effective policy |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 4(2) |
SYSC 3.3.11R and SYSC 10.1A.4R |
Conflicts policy - contents |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 5 |
SYSC 3.3.12R and SYSC 10.1A.5R |
Conflicts policy – required procedures and measures |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 6 |
SYSC 3.3.14R and SYSC 10.1A.6R |
Conflicts policy - Disclosure |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 7(1) |
SYSC 3.3.15R and SYSC 10.1A.7R |
Conflicts policy - Review of policy |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 7(2) |
SYSC 3.3.16R and SYSC 10.1A.8R |
Conflicts policy - Record keeping |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 8 |
COBS 2.3A.9AR |
Assessment of inducements – assessment and meaning of detrimental impact |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 9(1) |
COBS 9A.2.4AR(1) |
Suitability assessment – determining extent of the information required |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 9(2) |
COBS 9A.2.4AR(2) |
Suitability assessment – obtaining information from customers |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 9(3) |
COBS 9A.2.7AR |
Suitability assessment – Obtaining information about financial situation |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 9(4) |
COBS 9A.2.8AR |
Suitability assessment – Obtaining information about investment objectives |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 9(5) |
COBS 9A.2.13AR |
Suitability assessment – Insufficient information |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 9(6) |
COBS 9A.2.20AR |
Suitability assessment – Unsuitability |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 9(7) |
COBS 9A.2.18AR |
Suitability assessment – Switching between underlying investment asset |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 10 |
COBS 9A.2.9AR |
Suitability assessment – Reliability of information |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 11 |
COBS 9A.3.1AR |
Suitability assessment – Explaining the reasons for assessing suitability |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 12 |
COBS 9A.2.24G |
Suitability assessment – Automated or semi-automated systems |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 13 |
COBS 9A.2.15AR |
Suitability assessment – Identifying the subject of assessment for group insurance |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 14(1) to (3) |
COBS 9A.3.3AR |
Suitability assessment – Providing a suitability report |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 14(4) |
COBS 9A.3.10R |
Suitability assessment – Periodic assessments |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 15 |
COBS 10A.2.3AR |
Appropriateness assessment - Assessing a client’s knowledge and experience |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 16 |
COBS 10A.4.3R |
Appropriateness assessment - non-complex insurance-based investment products |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(1) |
COBS 9A.2.6AR |
Suitability assessment - Obtaining information about knowledge and experience |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(1) |
COBS 10A.2.4AR(1) |
Appropriateness assessment - Obtaining information about knowledge and experience |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(2) |
COBS 9A.2.11AR |
Suitability assessment - - Discouraging the provision of information |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(2) |
COBS 10A.2.5AR |
Appropriateness assessment - Discouraging the provision of information |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(3) |
COBS 9A.2.4AR(3) |
Suitability assessment – information already held by the firm |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(3) |
COBS 10A.2.4AR(2) |
Appropriateness assessment - information already held by the firm |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(4) |
COBS 9A.2.12AR |
Suitability assessment – Reliance on information |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 17(4) |
COBS 10A.2.6AR |
Appropriateness assessment - Reliance on information |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 18 |
COBS 16A.4.2AR |
Periodic report – content and frequency |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 19(1) |
COBS 9A.4.3R |
Suitability assessment - Retention of records |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 19(1) |
COBS 10A.7.2AR |
Appropriateness assessment - Retention of records |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 19(2) |
COBS 9A.4.4R |
Suitability assessment - Record-keeping obligations |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 19(3) |
COBS 10A.7.2AR |
Appropriateness assessment - Record-keeping |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 19(4) |
SYSC 3.3.19R and SYSC 9.1.2CR. |
Retention of conflicts records |
Transferred to FCA Handbook with handbook style-drafting changes |
Commission Delegated Regulation (EU) 2017/2359 |
Article 19A |
Not transferred |
Directive functions transferred to the Treasury |
REUL revoked without restatement |
Commission Delegated Regulation (EU) 2017/2359 |
Article 20 |
Not transferred |
Entry into force and application |
REUL revoked without restatement |
Commission Delegated Regulation (EU) 2019/1935 |
Entire text |
Not transferred |
Makes amendments to the Insurance Distribution Directive ((EU) 2016/97). Adapting the base euro amounts for professional indemnity and for financial capacity of insurance and reinsurance intermediaries. |
REUL revoked without restatement. Substantive provisions relating to minimum levels of PII cover already appear in MIPRU 3.2.7R and IPRU-INV 9.2.5R/ IPRU INV 13.1.10R[1]. |
Glossary and notes
The Insurance Distribution Directive table is published in our Policy Statement 23/18.
Securitisation Sourcebook (SECN)
Source of provision |
Handbook Reference |
Subject matter |
Policy change/ Handbook style drafting (HSD)/other comment |
|---|---|---|---|
Art 2(7) UK SR |
Glossary |
Definition of ‘ABCP programme’ |
Transferred to SR 2024 with no changes. Cross-referred to in the FCA Handbook |
Art 2(8) UK SR |
Glossary |
Definition of ‘ABCP transaction’ |
Transferred to SR 2024 with no changes. Cross-referred to in the FCA Handbook |
Glossary |
Glossary |
Definition of ‘client money’ |
Amendment to the FCA Handbook to add new paragraph 2D which applies to SECN |
Glossary |
Glossary |
Definition of ‘client money rules’ |
Amendment to the FCA Handbook to clarify that paragraph 3 applies to SECN |
Glossary |
Glossary |
Definition of ‘CRR firm’ |
Amendment to the FCA Handbook to add new paragraph 2 for the purposes of SECN which cross-references the definition in article 4(1)(2A) of UK CRR |
Art 2(17) UK SR |
Glossary |
Definition of ‘early amortisation provision’ |
Transferred to the FCA Handbook with no changes |
Reg 2(1) of SI 2018/1288 |
Glossary |
Definition of ‘established in the United Kingdom’ |
Transferred to SR 2024 with policy changes made by HMT – please refer to paragraph 6.1 of CP23/17 for more details. Cross-referred to in the FCA Handboo k |
N/A |
Glossary |
Definition of ‘FCA investment firm’ |
This is a new definition added to the FCA Handbook cross-references definition from UK CRR |
Art 2(18) UK SR |
Glossary |
Definition of ‘First loss tranche’ |
Transferred to the FCA Handbook with no changes |
Art 2(21) UK SR |
Glossary |
Definition of ‘Fully supported ABCP programme’ |
Transferred to the FCA Handbook with no changes |
Art 2(22) UK SR |
Glossary |
Definition of ‘Fully supported ABCP transaction’ |
Transferred to the FCA Handbook with no changes |
Art 2(12) UK SR |
Glossary |
Definition of ‘Institutional investor’ |
Transferred to SR 2024 with policy changes made by HMT – please refer to 4.7 of The Securitisation Regulations 2023 Policy Note for more details |
Art 2(11) UK SR |
Glossary |
Definition of ‘Investor’ |
Transferred to SR 2024 with minor drafting changes made by HMT. No policy change intended. Cross-referred to in the FCA Handbook |
Art 2(14) UK SR |
Glossary |
Definition of ‘Liquidity facility’ |
Transferred to the FCA Handbook with no changes |
Glossary |
Glossary |
Definition of ‘mixed financial holding company’ |
Amendment to the FCA Handbook to clarify that paragraph 1 excludes SECN and new paragraph 2 applies to SECN. Paragraph 2 cross-references the definition in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004 |
Glossary |
Glossary |
Definition of ‘network’ |
Amendment to the FCA Handbook to clarify that paragraph 1 excludes SECN and new paragraph 2 inserts a new definition applicable to SECN |
N/A |
Glossary |
Definition of ‘Non-performing exposure’ |
New definition added to the FCA Handbook which cross-refers to the definition from the UK CRR |
N/A |
Glossary |
Definition of ‘NPE’ |
This is a new definition added to the FCA Handbook |
Regulation (EU) 2021/557 |
Glossary |
Definition of ‘Non-refundable purchase price discount’ |
This is a new definition added to the FCA Handbook. Note: this is not a transfer of assimilated law, but a provision of post-IPCD material that is being adopted. |
Regulation (EU) 2021/557 |
Glossary |
Definition of ‘NPE securitisations’ |
This is a new definition added to the FCA Handbook. Note: this is not a transfer of assimilated law, but a provision of post-IPCD material that is being adopted. |
Art 2(12)(c) UK SR |
Glossary |
Definition of ‘occupational pension scheme’ |
Amendment to the FCA Handbook to clarify that paragraph 1 excludes SECN and new paragraph 2 which cross-refers to SR 2024 applies to SECN.The UK SR definition was transferred to SR 2024 such that the concept of occupational pension scheme was separated from the fund manager of that scheme. |
Art 2(20) UK SR |
Glossary |
Definition of ‘Original lender’ |
Transferred to SR 2024 with no changes. Cross-referred to in the FCA Handbook |
Art 2(3) UK SR |
Glossary |
Definition of ‘originator’ |
The UK SR definition was transferred to SR 2024 with no changes. Amendment to FCA Handbook to clarify that: 1. new paragraph 1 which cross refers to SR 2024 excludes MIPRU;2. paragraph 2 applies to MIPRU; and 3. paragraph 3 is deleted |
Glossary |
Glossary |
Definition of ‘over collateralisation’ |
Amendment to FCA Handbook to add new paragraph 2 which applies to SECN |
Art 1(1) of Retained EU law version of Commission Delegated Regulation (EU) 2020/1224 |
Glossary |
Definition of ‘Reporting entity’ |
This is a new definition added to the FCA Handbook |
Art 2(4) UK SR |
Glossary |
Definition of ‘Resecuritisation’ |
Transferred to FCA Handbook with no changes |
Glossary |
Glossary |
Definition of ‘retail client’ |
Amendment to FCA handbook to clarify that paragraph 1 applies to SECN |
Art 2(15) UK SR |
Glossary |
Definition of ‘Revolving exposure’ |
Transferred to the FCA Handbook with no changes |
Art 2(16) UK SR |
Glossary |
Definition of ‘Revolving securitisation’ |
Transferred to the FCA Handbook with no changes |
N/A |
Glossary |
Definition of ‘SECN’ |
This is a new definition added to the FCA Handbook |
Art 2(1) UK SR |
Glossary |
Definition of ‘securitisation’ |
The UK SR definition was transferred to SR 2024 with drafting changes. No policy change was intended. Amendment to the FCA Handbook to clarify that: 1. in paragraph 1, the cross reference to paragraph 3 should be paragraph 4, and 2. paragraph 4 is amended to include SECN and to update the cross-reference to SR 2024 |
Art 2(19) UK SR |
Glossary |
Definition of ‘securitisation position’ |
The UK SR definition was transferred to SR 2024 with no changes. Amendment to FCA Handbook to clarify that: 1. paragraph 2 is deleted, and 2. new paragraph 3 is added which cross-refers to SR 2024 |
Glossary |
Glossary |
Definition of ‘Securitisation Regulations 2024’ |
This is a new definition added to the FCA Handbook |
Art 2(23) UK SR |
Glossary |
Definition of ‘securitisation repository’ |
The UK SR definition was transferred to SR 2024 with minor drafting changes. Amendment to the FCA Handbook to apply to SECN and cross-refer to SR 2024 |
Art 2(2) UK SR |
Glossary |
Definition of securitisation special purpose entity’ |
The UK SR definition was transferred to SR 2024 with no changes. Amendment to the FCA Handbook to add new paragraph 3 which cross-references to SR 2024 |
Art 2(13) UK SR |
Glossary |
Definition of ‘Servicer’ |
Transferred to the FCA Handbook with no changes |
Art 2(5) UK SR |
Glossary |
Definition of ‘sponsor’ |
The UK SR definition was transferred SR 2024 with drafting changes. No policy change intended.Amendment to FCA Handbook to add paragraph 4 and cross-refer to SR 2024 |
N/A |
Glossary |
Definition of ‘SSPE’ |
This is a new definition added to the FCA Handbook |
N/A |
Glossary |
Definition of ‘STS criteria’ |
This is a new definition in the FCA Handbook |
Art 27(1) UK SR |
Glossary |
Definition of ‘STS notification’ |
Transferred to FCA Handbook from Art 27(1) UK SR with HSD changes – please refer to paragraph 6.6 of CP23/17 for more details |
N/A |
Glossary |
Definition of ‘STS securitisation |
This is a new definition in reg 3(1) of the Sec Reg 2024 |
Art 2(10) UK SR |
Glossary |
Definition of ‘synthetic securitisation’ |
Transferred to FCA Handbook with no changes |
N/A |
Glossary |
Definition of ‘third party verifier’ |
This is a new definition in reg 3(1) of the Sec Reg 2024 |
Glossary |
Glossary |
Definition of ‘trade repository’ |
New definition added to SR 2024 . Amendment to the FCA Handbook to add new paragraph 2 to cross-refer SR 2024 |
Art 2(9) UK SR |
Glossary |
Definition of ‘traditional securitisation’ |
Amendment to the FCA Handbook to add new para 1 which transfers UK SR definition with no changes |
Art 2(6) UK SR |
Glossary |
Definition of ‘tranche’ |
The UK SR definition was transferred to SR 2024 with no changes. Amendment to the FCA Handbook to add new paragraph 3 to cross-refer to SR 2024 |
Art 2(A1) – Art 2(A10) UK SR |
Not applicable |
Various definitions |
Not transferred |
N/A |
SECN 1.1.3R |
GEN General Principles |
Certain provisions of GEN in the FCA Handbook have been applied to SECN entities. This is to ensure that certain general provisions, for example, those dealing with the Handbook Glossary apply to SECN entities. |
N/A |
SECN 1.1.4G |
GEN General Principles |
Provision confirms that for authorised persons, GEN applies as usual |
N/A |
SECN 1.1.5R |
PRIN Principles for Businesses |
Policy change. Please refer to Chapter 6 – Consequential changes - of the PS for further details. |
N/A |
SECN 2.1.1G |
Scope of application of the requirements for the STS securitisations |
Policy change. Guidance added to clarify the scope of application. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 19 UK SR |
SECN 2.2.1R |
Requirements for a securitisation to be considered STS |
Transferred to FCA Handbook with HSD changes. |
Article 20 UK SR |
SECN 2.2.2R to SECN 2.2.14R |
Simplicity requirements |
Transferred to FCA Handbook with HSD changes. |
Article 21 UK SR |
SECN 2.2.15R to SECN 2.2.24R |
Standardisation requirements |
Transferred to FCA Handbook with HSD changes. |
Article 22 UK SR |
SECN 2.2.25R to SECN 2.2.29R |
Transparency requirements |
Transferred to FCA Handbook with HSD changes.Policy change. Please refer to Chapter 4 – Due diligence – of the PS for further details. Introduction of the concept of ‘commitment to invest’ to accommodate for private securitisations where the concept of ‘pricing’ does not always apply. |
Article 23 UK SR |
SECN 2.3.1R |
STS Criteria: Simple, transparent and standardised ABCP securitisation |
Transferred to FCA Handbook with HSD changes. |
Article 24 UK SR |
SECN 2.3.2R to SECN 2.3.22R |
Transaction-level requirements |
Transferred to FCA Handbook with HSD changes. Policy change. Please refer to Chapter 4 – Due diligence – of the PS for further details. Introduction of the concept of ‘commitment to invest’ to accommodate for private securitisations where ‘pricing’ does not always apply. |
Article 25 UK SR |
SECN 2.3.23R to SECN 2.3.29R |
Sponsor of an ABCP programme |
Transferred to FCA Handbook with HSD changes. |
Article 26 UK SR |
SECN 2.3.30R to SECN 2.3.37R |
Programme-level requirements |
Transferred to FCA Handbook with HSD changes. |
Retained EU law version of Commission Delegated Regulation (EU) 2019/1851 |
SECN 2.4 |
STS criteria: Homogeneity of underlying exposures |
Transferred to FCA Handbook with HSD changes. Policy change. Please refer to Chapter 6 – Other measures - of the PS for further detail. This is to specify circumstances where loans to certain corporates can be treated as homogeneous with loans to individuals. Please refer to Chapter 6 of CP 23/17 for further policy clarifications. |
Article 27 UK SR |
SECN 2.5 |
STS notification |
Transferred to FCA Handbook with HSD changes. Additional clarification. Please refer to Chapter 6 of CP23/17 for further detail. |
Article 27 UK SR |
SECN 2.5.2 R(1) |
STS notification |
Conforming change to SR 2024. SR are registered by the FCA. |
Article 27 UK SR |
SECN 2.5.2 R(2) |
STS notification |
Policy change. Please refer to Chapter 6 – Use of an FCA registered TPV – of the PS. It clarifies that if a TPV is used, that TPV must be registered with the FCA. |
Retained EU law version of Commission Delegated Regulation (EU) 2020/1226 |
SECN 2.6 |
Information to be included in the STS notification by the originator, sponsor and the SSPE |
HSD and correction of the title which does not apply to the SSPE. |
Retained EU law version of Commission Delegated Regulation (EU) 2020/1226 |
SECN 2.6.3G |
Information to be included in the STS notification by the originator, sponsor and the SSPE |
Policy change. This a clarification that references to ‘pricing’ in the STS notification must be read to also include ‘original commitment to invest’ to accommodate for private securitisations. |
Retained EU law version of Commission Delegated Regulation (EU) 2020/1227 |
SECN 2.7 |
Templates for STS notifications |
Transferred to FCA Handbook with no changes. |
Article 3 UK SR |
SECN 3 |
Selling securitisation positions to retail clients |
Transferred to FCA Handbook with neither policy change nor any HSD amendments. We understand that market participants generally operate satisfactorily within the current provision, although we plan to keep the provision under review and may consider changes to it at a later stage. However, we have made currency adjustments: Please refer to Chapter 6 of CP23/17 for further detail. |
Article 3 UK SR |
SECN 3.1.1G |
Selling securitisation positions to retail clients |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 4 UK SR |
N/A |
Requirements for SSPEs |
Transferred to SR 2024 with policy changes. Please see paragraph 5.5 of Explanatory Memorandum to the Securitisation (Amendment) Regulations 2024 for further details. |
Article 5 UK SR |
N/A |
Due diligence requirements in relation to OPS |
Transferred to the SR 2024 for occupational pensions schemes only. Please see paragraph 5.7 of Explanatory Memorandum to the Securitisation (Amendment) Regulations 2024 for further details. |
Article 5 UK SR |
SECN 4.1.1G |
Scope of application of the due diligence requirements |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 5(1) UK SR |
SECN 4.2.1R |
Due diligence requirements before holding a securitisation position |
Transferred to FCA Handbook with policy change. Please refer to Chapter 4 – Due diligence - of the PS for further details. We specify the information that is required to be received by institutional investors when investing in both domestic and overseas securitisations. |
Article 5(1) UK SR |
SECN 4.2.1R Table lines 4, 6 and 7 |
Due diligence requirements before holding a securitisation position |
Transferred to FCA Handbook with policy change. Please refer to Chapter 4 for further details. Introduction of the concept of ‘commitment to invest’ to accommodate for private securitisations where ‘pricing’ does not always apply. And differentiation between primary and secondary market. |
Article 5(1) UK SR |
SECN 4.2.1R Table line 7 |
Due diligence requirements before holding a securitisation position |
Policy change. Conforming change to SR 2024. This cross refers to notifications by qualifying EU securitisations. |
Article 5(3) UK SR |
SECN 4.2.2R |
Due diligence requirements before holding a securitisation position |
Transferred to FCA Handbook. Conforming change to SR 2024. This is to accommodate for overseas STS securitisations which is referred to in 4.2.2(1)(d). |
Article 5(3) UK SR |
SECN 4.2.3R |
Due diligence requirements before holding a securitisation position |
Transferred to FCA Handbook with policy change. See Chapter 4 – STS securitisation - of the PS for further details. Clarification that responsibility of institutional investors to comply with due diligence is not affected by the use of a TPV transferred from Article 27(2) paragraph 1 of the UK SR. |
Article 5(2) UK SR |
SECN 4.3 |
Requirements for sponsors to undertake due diligence |
Transferred to FCA Handbook with HSD changes. |
Article 5(4) UK SR |
SECN 4.4 |
Due diligence requirements while holding a securitisation position |
Transferred to FCA Handbook with HSD changes and changes highlighted below. |
Article 5(4) UK SR |
SECN 4.4.2R |
Due diligence requirements while holding a securitisation position |
Transferred to FCA Handbook with policy change. Please refer to Chapter 6 – Resecuritisation and waivers – of the PS for further details. |
Article 5(5) UK SR |
SECN 4.5 |
Institutional investor delegation |
Transferred to FCA Handbook with policy change. Please refer to Chapter 4 – Delegation of due diligence requirement – of the PS for further details. |
N/A |
SECN 5.1.1G |
Scope of application of the risk retention requirements |
Policy change. Guidance added to clarify the scope of application. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 6(1) UK SR |
SECN 5.2.1R-SECN 5.2.5R |
Requirement to retain a material net economic interest of not less than 5%. |
Transferred to FCA Handbook with no changes. |
Article 6(2) UK SR |
SECN 5.2.6R |
Selection of assets |
Transferred to FCA Handbook with no changes. |
Recital 11, EU SR |
5.2.7R |
Selection of assets |
Policy change. Included recital 11 of the EU SR to allow originators and sponsors to select assets which as a whole have a higher risk profile. |
Article 6(3) UK SR |
SECN 5.2.8 R(1) |
List describing what qualifies as a retention of a material net economic interest of not less than 5% |
Transferred to FCA Handbook with no changes. |
N/A |
SECN 5.2.8 R(2) |
Calculation of the risk retention for NPE securitisations |
Policy change. See Chapter 5 of the CP and Chapter 5 – NPE securitisation – of the PS for further details. |
Article 6(4) UK SR |
SECN 5.2.9R |
Risk retention requirements if originator or sponsor securitises exposures from one or more credit institutions, investment firms or other financial institutions included in scope of supervision on a consolidated basis |
Transferred to FCA Handbook with no changes. |
Article 6(5) UK SR |
SECN 5.2.10R |
Exception to risk retention requirement for securitised exposures which are guaranteed |
Transferred to FCA Handbook with no changes. |
Article 6(6) UK SR |
SECN 5.2.11R |
Exception to risk retention requirement for indexed transactions |
Transferred to FCA Handbook with no changes. |
Article 3(1) Commission Delegated Regulation (EU) 625/2014 (‘2014 Requirements’) |
SECN 5.3.1R |
Implications of requirement that retained material net economic interest must not be split amongst different types of retainers |
Transferred to FCA Handbook with no changes. |
Article 3(2) 2014 Requirements |
SECN 5.3.2R |
Pro rata risk retention if multiple originators fulfilling risk retention requirement |
Transferred to FCA Handbook with no changes. |
Article 3(3) 2014 Requirements |
SECN 5.3.3R |
Pro rata risk retention if multiple original lenders fulfilling risk retention requirement |
Transferred to FCA Handbook with no changes. |
Article 3(4) 2014 Requirements |
SECN 5.3.4R |
Conditions meaning the retention requirement may be fulfilled in full by a single originator or original lender |
Transferred to FCA Handbook with no changes. |
Article 5(5) 2014 Requirements |
SECN 5.3.5R |
Requirements if multiple sponsors fulfil the retention requirement |
Transferred to FCA Handbook with no changes. |
N/A |
SECN 5.3.6R |
Matters to consider when assessing whether an entity has been established or operates for the sole purpose of securitising exposures |
Please refer to Chapter 5 - Sole purpose test - of the PS for the detail of the policy change. |
Article 4 2014 Requirements |
SECN 5.4.1R |
Conditions to be met for a synthetic or contingent form of retention to be allowed |
Transferred to FCA Handbook. Please refer to Chapter 5 - Exemption from cash collateralisation for synthetic/contingent form of retention - of the PS for the detail of the policy change . |
Article 5 2014 Requirements |
SECN 5.5.1R |
Methods of complying with requirement to retain not less than 5 % of the nominal value of each of the tranches |
Transferred to FCA Handbook with no changes. |
Article 6 2014 Requirements |
SECN 5.6.1R |
When retention of originator’s interest of not less than 5% of the nominal value of each of the securitised exposures is considered fulfilled |
Transferred to FCA Handbook with no changes. |
Article 7 2014 Requirements |
SECN 5.7.1R |
Retention of randomly selected exposures equivalent to not less than 5% of the nominal value of the securitised exposures |
Transferred to FCA Handbook with HSD changes. |
Article 8 2014 Requirements |
SECN 5.8.1R |
The retention of the first loss tranche |
Transferred to FCA Handbook with no changes |
Article 9 2014 Requirements |
SECN 5.9.1R |
Retention of a first loss exposure of not less than 5% of every securitised exposure |
Transferred to FCA Handbook with no changes. |
N/A |
SECN 5.10R |
Application of the retention options on NPE securitisations |
Policy change. Please refer to Chapter 5 - NPE securitisation - of the PS for the detail of the policy change. |
Article 10 2014 Requirements |
SECN 5.11.1R |
Measurement of the level of retention |
Transferred to FCA Handbook with no changes. |
Article 11 2014 Requirements |
SECN 5.11A.1R |
Measurement of retention for exposures in the form of drawn and undrawn amounts of credit facilities |
Transferred to FCA Handbook with no changes. |
Article 12 Commission Delegated Regulation (EU) 2023/2175 |
SECN 5.12 |
Prohibition of hedging or selling the retained interest |
Policy change. Please refer to Chapter 5 of the CP for the detail of the policy changes. We have included the possibility to transfer the retention in the event of the retainer’s insolvency. Note: this is not a transfer of assimilated law, but a provision of post-IPCD material that is being adopted. |
Recital 7 of Commission Delegated Regulation (EU) 2023/2175 |
SECN 5.12.1R |
Derogation to the prohibition of the hedging of material net interest |
Policy change. Please see Chapter 5 – Recitals relevant to risk retention – of the PS for further details. Note: this is not a transfer of assimilated law, but a provision of post-IPCD material that is being adopted. |
Article 13 2014 Requirements |
SECN 5.13.1R |
Exemptions in accordance with Article 6(6) UK SR |
Transferred to FCA Handbook with no changes. |
Article 14 2014 Requirements |
SECN 5.14 |
Retention on a consolidated basis |
Transferred to FCA Handbook with no changes. |
Article 10(2) 2014 Requirements |
SECN 5.15 |
Arrangements or embedded mechanisms |
Policy change. Please refer to Chapter 5 of the CP for the detail of the policy change. |
Recital 1 2014 Requirements |
SECN 5.16 |
Risk retention in securitisation of own liabilities |
Policy change. Please see Chapter 5 – Recitals relevant to risk retention – of the PS for further details. |
Article 2(3) 2014 Requirements |
SECN 5.17 |
Retention requirement on resecuritisations |
Policy change. Please refer to Chapter 5 – Risk retention in relation to resecuritisation of the PS for the detail of the policy change . |
Article 18(1) of Commission Delegated Regulation (EU) 2023/2175 |
SECN 5.18.1R |
Selection of assets |
New provision inserted to FCA Handbook. Note: this is not a transfer of assimilated law, but a provision of post-IPCD material that is being adopted |
Article 18(2) of Commission Delegated regulation (EU) 2023/2175 |
SECN 5.18.2G |
Selection of assets |
Policy change. Guidance to clarify that originator’s compliance with its internal policies, procedures and controls must be taken into account when assessing against cherry picking. Note: this is not a transfer of assimilated law, but a provision of post-IPCD material that is being adopted |
Article 22 2014 Requirements |
SECN 5.19 |
Disclosure of the level of the commitment to maintain a net economic interest |
Transferred to the FCA Handbook with policy change. Please refer to Chapter 5 of the CP for the detail of the policy change. |
N/A |
SECN 6.1.1G |
Scope of application of the disclosure requirements |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 7(1) UK SR |
SECN 6.2.2R |
Transparency requirements for originators, sponsors and SSPEs |
Policy change. Please refer to Chapter 4 for further details. Introduction of the concept of ‘commitment to invest’ to accommodate for private securitisations where “pricing” does not always apply. |
Article 7(1) UK SR |
SECN 6.2.5R |
Transparency requirements for originators, sponsors and SSPEs |
Transferred to FCA Handbook with HSD changes. |
N/A |
SECN 6.2.6G |
Transparency requirements for originators, sponsors and SSPEs |
Clarification that the confidentiality of the information would not prevent the FCA to request and process such information. |
Article 7(2) UK SR |
SECN 6.3 |
Designation relating to securitisation repository |
Transferred to FCA Handbook with HSD changes. |
N/A |
SECN 7.1.1G |
Scope of application of the ban on resecuritisation |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 8(1) – (3) UK SR |
SECN 7.2 |
Requirements on ban on resecuritisation |
Policy change. Please refer to Chapter 6 – waiver and resecuritisation – of the PS for the detail of the policy change |
Article 8(4) UK SR |
SECN 7.3 |
Fully supported ABCP programme not a resecuritisation |
Transferred to FCA Handbook with no changes. |
Article 9 UK SR |
SECN 8 |
Requirements on credit granting |
Transferred to FCA Handbook with no changes. |
N/A |
SECN 8.1.1G |
Scope of application of the credit granting criteria |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 9 UK SR and recital 14 EU SR |
SECN 8.2 |
Requirement on credit granting |
Transferred to FCA Handbook with policy change. Please refer to Chapter 6 – credit granting criteria – of the PS for further details. |
Article 9 UK SR |
SECN 8.3 |
Verification arrangements |
Transferred to FCA Handbook with no changes. |
N/A |
SECN 9.1.1G |
Scope of application of the requirements on SR |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Article 10(4) UK SR |
SECN 9.2 |
Securitisation repository registration conditions |
Transferred to FCA Handbook with HSD changes. |
Article 17(1) UK SR |
SECN 9.3 |
Requirement for securitisation repositories to collect and maintain securitisation details |
Transferred to FCA Handbook with HSD changes. |
Article 10(5) UK SR and Retained EU law version of Commission Implementing Regulation (EU) 2020/1228 |
SECN 9.4 |
Format of applications for registration as a securitisation repository or for extension of a registration of a trade repository |
Transferred to FCA Handbook with HSD changes. |
Retained EU law version of Commission Delegated Regulation (EU) 2020/1229 |
SECN 9.5 |
Operational standards for data collection, aggregation, comparison, access and verification of completeness and consistency by securitisation repositories |
Transferred to FCA Handbook with HSD changes. |
Retained EU law version of Commission Delegated Regulation (EU) 2020/1230 |
SECN 9.6 |
Details of the application for registration of a securitisation repository and the details of the simplified application for an extension of registration of a trade repository |
Transferred to FCA Handbook with HSD changes. |
Retained EU law version of Commission Delegated Regulation (EU) 2019/885 |
SECN 10 |
Requirements on third party verifiers |
Transferred to FCA Handbook with HSD changes. |
Not applicable |
SECN 10.1.1G |
Scope of application of Chapter 10 |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Retained EU law version of Commission Delegated Regulation (EU) 2020/1224 |
SECN 11 |
Information and the details of a securitisation, which the originator, sponsor and SSPE must make available |
Transferred to FCA Handbook with HSD changes. |
Not applicable |
SECN 11.1.1G |
Scope of application of Chapter 11 |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
Retained EU law version of Commission Delegated Regulation (EU) 2020/1225 |
SECN 12 |
Format and standardised templates for making available the information and details of a securitisation |
Transferred to FCA Handbook with HSD changes. |
N/A |
SECN 12.1.1G |
Scope of application of Chapter 12 |
Policy change. Please see Chapter 6 – Geographical scope – of the PS for further details. |
N/A |
SECN 13 |
Waivers |
Policy change Please see Chapter 3 – Waivers – of the PS for further details. |
Art 43 UK SR |
SECN 14.2 |
Transitional provisions |
For pre-2019 securitisations: some provisions were transferred to SR 2024 from Art 43 UK SR and some were transferred to FCA Handbook with HSD changes only .For pre-revocation securitisations: Policy change. Please see Chapter 6 – Transitional provisions – of the PS for further details. |
Glossary and notes
The Securitisation Sourcebook (SECN) derivation and changes table is published in our Policy Statement 24/4.