Draft UK Securitisation (Amendment) (No. 2) Regulations 2024 Published

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The draft Securitisation (Amendment) (No. 2) Regulations 2024 have been published, together with an explanatory memorandum. At present, U.K. investors in U.K.- or EU-origin Simple, Transparent, and Standardized securitizations can benefit from preferential prudential treatment due to a temporary arrangement. The time by which EU STS securitizations can enter the temporary arrangement will expire on December 31, 2024. This instrument extends the time by which such EU-origin STS securitizations can enter the temporary arrangement to June 30, 2026. The U.K. government is aiming to provide continuity and certainty to investors, until a non-time-limited assessment is undertaken. The explanatory memorandum explains that the three EEA-EFTA states will implement the EU Securitisation Regulation in their respective national legislation indicatively during 2025. It is preferable for the U.K. to undertake a single equivalence assessment at such a time when the EU and the three EEA-EFTA states have implemented the EU Securitisation Regulation uniformly, to reach a single assessment outcome for the EEA.

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