The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026
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Change 1
23 The Securitisation Regulations 2024
In regulation 3(1) (interpretation) of the Securitisation Regulations 2024— (a) at the appropriate place insert— “excluded arrangement” means a transaction or scheme which— was entered into or established before 1st January 2027, was not a securitisation within the meaning of this regulation (as it applied immediately before 1st January 2027), and would not, on and after 1st January 2027, be a securitisation but for the substitution of paragraph (c) of the definition of that term by the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026; ; (b) in the definition of “securitisation”— (i) after “transaction or scheme” the first time it occurs, insert “other than an excluded arrangement”; (ii) for paragraph (c) substitute— (c) the transaction or scheme does not create exposures which possess all of the following characteristics (regardless of whether the characteristics relate to the legal form or economic substance of the transaction or scheme)— (i) the exposure is to an entity which was created specifically to finance or operate physical assets (or both), (ii) the borrowing entity has few or no other material assets or activities, and therefore little or no independent capacity to repay the obligation (apart from the income that the entity receives from the assets being financed), (iii) the terms of the obligation give the lender a substantial degree of control over the assets and the income that they generate, and (iv) as a result of paragraphs (i) to (iii), the primary source of repayment of the obligation is the income generated by the assets rather than the independent capacity of a broader commercial enterprise; .
23 The Securitisation Regulations 2024
In regulation 3(1) (interpretation) of the Securitisation Regulations 2024— (a) at the appropriate place insert— “excluded arrangement” means a transaction or scheme which— was entered into or established before 1st January 2027, was not a securitisation within the meaning of this regulation (as it applied immediately before 1st January 2027), and would not, on and after 1st January 2027, be a securitisation but for the substitution of paragraph (c) of the definition of that term by the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026; ; (b) in the definition of “securitisation”— (i) after “transaction or scheme” the first time it occurs, insert “other than an excluded arrangement”; (ii) for paragraph (c) substitute— (c) the transaction or scheme does not create exposures which possess all of the following characteristics (regardless of whether the characteristics relate to the legal form or economic substance of the transaction or scheme)— (i) the exposure is to an entity which was created specifically to finance or operate physical assets (or both), (ii) the borrowing entity has few or no other material assets or activities, and therefore little or no independent capacity to repay the obligation (apart from the income that the entity receives from the assets being financed), (iii) the terms of the obligation give the lender a substantial degree of control over the assets and the income that they generate, and (iv) as a result of paragraphs (i) to (iii), the primary source of repayment of the obligation is the income generated by the assets rather than the independent capacity of a broader commercial enterprise; .
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