The Securitisation Regulations 2024
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
52A Occupational pension schemes: savings relating to pre-commencement securitisations
(1) Regulations 32B to 32D (due diligence requirements for occupational pension schemes) do not apply in relation to pre-commencement securitisations. (2) The revocation of the EU Securitisation Regulation 2017 by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 does not affect— (a) the continued application, in relation to the obligations of trustees or managers of occupational pension schemes in connection with securitisation positions of pre-commencement securitisations other than pre-2019 securitisations, of Article 5 of the EU Securitisation Regulation 2017 (due-diligence requirements for institutional investors), as that Article had effect immediately before the main commencement day; (b) the continued application, in relation to the holding by occupational pension schemes of securitisation positions of pre-2019 securitisations, of paragraph 5 of Article 43 of the EU Securitisation Regulation 2017 (transitional provisions), as that paragraph had effect immediately before the main commencement day. (3) In its application by virtue of paragraph (2)(a), Article 5 of the EU Securitisation Regulation 2017 is to be read as if— (a) references to any provision of Articles 6 to 9 of the EU Securitisation Regulation 2017 were references to that provision so far as applied in relation to pre-commencement securitisations by relevant rules, and (b) in paragraph 5, the reference to “another institutional investor” did not include an AIFM unless the AIFM falls within paragraph (e) of the definition of “institutional investor” in regulation 3 of these Regulations. (4) In paragraph (3)(a) “relevant rules” means— (a) in the case of a PRA-authorised person, rules made by the PRA under section 137G of FSMA 2000; (b) in any other case, designated activity rules made by the FCA by virtue of regulation 5. (5) In regulation 36A (monitoring and enforcement by Pensions Regulator), the reference to the requirements of regulations 32B and 32C includes a reference to the requirements of Article 5 of the EU Securitisation Regulation 2017, so far as remaining in force by virtue of paragraph (2). (6) In this regulation— “AIFM” has the meaning given in regulation 4 of the Alternative Investment Fund Managers Regulations 2013; “pre-2019 securitisations” has the same meaning as in regulation 52; “pre-commencement securitisations” means— securitisations the securities of which were issued before the main commencement day, or securitisations in relation to which the following conditions are met— the securitisations do not involve the issue of securities, the intitial securitisation positions of the securitisations were created before the main commencement day, and no new securitisation positions of the securitisations have been created on or after that day.
52A Occupational pension schemes: savings relating to pre-commencement securitisations
(1) Regulations 32B to 32D (due diligence requirements for occupational pension schemes) do not apply in relation to pre-commencement securitisations. (2) The revocation of the EU Securitisation Regulation 2017 by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 does not affect— (a) the continued application, in relation to the obligations of trustees or managers of occupational pension schemes in connection with securitisation positions of pre-commencement securitisations other than pre-2019 securitisations, of Article 5 of the EU Securitisation Regulation 2017 (due-diligence requirements for institutional investors), as that Article had effect immediately before the main commencement day; (b) the continued application, in relation to the holding by occupational pension schemes of securitisation positions of pre-2019 securitisations, of paragraph 5 of Article 43 of the EU Securitisation Regulation 2017 (transitional provisions), as that paragraph had effect immediately before the main commencement day. (3) In its application by virtue of paragraph (2)(a), Article 5 of the EU Securitisation Regulation 2017 is to be read as if— (a) references to any provision of Articles 6 to 9 of the EU Securitisation Regulation 2017 were references to that provision so far as applied in relation to pre-commencement securitisations by relevant rules, and (b) in paragraph 5, the reference to “another institutional investor” did not include an AIFM unless the AIFM falls within paragraph (e) of the definition of “institutional investor” in regulation 3 of these Regulations. (4) In paragraph (3)(a) “relevant rules” means— (a) in the case of a PRA-authorised person, rules made by the PRA under section 137G of FSMA 2000; (b) in any other case, designated activity rules made by the FCA by virtue of regulation 5. (5) In regulation 36A (monitoring and enforcement by Pensions Regulator), the reference to the requirements of regulations 32B and 32C includes a reference to the requirements of Article 5 of the EU Securitisation Regulation 2017, so far as remaining in force by virtue of paragraph (2). (6) In this regulation— “AIFM” has the meaning given in regulation 4 of the Alternative Investment Fund Managers Regulations 2013; “pre-2019 securitisations” has the same meaning as in regulation 52; “pre-commencement securitisations” means— securitisations the securities of which were issued before the main commencement day, or securitisations in relation to which the following conditions are met— the securitisations do not involve the issue of securities, the intitial securitisation positions of the securitisations were created before the main commencement day, and no new securitisation positions of the securitisations have been created on or after that day.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
How this law is officially changed
Solon does not know this law's official route yet. The proposal is recorded all the same, and the route appears here once its source is added.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.