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The Securitisation (Amendment) (EU Exit) Regulations 2019
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Securitisation (Amendment) (EU Exit) Regulations 2019 (revoked) No. 660
Article 6 (risk retention)
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8.—(1) Article 6 is amended as follows.
(2) In paragraph 2 for “pursuant to Articles 32 and 33” substitute “for the contravention”.
(3) In paragraph 4—
(a)for the first subparagraph substitute—
“Where—
(a)a mixed financial holding company,
(b)a UK parent institution,
(c)a financial holding company established in the United Kingdom, or
(d)a subsidiary of such a company or institution,
as an originator or sponsor, securitises exposures from one or more credit institutions, investment firms or other financial institutions which are included in the scope of supervision on a consolidated basis, the requirements set out in paragraph 1 may be satisfied on the basis of the consolidated situation of the mixed financial holding company, UK parent institution or financial holding company concerned.”;
(b)in the second subparagraph for the words from “and to the Union” to the end substitute “and, if the originator or sponsor is a subsidiary, to the mixed financial holding company, UK parent institution or financial holding company which is the parent undertaking of the subsidiary”; and
(c)after the second subparagraph insert—
“In this paragraph—
(a)‘credit institution’, ‘financial holding company’, ‘financial institution’, ‘investment firm’, ‘subsidiary’ and ‘UK parent institution’ have the meaning given in Article 4(1) of Regulation (EU) No 575/2013; and
(b)‘mixed financial holding company” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004(1).”.
(4) In paragraph 5, in point (b) omit “of Member States”.
(5) In paragraph 7—
(a)in the first subparagraph for the words from “EBA,” to “draft regulatory” substitute “The FCA and the PRA, acting jointly, may make”; and
(b)omit the second and third subparagraphs.
(1)
S.I. 2004/1862, as amended by S.I. 2019/XXX [the Financial Conglomerates and other Financial Groups (Amendment) (EU Exit) Regulations 2019 ].
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