In December 2021, HM Treasury (the Treasury) published a report on the UK Securitisation Regulation (the Treasury Report), which, following responses from market participants to a call for evidence, suggested various reforms. The onshoring and amendment of the EU Securitisation Regulation was intended as a temporary measure only and under FSMA 2023, both the onshored EU Securitisation Regulation and the 2019 Regulations will be revoked and replaced by a combination of new regulations and rules. The EU Securitisation Regulation, as incorporated into UK law and as amended, including by the 2019 Regulations, is often referred to as the UK Securitisation Regulation. Under the Financial Services and Markets Act 2023 (FSMA 2023), which was passed in late June 2023, certain 'retained EU law” relating to financial services will be repealed.įollowing the end of the Brexit transition period on 31 December 2020, the EU Securitisation Regulation, in its then existing form (the EU Securitisation Regulation), was adopted into UK law and was amended by way of the Securitisation (Amendment) (EU Exit) Regulations 2019 (the 2019 Regulations) to ensure that it would operate effectively in the United Kingdom. The government intends to deliver a 'Smarter Regulatory Framework' tailored to the United Kingdom. Announced in December 2022, the Edinburgh Reforms seek to drive growth and competitiveness in the UK financial services sector. The UK financial services regime is undergoing a transformation. This will result in some noteworthy changes to the UK securitisation regime.

HM Treasury recently published a near-final draft of a statutory instrument that, together with rules to be made by the UK regulators, will replace the UK Securitisation Regulation.

Not final draft meaning