UK Securitisation Reporting Templates to Become Mandatory
As part of the Brexit process, the UK Financial Conduct Authority (the "FCA") was given the power to temporarily waive or modify regulatory obligations for UK-supervised entities where those obligations changed or applied for the first time due to the onshoring of EU legislation on 31 December 2020. In the context of Regulation (EU) 2017/2402 as it forms part of retained EU law, as defined in the European Union (Withdrawal) Act 2018 as amended (the "UK Securitisation Regulation"), the FCA provided that during the period up to 31 March 2022, UK originators, sponsors and SSPEs (e.g. issuers) may satisfy their obligations under paragraphs (a) (loan-level data reports), (e) (investor reports) and (f)/(g) (significant information reports) of Article 7(1) of the UK Securitisation Regulation by making the relevant information available on templates published under Regulation (EU) 2017/2402 (the "EU Securitisation Regulation").
Therefore, once the transitional relief period ends on 31 March 2022, UK originators, sponsors and SSPEs (e.g. issuers) will need to meet these disclosure obligations by making the relevant information available on templates published under the UK Securitisation Regulation. These templates are now available on the website of the FCA.