Prudential Regulation Authority Rulebook

3.1

As regards securitisations:

1. (1) the securities of which are issued; and
2. (2) (in the case of securitisations which do not involve the issuance of securities) securitisations the initial or new securitisations positions of which are created,

on or after 1 January 2019 but before 1 November 2024, this Part does not apply and instead a firm must comply with the provisions identified in 3.2 as if they still had effect and were set out expressly here.

3.2

For the purposes of 3.1, the relevant provisions are the following as they applied immediately before their revocation on 31 October 2024 which are to be read in accordance with 3.3:

1. (1) Article 5, Article 6 (excluding paragraph 7), Article 7 (excluding paragraphs 3 and 4), Article 8 (excluding paragraphs 2, 3 and 5), Article 9 and Article 43(5) and 43(6), together with relevant terms defined in Article 2, of Regulation (EU) 2017/2402 of the European Parliament and of the Council;
2. (2) Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) 625/2014;
3. (3) Commission Delegated Regulation (EU) 2020/1224; and
4. (4) Commission Implementing Regulation (EU) 2020/1225.

3.3

The provisions referred to in 3.2 are to be read as follows:

1. (1) in paragraph 5 of Article 5, as if the relevant references to ‘institutional investor’ did not include an AIFM unless the AIFM falls within paragraph 5 of the definition of ‘institutional investor’ in Chapter 1; and
2. (2) in sub-paragraph (b) of Article 8(1), as if it read ‘any securitisation in respect of which the PRA has disapplied or modified the first sub-paragraph such that the underlying exposures can include securitisation positions’.