On 22 April 2024, a draft statutory instrument, the Securitisation (Amendment) Regulations 2024 (the draft SI), which makes amends to the Securitisation Regulations 2024, was published alongside a draft Explanatory Memorandum.
The draft SI forms part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services. The Securitisation Regulations 2024 establish the new legislative framework under which financial services regulators will make rules on general requirements for securitisation that apply to firms. The draft SI makes textual amendments to the Securitisation Regulations 2024, so that the resulting law will be contained in a single set of Regulations.
The draft SI:
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Restates due diligence requirements for Occupational Pension Schemes, currently dealt with by the Securitisation Regulation. This is because The Pensions Regulator (which supervises Occupational Pension Schemes) does not have statutory rule-making powers, unlike the financial service