The UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) recently published their final rules relating to securitisation. Together with certain provisions under the Securitisation Regulations 2024 (as amended), the PRA and FCA Rules are expected to come into force on 1 November 2024 and to replace the UK’s existing securitisation regulation regime.

The EU Securitisation Regulation (Regulation (EU) 2017/2402, as amended) originally applied in the United Kingdom as part of EU law. Following the end of the Brexit transition period on 31 December 2020, the EU Securitisation Regulation was adopted into UK law in its then existing form and amended by way of the Securitisation (Amendment) (EU Exit) Regulations 2019 to ensure that it would operate effectively in the United Kingdom (as so amended, the UK Securitisation Regulation).