UK lays draft Securitisation (Amendment and Miscellaneous Provisions) Regulations 2026

The draft Securitisation (Amendment and Miscellaneous Provisions) Regulations 2026 (draft Regulations) have been laid before Parliament and published. The draft Regulations amend the Securitisation Regulations 2024 (Securitisation Regulations) and the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014. They remove the regime for securitisation repositories and simplify the statutory framework for investor due diligence.

Key changes include:

• Provisions relating to securitisation repositories are removed from the Securitisation Regulations, with Part 5 removed in full. Going forward, the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA) will determine the reporting and disclosure requirements through their own rules.
• The draft Regulations amend the due diligence requirements for occupational pension scheme investors in securitisations so that they will become subject to the FCA rules that apply to institutional investors.
• Changes in relation to the FCA and PRA rule-making powers, including: (i) the omission of the requirement for the FCA and the PRA to make general rules relating to due diligence requirements of relevant institutional investors; and (ii) the amendment of the mandatory requirement for the FCA to make due diligence rules for small registered UK alternative investment fund managers to a discretionary power.

Subject to Parliamentary approval, most provisions will come into force on 1 January 2027. The remaining provisions (which include provisions relating to the removal of the UK securitisation repositories regime) will come into force on 25 May 2027.

For additional background, please see the consultations on phase 2 of the reforms to the UK securitisation framework.

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