Jurisdiction(s):
United Kingdom

Key definition

Securitisation definition

What does Securitisation mean? Securitisation is a financing technique that converts non‑tradable, income‑producing assets into tradable securities by pooling exposures and issuing notes backed by their cash flows. In practice, an originator sells receivables (for example, mortgages, consumer loans or trade receivables) to a bankruptcy‑remote special purpose vehicle (SPV/SSPE), which issues asset‑backed securities, usually in tranches (senior, mezzanine and junior). Alternatively, in a synthetic securitisation the credit risk is transferred by credit protection while assets remain on the originator’s balance sheet. Key legal features include: achieving a true sale or effective risk transfer; perfection/notification of assignments (assignation in Scotland); security and trust arrangements; servicing...

Structured products, securitisation and covered bonds—EU and UK regulatory framework and updates (MiFID II/MiFIR, PRIIPs, Solvency II, STS, POATRs; due diligence, transparency, risk retention)

Published by a LexisNexis Banking & Finance expert

Practice notes

STOP PRESS: EU securitisation regime—

On 17 June 2025, the European Commission unveiled its highly anticipated review of the EU Securitisation Framework, alongside a comprehensive, wide-ranging legislative package proposing amendments to the EU Securitisation Regulation (Regulation (EU) 2017/2402), the EU Capital Requirements Regulation (Regulation (EU) No 575/2013), the EU Solvency II Delegated Regulation (Commission Delegated Regulation (EU) 2015/35) and the EU Liquidity Coverage Requirement Delegated Regulation (Commission Delegated Regulation (EU) 2015/61). Changes to the EU Securitisation Regulation cover, among other areas, risk retention, due diligence, disclosure, STS on-balance sheet securitisations and the meanings of public and private securitisation. Revisions to the Capital Requirements Regulation address, among other aspects, risk-sensitive capital requirements, robust and resilient securitisation positions and significant risk transfer tests. Additional consultations and amendments are expected as the EU legislative process progresses.

UK prospectus regime—

The UK Prospectus Regulation will be superseded by the Public Offers and Admission to Trading Regulations 2024 (the POATRs), with all granular obligations for admission to trading to sit within Financial Conduct Authority (FCA) admission rules. The FCA issued its final rules (PS25/9) on 15 July 2025. The new set of rules takes effect on 19 January 2026. For information on the key elements...

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Web page updated on 22/05/2026

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