Jurisdiction(s):
United Kingdom

UK securitisation regime: FCA SECN and PRA Rulebook from 1 November 2024; DAR scope, STS recognition, transparency, due diligence and risk retention changes; 2026 FCA/PRA consultations

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Practice notes

STOP PRESS

On 17 February 2026, the FCA and PRA issued consultation papers—CP26/6 (Rules for reforming the UK Securitisation Framework) and CP2/26 (Reforms to securitisation requirements), respectively—setting out proposed reforms to the UK securitisation framework. The proposals include, among other matters, simplifying due diligence obligations and streamlining transparency requirements. Responses to both consultations are due by 18 May 2026. The FCA plans to make final rules in H2 2026. The PRA proposes an implementation date for changes arising from its consultation in Q2 2027. This Practice Note sets out the legislative and regulatory framework for UK securitisations with effect from 1 November 2024.

Background and legislative and regulatory framework

Repeal of the UK Securitisation Regulation

On 1 November 2024, the assimilated EU Securitisation Regulation (EU) 2017/2402 (the UK Securitisation Regulation) ceased to apply in the UK, and new securitisation rules of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), introduced as part of the government’s wider ‘Smarter Regulatory Framework’, came into force. For information on the UK Securitisation Regulation, see Practice Note: UK Securitisation Regulation—essentials [Archived]. For details on divergence between the UK framework and the EU regime in certain key areas...

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Web page updated on 22/05/2026

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