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Introductory

Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (“the EU Securitisation Regulation 2017”) is amended in accordance with this Part of this Schedule.

STS equivalent non-UK securitisations

(1)     Article 2 (definitions) is amended as follows.

(2)     Omit point (A8) (definition of “third country”).

(3)     Before point (1) insert—

“(A9)     'STS equivalent non-UK securitisation' means a securitisation of a description in relation to which a country or territory outside the United Kingdom is designated by regulations under Article 28A;

(A10)     'territory' includes the European Union and any other international organisation or authority comprising countries or territories;”.

(4)     In point (5) (definition of “sponsor”), for “third country” substitute “country or territory outside the United Kingdom”.

After Article 28 (third party verifying STS compliance) insert—

“Chapter 4A
STS Equivalent Non-UK Securitisations

Article 28A Designation of country or territory in relation to securitisations

1

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