The new securitisation framework will combine three sets of overlapping rules, in an effort to repeal and replace retained EU law in the UK.

The missing piece of the puzzle to the UK’s new securitisation framework became clear on 7 August 2023 when the FCA published consultation paper CP23/17 containing the FCA’s proposed draft UK securitisation rules (Draft FCA Rules). The Draft FCA Rules complement the draft rules published by the Prudential Regulation Authority (PRA) on 27 July 2023 (Draft PRA Rules), and together they will sit under the Securitisation Regulations 2023, a near-final draft statutory instrument (the Final Draft SI) to be enacted under the Financial Services and Markets Act 2023 (FSMA 2023). Once enacted in final form, the three sets of rules (the Draft Rules) will together replace the existing UK Securitisation Regulation (UK Sec Reg) as part of the wider post-Brexit programme to repeal and replace retained EU law in the UK.