On 24 May 2024, the Financial Conduct Authority (FCA) published Handbook Notice No 119, which describes the changes made to the FCA Handbook by the Executive Regulation and Policy Committee and the FCA Board under their legislative and other statutory powers.
Securitisation (Smarter Regulatory Framework and Consequential Amendments) Instrument 2024
In summary, following consultation in CP23/17, the FCA Board has made changes to the Handbook sections listed below:
- Glossary
- SYSC 25 Annex 1
- GEN Sch 4
- FEES 3.2, 3 Annex 14
- MIFIDPRU 7.7
- DEPP 2.5, 2 Annex 1, 2 Annex 2, 6.1, 6A.1, Sch 3, Sch 4
- COLL 5.2
- FUND 3.5
The FCA Board has also made changes to introduce a new specialist sourcebook – the Securitisation sourcebook. In summary, this instrument makes changes to the FCA Handbook to transfer the largely preserved firm facing requirements of the UK Securitisation Regulation (UK SR) to the FCA Handbook to bring clarity to a targeted number of provisions of the UK SR. At a later stage, the FCA intends that its second consultation will have a broader remit for policy change, including a review of the reporting regime.
The instrument comes into force on 1 November 2024.
Training and Competence Sourcebook (Amendment) Instrument 2024
Furthermore, following consultations in CP23/25 and CP24/3 the FCA Board has made changes to Training and Competence sourcebook (TC) App 4.1 2.5.
In summary, this instrument makes changes to the FCA Handbook to implement an annual consultation cycle on changes for updates to implement an annual consultation cycle on changes for updates to the qualification related elements of the TC from 2025. To account for any urgent changes, the FCA has included the option to consult outside of the annual schedule where there are exceptional circumstances.
This instrument came into force on 24 May 2024.