FCA To Oversee Securitization Rules After No-Deal Brexit
Law360, London (July 30, 2019, 6:37 PM BST) -- The Financial Conduct Authority said Tuesday it will take over responsibility from Europe's markets watchdog for overseeing which U.K. products gain preferential capital treatment under Britain's own securitization rules if Britain crashes out of the European Union without a deal or transition period.
The City watchdog said it will take charge of policing which securitizations can be categorized as "simple, transparent and standardized," or STS, if there is a no-deal Brexit under the new prime minister and Britain implements its own version of the EU's securitization rules. The FCA will take over responsibility of maintaining a list of securitizations that qualify...
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