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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

securitisation position

      1. 120
        1. (1) (in GENPRU, MIPRU132 and BIPRU) 180an exposure to a securitisation within the meaning of paragraph (2) of the definition of securitisation; and so that:
          1. (a) where there is an exposure to different tranches in a securitisation, the exposure to each tranche must be considered as a separate securitisation position;
          1. (b) the providers of credit protection to securitisation positions must be considered to hold positions in the securitisation; and
          1. (c) securitisation positions include exposures to a securitisation arising from interest rate or currency derivative contracts.
        [Note: article 4(1)(62) and 245(3) of the UK CRR]180
        1. (2) (in IFPRU) has the meaning in article 4(1)(62) of the UK CRR180.