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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.

You are viewing the version of the document as on 2011-04-29.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

securitisation position

    45(in accordance with Article 4(40) (Definitions) and Article 96 (Securitisation) of the Banking Consolidation Directive) an 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.