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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.

traditional securitisation

    26(86for the purpose of BIPRU57 and MIPRU66) a securitisation (within the meaning of paragraph (2) of the definition of securitisation) involving the economic transfer of the exposures being securitised to a securitisation special purpose entity which issues securities; and so that:

      1. (a) this must be accomplished by the transfer of ownership of the securitised exposures from the originator or through sub-participation; and
      1. (b) the securities issued do not represent payment obligations of the originator.

    [Note: article 4(37) of the Banking Consolidation Directive (Definitions)]86