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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.

Article 1 Definitions

For the purposes of this Regulation, the following definitions shall apply:

  1. (1)

    "user", in relation to a securitisation repository, means any of the following:

    1. (a)

      any entity listed in Article 17(1) of Regulation (EU) 2017/2402;

    2. (b)

      any reporting entity in relation to that securitisation repository;

    3. (c)

      any other client of the securitisation repository who uses core securitisation services provided by the securitisation repository;

  2. (2)

    "reporting entity" means the entity designated in accordance with the first subparagraph of Article 7(2) of Regulation (EU) 2017/2402;

  3. (3)

    "core securitisation services" means services for which registration as a securitisation repository is required under Regulation (EU) 2017/2402;

  4. (4)

    "ancillary securitisation services" means services provided by a securitisation repository that are directly related to and arise from the delivery of core securitisation services provided by that securitisation repository;

  5. (5)

    "ancillary non-securitisation services" means services that are neither core securitisation services nor ancillary securitisation services;

  6. (6)

    the following expressions have the meaning given to that expression in Article 2 of Regulation (EU) No 648/2012:

    1. (a)

      "group";

    2. (b)

      "parent undertaking";

    3. (c)

      "subsidiary";

    4. (d)

      "capital";

    5. (e)

      "close links";

    6. (f)

      "board";

  7. (7)

    "senior management" means the person or persons who effectively direct the business of the securitisation repository, and the executive member or members of its board.