Clifford Chance

FCA vs PRA securitisation rules: Tackling the unnecessary burden of dual compliance

4 March 2025

Since the new "Smarter Regulatory Framework" rules for securitisation came into force on 1 November 2024, there has been a fair bit of back and forth in the market about the right approach to compliance – and in particular whether it is necessary to have contractual undertakings to comply with more than one set of UK rules.

In this briefing, we review the situation and suggest what we think is the best approach to these undertakings, attempting to balance certainty with the ability to take advantage of the less prescriptive approach permitted by the new regime in the UK.

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