Any child care or replacement provider requires the authorizations for years b) and (c) before taking steps to enforce or recover funds earned under regulated mortgage/hospital contracts, regulated credit/consumer leases or CBTL agreements. To the extent that they are responsible for processing under the data protection authority, the parties must also register with the Information Commissioner`s Office in the United Kingdom as a payer. In February 2019, the European Commission published a proposal for a regulation by the European Parliament and the Council on the third-party debt transfer law, which was then adopted by a legislative resolution of the European Parliament. The United Kingdom stated that it would not exercise its right to opt-in for the proposal and the proposal was commented on by the British securitization industry on the grounds that the consequences of the assignment of rights should be governed by the right of the transferred debt and not by the law of the transferee`s habitual residence (as proposed). If the transaction is a Swiss buyer, additional income (buyers) and net taxes on capital are generally kept to a minimum (negligible) (a few thousand CHF per year). Although there are no specific tax provisions and/or tax guidelines, securitisation transactions must be submitted and signed by the relevant tax authorities through advance tax rulings. In addition, the ACF has been designated as the appropriate authority to establish the rating rules, prospectus and advertising guidelines and transparency rules that may apply to securitizations in the United Kingdom. The FCA (as the authority of the Uk list) is responsible for the review and approval of prospectuses within the meaning of the prospectus regulations. The ACF, the PRA and the pension regulator are designated as competent authorities in the United Kingdom for specific purposes under the securitisation regulation (as defined in question 8.6).
8.7 Changes in regulation. Have there been any regulatory developments in your jurisdiction that are likely to have a significant impact on securitization operations in your jurisdiction? As a general rule, the tax authorities will not be able to make such claims. However, under certain conditions, the tax administration has a secondary right of liability against the buyer with respect to the VAT contained in the receivables sold/sold and which remains unpaid in the seller`s insolvency. However, given that the amounts are limited and the likelihood of such a scenario occurring is low, such a risk was considered negligible for most transactions. Regardless of the above, English law has no legal definition of securitization, unless it can be directly effective under the securitization regulation or the RRC (within the meaning of Definition 8.6). The securitization regulation defines a “securitization” as a transaction or scheme in which the credit risk associated with an exposure or set of exposures is classified in increments with all the following characteristics: (i) payments made under the transaction or system depend on the performance of the exposure or basket of exhibitions; (ii) the subordination of the tranches determines the distribution of losses during the current duration of the transaction or plan; and (iii) the transaction or scheme does not give rise to certain specialized lending positions. See question 8.6 below. The FSMA defines the basis of the legal framework for financial services in the United Kingdom, including a blanket ban on regulated activity, unless authorized or exempted.