Securitisation and structured products

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This Overview provides a guide to the Financial Services content within the Securitisation and structured products subtopic, with links to the appropriate materials.

EU and UK regulation of securitisation and structured products

For high-level guidance on the EU regulatory regime for securitisation and structured products, see Practice Note: EU and UK regulation of structured products and securitisation—one minute guide. For a discussion on sustainable securitisations, see Practice Note: Sustainable securitisations.

The Securitisation Regulation and related measures

As part of the Capital Markets Union Action Plan, the European Commission proposed to differentiate simple, transparent and standardised (STS) securitisations which would benefit from reduced due diligence burdens and more appropriate prudential requirements for banks' and insurers' investments in STS products.

The Commission’s securitisation initiative resulted in:

  1. •

    Regulation (EU) 2017/2402 (the EU Securitisation Regulation) that applies to all EU securitisations and includes due diligence, risk retention and transparency rules, together with the criteria for STS securitisations, and

  2. •

    Regulation (EU) 2017/2401 (the EU CRR Amendment Regulation) which amends the Capital Requirements Regulation (EU) 575/2013 and makes the capital treatment of securitisations for banks and investment firms

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Latest Financial Services News

FCA's Jessica Rusu speech highlights AI innovation and Nvidia collaboration

The Financial Conduct Authority (FCA) has published a speech delivered by its chief data, information and intelligence officer, Jessica Rusu, at London Tech Week 2025. The speech outlines the FCA's five-year strategy to deepen trust, rebalance risk, support growth, and improve lives through the use of artificial intelligence (AI) and industry collaboration, notably with Nvidia. Rusu noted that the FCA has established an AI Lab with four components— AI Sprint, AI Input Zone, AI Spotlight and the ‘Supercharged Sandbox’—to evaluate the risks and opportunities of AI in financial services. Rusu also noted the introduction of AI Live Testing which allows firms to test AI models in a controlled, live setting during development. The speech highlights that the collaboration with Nvidia will enhance the Digital Sandbox by providing advanced GPU tools, software, and training resources. This partnership aims to support innovative companies in developing, refining, and scaling AI models. The speech further notes that the FCA is modernising its internal processes by digitising regulatory procedures and streamlining legacy systems to support the growth and competitiveness of the UK financial services sector.

FCA publishes final rules for the PISCES sandbox to allow trading in private company shares

The Financial Conduct Authority (FCA) has published policy statement PS25/6, establishing the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES)—a new platform where shares in private companies can be traded on an intermittent basis. The platform will be delivered through a sandbox approach, allowing the FCA to test the design before finalising a permanent regime in 2030. The sandbox is now open and prospective operators should apply to the FCA for a PISCES approval notice. Once approved they will be able to run intermittent trading events.

Financial Services—other developments (10/6/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

FCA appoints Sarah Pritchard as new deputy chief executive

The Financial Conduct Authority (FCA) has appointed Sarah Pritchard as deputy chief executive to manage its expanding responsibilities, which now include oversight of the Payment Systems Regulator, regulation of stablecoin and crypto firms, and buy now pay later activities. Pritchard, who joined the FCA in June 2021, previously led the supervision, policy and competition division as well as the markets’ function, and has overseen reforms including the overhaul of the listing rules. In her new role, she will also be responsible for the FCA’s international work, supporting efforts to enhance UK growth and competitiveness.

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