Yesterday the FCA and PRA published their notice “Reporting of private securitisations – direction under regulation 25 of the Securitisation Regulations 2018“. It applies to all UK-established originators, sponsors and SSPEs, has immediate effect, and was reported in FinBrief on 21st December 2018. This is not Brexit-related, and is contemplated by section 25 of the UK Securitisation Regulations 2018. Notification via one of the appropriate short form templates must, broadly speaking, be done before pricing, and for any private deals done during January, the required notice must be done as soon as reasonably possible. It does not disapply Article 7: noteholders and, on request, potential investors, and indeed the regulators themselves, are entitled to the full Article 7 disclosure (subject to Article 7(1), which has a paragraph that permits just a summary of the deal documentation to be provided rather than copies of all the bible documentation).