SoP7/25 – The PRA’s approach to waivers and permissions under the Securitisation (CRR) Part of the PRA Rulebook

First published on 28 October 2025

This statement of policy (SoP) sets out the Prudential Regulation Authority’s (PRA) approach to granting permissions for PRA authorised persons not to apply rules set out in the Securitisation (CRR) Part of the PRA Rulebook, or to apply them with modifications, under s138BA of the Financial Services and Markets Act 2000 (FSMA).

This SoP applies to all firms to which the Securitisation (CRR) Part of the PRA Rulebook applies.

Future version

Published on 20 January 2026. Effective from 1 January 2027.

• Statement of policy 7/25 – The PRA’s approach to waivers and permissions under the Securitisation (CRR) Part of the PRA Rulebook – January 2026 (pdf)

- following PS3/26 – Restatement of CRR requirements – 2027 implementation – final

Past version