Economic Master Issuer PLC Notice to Noteholders (7252J)
23 Diciembre 2020 - 8:02AM
UK Regulatory
TIDM19JR
RNS Number : 7252J
Economic Master Issuer PLC
23 December 2020
ANNOUNCEMENT
ECONOMIC MASTER ISSUER PLC
(incorporated in England and Wales with limited liability under
registered number 12341676 and with Legal Entity Identifier (LEI)
code 635400KXONN4J3OEOG29)
GBP350,000,000.00 floating rate Class A1 Notes due June 2072
(comprising GBP345,111,000 Regulation S Class A1 Notes with ISIN
XS2206911526 and GBP4,889,000 Rule 144A Class A1 Notes with ISIN
XS2206912680);
GBP500,000,000.00 floating rate Class A2 Notes due June 2072
(with ISIN XS2206912920);
up to GBP120,000,000.00 floating rate Class Z(R) VFN due July
2100 (with ISIN GB00BLF71211;
up to GBP1,200,000,000.00 floating rate Class Z(S) VFN due July
2100 (with ISIN GB00BLF71104); and
up to GBP8,000,000,000.00 floating rate Seller's Note due July
2100 (with ISIN GB00BLF71328).
23 December 2020
Re: Simple, Transparent and Standardised Criteria
STS - Simple, Transparent and Standardised ("STS")
Securitisations
Notice is given that, as a result of the United Kingdom leaving
the European Union, the Class A1 Notes due June 2072 (comprising
Regulation S Class A1 Notes - ISIN XS2206911526 and Rule 144A Class
A1 Notes - ISIN XS2206912680) and Class A2 Notes due June 2072
(ISIN XS2206912920) (together the " Notes ") will no longer be
eligible as simple, transparent and standardised ("STS") pursuant
to the Regulation (EU) 2017/2402 (the "Securitisation Regulation")
from 11pm London time on 31 December 2020. Appropriate notification
will be made to the European Securities and Markets Association
("ESMA").
On 31 July 2020, Coventry Building Society (the "Originator")
submitted a notification to ESMA, in accordance with Article 27 of
the Securitisation Regulation, that the requirements of Articles 19
to 22 of the Securitisation Regulation have been satisfied with
respect to the Notes ("STS Notification"). In relation to the STS
Notification, the Originator has been designated as (i) the first
contact point for investors and competent authorities and (ii) the
reporting entity for the purposes of Article 7(2) of the
Securitisation Regulation.
The transition period for the United Kingdom to leave the
European Union will expire at 11 pm London time on 31 December
2020, and absent an agreement between the United Kingdom and the
European Union relevant to the continued eligibility as STS of UK
securitisations, as a result, pursuant to Article 18 of the
Securitisation Regulation, the Notes will cease to be eligible as
an STS securitisation as the Originator is established in the
United Kingdom.
The United Kingdom will, from 11pm London time on 31 December
2020, retain the Securitisation Regulation as part of the domestic
law of the United Kingdom via the European Union (Withdrawal) Act
2018, as amended by the European Union (Withdrawal Agreement) Act
2020. The retained Securitisation Regulation has been further
amended by the Securitisation (Amendment) (EU Exit) Regulations
2019. The retained and amended Securitisation Regulation thus forms
a new UK Securitisation Regulation (the "UK Securitisation
Regulation"). The UK Securitisation Regulation creates a UK version
of the STS regime ("UK STS"). The Originator believes that the
Notes are eligible to be a UK STS securitisation from 11pm London
time on 31 December 2020, and accordingly, the Originator has made
a notification to the FCA for the Notes to appear on the FCA's list
of eligible UK STS securitisations.
Notice to Investors
Investors should make themselves aware of the changes and
requirements described above (and any corresponding implementing
rules of their regulator), where applicable to them, in addition to
any other applicable regulatory requirements with respect to their
investment in the Notes. The matters described above and any other
changes to the regulation or regulatory treatment of the Notes for
some or all investors may impact the regulatory position of
individual investors and also impact on the price and liquidity of
the Notes in the secondary market.
Enquiries:
Economic Master Issuer plc
10(th) Floor
5 Churchill Place
London E14 5HU
Email: economicmaster-uk@cscgfm.com
Attention: The Directors
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