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Finally Certainty About Licensing SPVs Under the FCA Consumer Credit Regime



by Bruce C. Bloomingdale
Cadwalader, Wickersham & Taft LLP - London Office

Stephen Day
Cadwalader, Wickersham & Taft LLP - London Office

Angus Duncan
Cadwalader, Wickersham & Taft LLP - London Office

Daniel Marcus
Cadwalader, Wickersham & Taft LLP - London Office

Jeremiah M. Wagner
Cadwalader, Wickersham & Taft LLP - London Office

August 28, 2014

Previously published on August 20, 2014

From 1 April 2014, responsibility for the regulation of consumer credit in the UK was transferred from the Office of Fair Trading ("OFT") to the Financial Conduct Authority ("FCA"), drawing certain activities relating to consumer credit within the authorisation and regulated activity provisions of the Financial Services and Markets Act 2000 ("FSMA"). As the FSMA regime is regarded as more onerous than the previous Consumer Credit Act 1974 ("CCA") licencing regime and due to the timing implications of obtaining full authorisation, the applicability of an exemption (the "SPV Exemption") for SPVs introduced by statutory instrument to entities holding the benefit of consumer credit agreements will be of interest to market participants.


 

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Author
 
Bruce C. Bloomingdale
Stephen Day
Angus Duncan
Daniel Marcus
Jeremiah M. Wagner
Practice Area
 
Business Law
Finance
 
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