For UK based investors: The onshored Securitisation Regulation in the UK transfers the responsibility for maintaining a list of STS securitisations from ESMA to the FCA. Therefore, all outstanding Silverstone notes will be notified to the FCA as UK STS. Any preferential LCR and CRR treatment enjoyed prior to 31st December 2020 is expected to be maintained but investors are responsible for this determination and should, if in doubt, seek independent professional or legal advice.
For EU based investors: Following the end of the Brexit transition period on 31st December 2020, notes issued under Silverstone Master Issuer plc will no longer meet the jurisdictional requirements of Article 18 of the Securitisation Regulation (Regulation (EU) No 2017/2402) and will therefore lose the EU STS designation. EU based investors may wish to consider the impact this may have on any preferential LCR and CRR treatment enjoyed prior to 31st December 2020.