UK Securitisation Compliance.
STS-ready, FCA-defensible.
Post-Brexit UK SR, retained EU rules, FCA and PRA expectations, STS criteria, and risk retention form a dense regulatory perimeter. Leah classifies every transaction, drafts the disclosures, and maintains the audit trail.
The rulebook is dense. The deals do not wait.
UK and EU rules diverge after Brexit
The UK Securitisation Regulation, retained EU rules, and FCA and PRA rulebooks no longer move in lockstep. Counsel reconciles three overlapping rule sets per transaction, and the gap widens with every UK consultation paper.
STS qualification done deal by deal
Simple, Transparent and Standardised criteria are mapped manually against each transaction. Pool composition, originator track record, and structural features get checked clause by clause, which does not scale across a pipeline.
Risk retention mapped manually
Article 6 risk retention compliance, originator and sponsor designations, and the chosen retention method are reconfirmed in every deal memo. Errors here invalidate STS status and trigger investor capital charges.
Disclosure templates drift across deals
Article 7 investor reporting, transaction summaries, and STS notifications are drafted in Word, edited inconsistently between deals, and rarely cross-checked against the underlying transaction data they describe.
FCA and PRA reporting fragmented
Notifications to the FCA, prudential reporting to the PRA, and ESMA-style data submissions sit in different systems and templates. Counsel and operations stitch them together by hand each quarter.
Audit prep lifts the desk for weeks
When the FCA, PRA, or internal audit asks how a deal was classified two years ago, the trail lives in email, deal binders, and shared drives. Reconstructing the rationale consumes counsel hours that could be on live deals.
From offering circular to structured deal record
Leah ingests the full deal stack: prospectuses, offering circulars, sale and servicing agreements, trust deeds, swap confirmations, and pool data tapes. Every document is parsed, indexed, and bound to a single transaction record that downstream classification, disclosure, and reporting all draw from.
“We onboarded eighteen months of legacy securitisation deals into Leah in a single sprint. Counsel can finally answer pool composition questions without paging through a binder.”
Head of Structured Finance, UK Bank
Five steps to defensible UK securitisation compliance
Leah integrates with the systems already running in your structured finance and legal functions. No rip and replace.
Connect
Leah integrates with the deal management system, document repository, servicer data feeds, and FCA and PRA reporting tooling. No rip and replace.
Ingest Deal
Offering circulars, transaction agreements, pool data, and supporting documents are parsed into a single structured deal record per transaction.
Classify Against Rules
Each deal is tested against UK SR, STS criteria, and Article 6 risk retention. Verdicts come with cited clauses and the underlying data points.
Draft Disclosures
Investor reports, STS notifications, and transaction summaries are generated from the deal record. Counsel reviews narrative, not numbers.
Maintain Trail
Every decision, override, and rule change re-run is logged. FCA and PRA exports assembled with evidence packs in minutes, not weeks.
Got Questions? Get Answers.
Leah maintains both rule sets as versioned, machine-readable rulebooks. Each transaction is classified under the UK regime by default, with optional cross-classification under the EU regime where deals are sold into EU investors. When the FCA, PRA, or HM Treasury publishes a change, the rulebook is updated and affected deals are flagged for re-review with the specific clauses that shifted.
Yes. STS testing covers Articles 19 to 22 for traditional term securitisations and Articles 23 to 26 for ABCP transactions and programmes. Each criterion produces a pass, fail, or counsel review verdict, with citations to the deal documentation and the underlying pool data the verdict relied on.
Leah identifies the originator, sponsor, and original lender designations, the chosen retention method under Article 6, and the 5 percent threshold against deal economics. Retention method changes during the deal lifecycle are flagged, and any inconsistency between the offering circular, the deal documents, and the actual retainer holdings surfaces for counsel.
Every classification decision, disclosure draft, and counsel override is logged with timestamps, the rule version applied, the document sections cited, the data points relied on, and the reviewer signoff. Regulator-ready exports include the verdicts, the supporting evidence, and the reasoning trail. Internal audit and supervisory reviews can be answered without reconstructing the file from email and deal binders.
No. Leah sits on top of existing systems and reads from them. Deal documents continue to live in the document repository, servicer data continues to flow from the servicer, and FCA and PRA reporting continues to use the existing channels. Leah adds the classification, disclosure drafting, and audit trail layer without disrupting how the structured finance and legal teams work today.
Leah is deployed by regulated banks, asset managers, and issuers with strict information security requirements. Deal data does not train Leah's underlying models. Content is encrypted in transit and at rest. SOC 2 Type II, GDPR aligned, and ISO 27001 aligned. Private instance deployment with UK data residency is available for institutions that require it.
