The Regulated Covered Bonds (Amendment) Regulations, SI 2011/2859 come into force on 1 January 2013. The Regulations will amend the Regulated Covered Bond Regulations, SI 2008/346 to improve the protection given to bondholders under the UK covered bond regime.
The new Regulations make provision for issuers to designate a regulated covered bond as being supported by a single class of assets and liquid assets, and additional obligations are imposed on the issuer, for example, to meet a fixed level of over-collateralisation, and to appoint an ‘asset pool monitor’.
The Regulated Covered Bonds (Amendment) Regulations, SI 2011/2859 come into force on 1 January 2013. The Regulations will amend the Regulated Covered Bond Regulations, SI 2008/346 to improve the protection given to bondholders under the UK covered bond regime.
The new Regulations make provision for issuers to designate a regulated covered bond as being supported by a single class of assets and liquid assets, and additional obligations are imposed on the issuer, for example, to meet a fixed level of over-collateralisation, and to appoint an ‘asset pool monitor’.
