- Latest available (Revised)
- Original (As adopted by EU)
Directive (EU) 2019/2162 of the European Parliament and of the CouncilShow full title
Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (Text with EEA relevance)
You are here:
What Version
Opening Options
More Resources
This is a Directive originating from the EU
This is a legislation item that originated from the EU
After exit day there will be three versions of this legislation to consult for different purposes. The legislation.gov.uk version is the version that applies in the UK. The EU Version currently on EUR-lex is the version that currently applies in the EU i.e you may need this if you operate a business in the EU.
The web archive version is the official version of this legislation item as it stood on exit day before being published to legislation.gov.uk and any subsequent UK changes and effects applied. The web archive also captured associated case law and other language formats from EUR-Lex.
Status:
This is the original version (as it was originally adopted).
Article 11Derivative contracts in the cover pool
1.Member States shall ensure investor protection by allowing derivative contracts to be included in the cover pool only where at least the following requirements are met:
(a)the derivative contracts are included in the cover pool exclusively for risk hedging purposes, their volume is adjusted in the case of a reduction in the hedged risk and they are removed when the hedged risk ceases to exist;
(b)the derivative contracts are sufficiently documented;
(c)the derivative contracts are segregated in accordance with Article 12;
(d)the derivative contracts cannot be terminated upon the insolvency or resolution of the credit institution that issued the covered bonds;
(e)the derivative contracts comply with the rules laid down in accordance with paragraph 2.
2.For the purposes of ensuring compliance with the requirements listed in paragraph 1, Member States shall lay down rules for derivative contracts in the cover pool. Those rules shall specify:
(a)the eligibility criteria for the hedging counterparties;
(b)the necessary documentation to be provided in relation to derivative contracts.
Options/Help
Print Options
PrintThe Whole Directive
PrintThe Whole Title
PrintThe Whole Chapter
PrintThe Whole Section
PrintThis Article only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As adopted by EU): The original version of the legislation as it stood when it was first adopted in the EU. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as adopted version that was used for the EU Official Journal
- lists of changes made by and/or affecting this legislation item
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as adopted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.