Search Legislation

The Regulated Covered Bonds Regulations 2008

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

PART 9MISCELLANEOUS

Notification of the Commission

41.  The Authority must, in such manner and at such times as it may determine, notify the European Commission of—

(a)issuers included in the register of issuers;

(b)regulated covered bonds included in the register of regulated covered bonds; and

(c)the status of the guarantees offered in respect of such bonds.

Guidance

42.  (1)  The Authority may give guidance consisting of such information and advice as it considers appropriate—

(a)with respect to the operation of these Regulations;

(b)with respect to any matters relating to functions of the Authority under these Regulations;

(c)with respect to any other matters about which it appears to the Authority to be desirable to give information or advice.

(2) The Authority must give guidance consisting of information and advice about the quality of an asset pool for the purposes of the requirement specified in regulation 17(2)(d) and the manner in which it will assess the issuer’s and owner’s compliance with that requirement.

(3) Guidance given under paragraph (2) must include information and advice on the factors which the Authority will take into account, such as—

(a)fluctuations in the value of assets and the income from assets;

(b)fluctuations in the value of interest and exchange rates;

(c)geographical concentration and diversification of assets in the asset pool;

(d)the risk of loss if a person fails to perform its obligations, or fails to perform them in a timely manner; and

(e)counterparty credit risk, in particular, in relation to any interest rate, currency or other hedging instruments relating to the asset pool.

(4) Subject to paragraph (5), if the Authority proposes to give guidance under this regulation to issuers or owners generally, or to a class of issuer or owner, subsections (1), (2)(d) and (4) of section 155 of the Act (consultation) apply to the proposed guidance as they apply to proposed rules made under the Act, unless the Authority considers that the delay in complying with them would be prejudicial to the interests of regulated covered bond holders.

(5) Paragraph (4) shall not apply to the first guidance given pursuant to paragraph (2).

(6) The Authority may—

(a)publish its guidance;

(b)offer copies of its published guidance for sale at a reasonable price; and

(c)if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

Disclosure of information

43.  (1)  Sections 348 (restrictions on disclosure of confidential information by Authority), 349 (exceptions from section 348) and 352 (offences) of the Act apply to confidential information disclosed under these Regulations as they apply to confidential information under the Act.

(2) In paragraph (1) “confidential information” has the meaning given by section 348 of the Act.

Warning notices and decision notices

44.  Part 26 of the Act (notices) is to apply for the purposes of these Regulations as it applies for the purposes of the Act.

Authority’s exemption from liability in damages

45.  The functions of the Authority under these Regulations are to be treated for the purposes of paragraph 19 (exemption from liability in damages) of Part 4 of Schedule 1 to the Act as functions conferred on the Authority under that Act.

Modifications of primary and secondary legislation

46.  The Schedule (which modifies primary and secondary legislation) has effect.

Back to top

Options/Help

Print Options

Close

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 Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

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 enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

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 made 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