The Regulated Covered Bonds Regulations 2008

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Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2

Citation, commencement and interpretationU.K.

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1.—(1) These Regulations may be cited as the Regulated Covered Bonds Regulations 2008 and come into force on 6th March 2008.

(2) In these Regulations—

“the 1986 Act” means the Insolvency Act 1986 M1;

“the 2006 Act” means the Companies Act 2006 M2;

“the 1989 Order” means the Insolvency (Northern Ireland) Order 1989 M3;

“the Act” means the Financial Services and Markets Act 2000 M4;

“asset” means any property, right, entitlement or interest;

“asset pool” has the meaning given by regulation 3;

“the Authority” means the [F1Financial Conduct Authority];

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3“building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986;]

[F4“capital requirements regulation” means Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;]

“centre of main interests” has the same meaning as in Article 3(1) of [F5Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings];

“connected person” has the meaning given by regulation 5;

“covered bond” means a bond in relation to which the claims attaching to that bond are guaranteed to be paid by an owner from an asset pool it owns;

[F6“deposit” has the meaning given in article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;]

“eligible property” has the meaning given by regulation 2;

[F6“government stock” means stock or bonds of any of the descriptions included in Part 1 of Schedule 11 to the Finance Act 1942;]

“hedging agreement” means an agreement entered into or asset held as protection against possible financial loss;

“issuer” means a person which issues a covered bond;

[F6“liquid assets” means—

(a)

government stock or treasury bills issued by Her Majesty's Government in the United Kingdom and other specified government securities which comply with [F7Article 129(1)(a) or (b) of the capital requirements regulation];

(b)

deposits in sterling or another specified currency in an account held in the name of the owner with the issuer or with a specified credit institution which comply with the requirements set out in [F8Article 129(1)(c) of the capital requirements regulation],

and “specified” for the purposes of this definition means specified by the Authority in guidance issued under regulation 42;]

[F6“mixed asset class bond” means a mixed asset class regulated covered bond included in Part one of the register of regulated covered bonds;]

“owner” has the meaning given by regulation 4;

“programme” means issues, or series of issues, of covered bonds which have substantially similar terms and are subject to a framework contract or contracts;

[F6“reference rate” means a rate used to set the interest rates charged to borrowers in relation to a loan included in the asset pool;]

[F9“registered office” in relation to a building society means its principal office;]

“register of issuers” means the register maintained under regulation 7(1)(a);

“register of regulated covered bonds” means the register maintained under regulation 7(1)(b);

“regulated covered bond” means a covered bond or a programme of covered bonds, as the case may be, which is admitted to the register of regulated covered bonds;

“relevant asset pool” in relation to a regulated covered bond means the asset pool from which the claims attaching to that bond are guaranteed to be paid by the owner of that pool in the event of the failure of the issuer;

[F6“the relevant date” is the date on which the Regulated Covered Bonds (Amendment) Regulations 2011 come into force;]

“relevant persons” has the meaning given by regulation 27(2);

[F6“single asset class bond” means a single asset class regulated covered bond included in Part 2 of the register of regulated covered bonds;]

[F6“total principal amounts outstanding” means—

(a)

in relation to loans, the sum of the original amounts advanced on the loan and any further advances, less any repayments of principal made on the loan;

(b)

in relation to other assets, the total amount of principal which remains due to be repaid in relation to the asset.]

F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Unless otherwise defined, any expression used in these Regulations and in Article 22(4) of directive 85/611/EEC of the Council of 20 December 1985 relating to undertakings for collective investment in transferable securities M5 has the same meaning as in that Article of that Directive.

[F11(4) Any reference in these Regulations to any EU regulation, EU decision or EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) is, unless the contrary intention appears, to be treated as a reference to that EU regulation, EU decision or EU tertiary legislation as it [F12forms part of retained EU law].]