- Latest available (Revised)
- Point in Time (26/06/2017)
- Original (As made)
Version Superseded: 08/12/2017
Point in time view as at 26/06/2017. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
The Regulated Covered Bonds Regulations 2008, Section 1 is up to date with all changes known to be in force on or before 28 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
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 29 May 2000 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—
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];
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—
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;
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.
Textual Amendments
F1Words in reg. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 134(a)
F2Words in reg. 1(2) omitted (1.1.2014) by virtue of The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(2)(a)
F3Words in reg. 1(2) inserted (22.7.2008) by The Regulated Covered Bonds (Amendment) Regulations 2008 (S.I. 2008/1714), regs. 1, 2(2)(a)
F4Words in reg. 1(2) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(2)(b)
F5Words in reg. 1(2) subtituted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 95 (with reg. 3)
F6Words in reg. 1(2) inserted (1.1.2013) by The Regulated Covered Bonds (Amendment) Regulations 2011 (S.I. 2011/2859), regs. 1, 2(2)
F7Words in reg. 1(2) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(2)(c)(i)
F8Words in reg. 1(2) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(2)(c)(ii)
F9Words in reg. 1(2) substituted (22.7.2008) by The Regulated Covered Bonds (Amendment) Regulations 2008 (S.I. 2008/1714), regs. 1, 2(2)(b)
F10Words in reg. 1(2) omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(f), Sch. 3 para. 149
Marginal Citations
M5O.J. No L 375, 31.12.85, p.3.
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
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 and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: