The Regulated Covered Bonds Regulations 2008

Citation, commencement and interpretation

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(1);

“the 2006 Act” means the Companies Act 2006(2);

“the 1989 Order” means the Insolvency (Northern Ireland) Order 1989(3);

“the Act” means the Financial Services and Markets Act 2000(4);

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

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

“the Authority” means the Financial Services Authority;

“banking consolidation directive” means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions(5);

“centre of main interests” has the same meaning as in Article 3(1) of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings(6);

“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;

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

“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;

“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;

“registered office” has the meaning given by section 287 of the Companies Act 1985(7) (registered office) until the coming into force of section 86 of the 2006 Act (a company’s registered office) when it will have the meaning given in that section;

“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;

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

“the Tribunal” means the Financial Services and Markets Tribunal established under section 132 of the Act (the Financial Services and Markets Tribunal).

(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(8) has the same meaning as in that Article of that Directive.

(1)

1986 c.45.

(2)

2006 c.46.

(3)

S.I. 1989/2405 (N.I. 19).

(4)

2000 c.8.

(5)

O.J. No L 771, 30.6.2006, p.1.

(6)

O.J. No. 160, 30.6.2000, p.1.

(7)

1985 c.6.

(8)

O.J. No L 375, 31.12.85, p.3.