The FSA has published a fact sheet on regulated covered bonds.
In March 2008 the UK introduced specific legislation for covered bonds in the form of the Regulated Covered Bond Regulations 2008. The FSA is responsible for supervising the UK regulated covered bond (RCB) regime.
In the UK to achieve RCB status, a covered bond programme must undergo a rigorous, independent and comprehensive risk review by the FSA. Once a covered bond programme is admitted to the RCB register, the FSA continues to monitor it to ensure that its quality is maintained and to preserve investor confidence in the UK RCB market’s reputation.
The fact sheet published by the FSA covers:
- What the FSA reviews when admitting a covered bond programme to the register.
- How the FSA monitors RCBs.
- What issuers must do to keep the RCB programmes on the register.
View UK Regulated Covered Bonds: Assuring and monitoring quality and confidence, 11 January 2010