Consultations & legislation
Review of the UK's regulatory framework for covered bonds
Issued: 06 April 2011
Open date: 06 April 2011
Close date: 01 July 2011
The Government and FSA believe covered bonds can be a valuable source of stable funding for banks and building societies.
This review set outs the key strengths of the UK’s regulatory framework for covered bonds and the FSA’s supervision of regulated covered bonds.
It consults on proposals to raise transparency in the UK covered bond market and make the UK regime more readily comparable with European peers.
This will increase the appeal of UK covered bonds to investors, making it easier for banks and building societies to raise funding in order to lend to households and businesses.
This consultation is aimed at anyone with an interest in the covered bond market, such as issuers of covered bonds, investors, and market experts such as rating agencies and analysts.
Consultation documents
- Review of the UK's regulatory framework for covered bonds (PDF 610KB)
- Annex E: FSA Notification forms (PDF 584KB)
- Press notice: UK publishes review of the covered bond market
Consultation responses
The Government received responses from both issuers and investors in regulated covered bonds and from a number of other organisations with an interest in the UK covered bond market. The Treasury and the FSA also received informal responses from a number of other firms.
As announced in the Autumn Statement, the Government intends to proceed with the proposals consulted on in the April document. These proposals will increase the visibility of regulation, make it easier to understand the strengths of the UK regime, and facilitate comparability between the UK and other jurisdictions by creating a more prescriptive regulatory framework.
- A summary of responses: review of the UK’s regulatory framework for covered bonds (PDF 436KB)
- Annex B: Impact Assessment (PDF 5MB)
- Annex C: The Regulated Covered Bonds (Amendment) Regulations 2011 (PDF 63KB)
- Annex D: Explanatory Memorandum for the Regulated Covered Bonds (Amendment) Regulations 2011 (PDF 29KB)
Related links
- Find out more about the Government's work to support lending to consumers
- Find out more about Covered Bonds (Financial Services Authority website, opens in a new window)
- The UK Regulated Covered Bond Council (UKRCBC) (external website, opens in a new window)
Contact us
coveredbondreview@hmtreasury.gsi.gov.uk
Post
Covered Bond ReviewThe documents below are available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website.
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