The Regulated Covered Bonds Regulations 2008

[^key-84c812981848ea29583ae6e22bff1db1]: Words in reg. 2(1)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(a)

[^key-60612637eb9d1daee860a0d10d8cc632]: Words in reg. 2(4) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(g)

[^key-bb72a699f7caf842b185a521726fa5c4]: Words in reg. 2(1A)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(b)

[^key-63d1873e2c5e147141a6cff136b648ce]: Words in reg. 2(1A)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(c)

[^key-8a3c21900bad60f644cc84a7b230d895]: Words in reg. 2(1A)(c) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(d)

[^key-74603312f22b9a2d8876c778ea999857]: Words in reg. 2(1B)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(e)

[^key-0c58b3ca257df0e79c64f40896eaa58c]: Words in reg. 1(2) substituted (8.12.2017) by The Insolvency (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1119), reg. 1(1), Sch. 5 para. 2(2)

[^key-d6aaa05601dccc5067c96aa0e507961d]: Reg. 1(4) inserted (20.12.2018) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2), 3

[^M_F_57ec889c-f6fa-4a0f-d64a-eef9b7fc860b]: Words in Sch. para. 7(1) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 7(2)(a)

[^M_F_c103b5a6-84ee-4bf0-d406-2cdb2371a044]: Words in Sch. para. 7(2) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 7(2)(b)

[^M_F_59b42d13-ef1d-4594-b8af-7debf927978f]: Words in Sch. para. 7 heading substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 7(2)(c)

[^M_F_54a69057-b051-4ba8-cb6f-d8a04aba8cd1]: Sch. para. 8 heading substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 7(3)(b)

[^M_F_222f2a01-e34e-46c4-b1b5-78703373b75c]: Words in Sch. para. 8 substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 7(3)(a)

[^key-ef046bfde7cb7b4d025151d59256e63f]: Words in reg. 2(3) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 17(2)(a)

[^key-926f46d3ce415f534f39a348629b8f88]: Words in reg. 2(3) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 17(2)(b)

[^key-9576d90941679fa98124bd47a1ff900f]: Words in reg. 2(3) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 17(2)(c)

[^key-cea3ae4cc98d50c928485dc76b67e3ea]: Words in reg. 1(4) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), reg. 1(4), Sch. para. 1(1)(2)(b)

[^key-b835295ff017994d584bccf4fb8b05ad]: Reg. 2(1B)(b) and word omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 8(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0935a083270dcdf343d410e76404ac33]: Words in reg. 2(2) inserted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 8(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-ec6dfca67c8e8c68cd255892fca10fdc]: Reg. 41 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 9 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-954cc00c68911a568f528e4217983bec]: Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

[^M_C_875b689e-75bc-471d-cc59-7862dd6f6276]: Regulations applied (with modifications) (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.

[^M_C_cca5e3b8-68de-4212-e368-001441f49876]: Regulations applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))

[^M_C_29748cb4-f6ef-42bd-87df-054accdd0539]: Regulations: functions modified (20.2.2013) by The Financial Services Act 2012 (Transitional Provisions) (Rules and Miscellaneous Provisions) Order 2013 (S.I. 2013/161), arts. 5, 6(1)(c)(i)

[^M_C_15a0bd8c-9b9e-4d3d-9078-f59db2462857]: Regulations applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)

[^M_M_9ee85a20-d935-42be-c337-c032f32f4739]: 1972 c.68; section 2(2) was amended by the Legislative and Regulatory Reform Act 2006 (c. 51).

[^M_M_280b4115-468c-4cd6-fa3b-bd2a0bcac564]: S.I. 2001/3495.

[^M_M_d202bfc9-365f-43ba-b6d4-a1d75142ae4e]: S.I. 2000/3057.

[^key-b1e41a2271712afddc04ec13c41c779c]: Word in reg. 1(4) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 6

Functions of the Upper Tribunal

Asset pool monitor

17A

• (1) An issuer of a regulated covered bond must appoint an asset pool monitor for each asset pool maintained for the regulated covered bonds it has issued.

• (2) The person appointed as asset pool monitor must—

• (a) be eligible for appointment as a statutory auditor of the issuer under Part 42 of the Companies Act 2006; and

• (b) not be disqualified from acting as a statutory auditor of the issuer by section 1214 of that Act (independence requirement).

• (3) The asset pool monitor shall—

• (a) inspect the compliance of the issuer with the requirements in regulations 16 and 17, and in particular—

• (i) the extent to which the asset pool satisfies the conditions set out in regulation 17(2); and

• (ii) the accuracy of the records kept in relation to each asset in the asset pool,

once every twelve months; and

• (b) prepare an annual report in accordance with guidance issued by the Authority on the steps the issuer has taken to comply with regulations 16 and 17, and on the quality of the assets in the asset pool.

• (4) Guidance issued to the asset pool monitor of an individual issuer under paragraph (3)(b) may identify particular issues to be addressed in the report for that issuer.

• (5) A copy of the report prepared by the asset pool monitor shall be delivered to the Authority at such time as the Authority may direct.

• (6) If it appears to the asset pool monitor that the issuer has failed to comply with the requirements set out in regulation 17, or that the issuer has not provided the monitor with all the information and explanations to which the monitor is entitled under this regulation, the asset pool monitor shall report in writing on that fact to the Authority as soon as possible.

• (7) The asset pool monitor—

• (a) has a right of access at all times to all books, accounts and vouchers of the issuer and of the owner of the relevant asset pool which are related to that asset pool, in whatever form they are held, and

• (b) may require any of the persons referred to in paragraph (8) to provide such information and explanations as the asset pool monitor thinks necessary for the performance of the monitor's duties under this regulation.

• (8) The persons referred to in paragraph (7)(b) are—

• (a) any officer or employee of the issuer or the owner;

• (b) any person holding or accountable for any of the books, accounts or vouchers of the issuer or the owner;

• (c) any person who fell within either sub-paragraph (a) or (b) at a time to which the information or explanations required by the asset pool monitor relates or relate.

• (9) A statement made by a person in response to a requirement under this regulation may not be used in evidence against him in criminal proceedings, except proceedings for an offence under section 398 of the Act in connection with the giving of information pursuant to requirements imposed by or under these Regulations.

• (10) On the insolvency of the issuer of a regulated covered bond—

• (a) the asset pool monitor appointed by the issuer shall continue to act as asset pool monitor for the owner of the relevant asset pool;

• (b) any subsequent appointment of an asset pool monitor required under paragraph (1) of this regulation shall be made by the owner of the relevant asset pool;

• (c) references in paragraphs (2), (3), (4) and (6) to the issuer shall be understood as references to the owner of the relevant asset pool; and

• (d) references in paragraph (3) to regulations 16 and 17 shall be understood as references to regulation 24.

Notification requirements

Change of issuer

Material changes to the regulated covered bond

36A

• (1) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 34.

• (2) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (1).

• (3) The directions may in particular—

• (a) specify the time when any payment is required to be made to the Treasury, or

• (b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 34.

• (4) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.

4A

Section 166A (appointment of skilled person to collect and update information) of the Act is to apply for the purposes of these Regulations as it applies for the purposes of the Act but with the following modifications—

• (a) omit subsection (10);

• (b) for references in other subsections of section 166A to “authorised person” there is substituted references to “person to whom the Regulated Covered Bond Regulations 2008 apply.

Modifications of the Insolvency (England and Wales) Rules 2016

Modification of the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 and the Insolvency (Scotland) (Receivership and Winding up) Rules 2018