The Financial Services Authority's (FSA) finalised guidance on covered bond programmes,1 published on 1 November, establishes minimum expectations and some additional "good practice" points for issuers to consider. To supplement this guidance, the FSA's policy statement,2 published on 9 December, explains the changes to the FSA's Regulated Covered Bonds sourcebook (RCB) and provides an overview of how the Regulated Covered Bond Regulations 20083 (2008 Regulations) have been amended. The culmination of the review is that the Regulated Covered Bonds (Amendment) Regulations 2011 (2011 Regulations),4 which were laid before Parliament on 29 November, are expected to enter into force on 1 January 2013. This article summarises these documents as well as the FSA's minimum standards and the best practice compliance tips for issuers of regulated covered bonds.
FSA Policy Statement
— Regulated Covered Bonds Sourcebook
— Amending Regulation
FSA Finalised Guidance
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