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Regulated Covered Bonds Regulations 2008 [SI 2008 No. 346]Introductory TextPart 1 Introduction (regs. 1-5)Regulation 1 Citation, commencement and interpretationRegulation 2 Eligible propertyRegulation 3 Asset PoolRegulation 4 OwnerRegulation 5 Connected personPart 2 The Authority (reg. 6)Regulation 6 Functions of the AuthorityPart 3 Registration (regs. 7-14)Regulation 7 RegistersRegulation 8 Applications for registrationRegulation 9 Applications for admission to the register of issuersRegulation 10 Applications for admission to the register of regulated covered bondsRegulation 11 Refusal of applications for registrationRegulation 12 Applications: supplementaryRegulation 13 Decision on the applicationRegulation 14 Admission to the registersPart 4 Issuers (regs. 15-20)Regulation 15 Acting without registrationRegulation 16 Sums derived from the issue of regulated covered bondsRegulation 17 General requirementsRegulation 17A Asset pool monitorRegulation 18 Notification requirementsRegulation 19 Change of issuerRegulation 20 Material changes to the regulated covered bondPart 5 Owners (regs. 21-26)Regulation 21 ProhibitionRegulation 22 Sums derived from the issue of regulated covered bondsRequirements relating to the asset pool (regs. 23-24)Regulation 23Regulation 24Regulation 25 Change of ownerRegulation 26 Transfer of titlePart 6 Priority of payment (regs. 27-29)Regulation 27 Priority in a winding upRegulation 28 Realisation of a chargeRegulation 29 ExpensesPart 7 Enforcement (regs. 30-38)Regulation 30 Authority's power to give directionsRegulation 31 Removal from the registerRegulation 32 Directions and revocation: procedureRegulation 33 Powers of the courtFinancial penalties (regs. 34-37)Regulation 34Regulation 35Regulation 36Regulation 36ARegulation 37Regulation 38 Offence of misleading the AuthorityPart 8 The Upper Tribunal (regs. 39-40)Regulation 39 Functions of the TribunalRegulation 40 Hearings and appealsPart 9 Miscellaneous (regs. 41-46)Regulation 41 Notification of the CommissionRegulation 42 GuidanceRegulation 43 Disclosure of informationRegulation 44 Warning notices and decision noticesRegulation 45 Authority's exemption from liability in damagesRegulation 46 Modifications of primary and secondary legislationSchedule - Modification to primary and secondary legislationSchedule, Part 1 Primary legislation (paras. 1-6)Schedule, Part 2 Secondary Legislation (paras. 7-12)SignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 March 2008 - onwards
Version 2 of 2

Regulation 23

(1) The owner of the relevant asset pool must enter into arrangements with the issuer of a regulated covered bond for the maintenance and administration of the asset pool.

(2) The arrangements must provide for the requirements specified in regulation 17(2).

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