Covered Bonds in United Kingdom
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Covered Bonds in UK
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UK is one of the countries where covered bonds transactions do not enjoy the protection of bankruptcy law. Hence, structured covered bonds are used in the UK.
That notwithstanding, there have been regulations covering covered bonds issued way back in 2008.
In early April 2011, the Financial Services Authority UK, jointly with Her Majesty’s Treasury issued a consultation paper for review of the existing regulations for “regulated covered bonds”. The expression “regulated covered bonds” refers to covered bonds that are issued under the March 2008 regulations of the FSA. The FSA now proposes to revamp the existing regulatory scheme and replace the same with new regulations.