Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  1. Point in time
    2009-02-07

RCB 3.2 Annual confirmations of compliance

Form of confirmation and use of third party advisers

RCB 3.2.1DRP

The issuer must send to the FSA annual written confirmation of compliance with Regulations 16 (sums derived from the issue of regulated covered bonds) and 17 (general requirements on the issuer in relation to the asset pool) of the RCB Regulations in the form set out in RCB 3 Annex 1D (annual confirmation of compliance).

RCB 3.2.2DRP

Before providing the confirmation required by this section, the issuer must obtain and consider written advice or reports from suitable independent third party advisers such as accountants and, where appropriate, lawyers.

RCB 3.2.3GRP

The FSA expects the issuer to be able to justify any reliance it places on advice or reports which are not reasonably contemporaneous with the confirmation.

RCB 3.2.4GRP

The FSA expects reports from accountants to address at least the matters to be checked and due diligence procedures set out in RCB 2.3.18 G.

Timing of confirmation date

RCB 3.2.5DRP
  1. (1)

    The first confirmation date in relation to the annual confirmation must be the earlier of any date the issuer selects, or the date 12 months from the registration date.

  2. (2)

    Subsequent confirmations must be made on the anniversary of the first confirmation date.

RCB 3.2.6DRP

The issuer must send each confirmation to the FSA within one month after the relevant confirmation date.

Period covered by confirmation

RCB 3.2.7DRP

The first confirmation must cover compliance during the period from the registration date up to the confirmation date referred to in RCB 3.2.5 D (1).

RCB 3.2.8DRP

Subsequent confirmations must cover compliance for the period from the last confirmation date to the date of the current confirmation.

Verification of confirmation

RCB 3.2.9DRP

The issuer must ensure that a senior manager signs the annual confirmation and confirms on the FSA's form that the issuer has obtained the appropriate third party advice or reports required by this section.

Notifications by the owner

RCB 3.2.10DRP

If the issuer is in insolvency, the owner must send the FSA under RCB 3.2.1 D:

  1. (1)

    a confirmation of compliance within one month of the date of insolvency; and

  2. (2)

    annual confirmations by the same dates as the date the confirmations under RCB 3.2.5 D are due.

RCB 3.2.11DRP
  1. (1)

    The owner must ensure that a duly authorised representative signs the confirmation and confirms on the FSA's form that the owner has obtained the appropriate third party advice or reports required by this section.

  2. (2)

    The owner must obtain appropriate advice in the same manner as set out in RCB 3.2.2 D.