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  1. Point in time
    2010-10-12

RCB 3.5 Other notifications

Notifications of change of owner

RCB 3.5.1GRP

Regulation 25 of the RCB Regulations (change of owner) sets out the procedures which apply where a regulated covered bond has been issued and the owner of the relevant asset pool proposes to transfer ownership to another person.

RCB 3.5.2DRP

If an owner proposes to transfer the asset pool to a new owner it must provide the FSA as a minimum with the following information in writing at least three months before the proposed transfer date:

  1. (1)

    name, address and contact details of the proposed new owner;

  2. (2)

    proposed transfer date and reasons for the transfer;

  3. (3)

    an explanation of how the proposed new owner will comply with the requirements imposed on it by the RCB Regulations and RCB; and

  4. (4)

    confirmation that the existing owner and the proposed new owner have obtained appropriate advice in relation to the proposed transfer, and details of such advice.

Notifications of material changes

RCB 3.5.3GRP

Regulation 20 of the RCB Regulations (material changes to the regulated covered bond) sets out the procedures which apply where an issuer proposes to make a material change to the contractual terms of the bond.

RCB 3.5.4DRP

If an issuer proposes to make a material change to the contractual terms of a regulated covered bond, it must inform the FSA of the following information to the FSA at least 3 months before the proposed date of the change:

  1. (1)

    details of the proposed change including proposed date of change and the reasons for it;

  2. (2)

    an assessment of the impact of the change on the ability of the issuer and owner to continue to comply with their requirements under the RCB Regulations and RCB; and

  3. (3)

    confirmation that the issuer has obtained appropriate advice in relation to the proposed change and details of such advice.

RCB 3.5.5GRP

The FSA will regard as material any change that may affect the ability of the issuer or the owner to continue to comply with the requirements made on them under the RCB Regulations and RCB.

Notifications to the FSA if asset pool is not capable or not likely to be capable of covering claims and of other matters

RCB 3.5.6DRP

The issuer or the owner, as the case may be, must notify the FSA immediately, in writing by e-mail or hand-delivered letter, if Regulation 18(2), or 24(1)(c) of the RCB Regulations (obligation to inform FSA if asset pool not capable, or not likely to be capable of covering claims) is triggered.

RCB 3.5.7DRP

The issuer or the owner, as the case may be, must notify the FSA immediately in writing by e-mail, or hand-delivered letter, if requirements relating to the relevant regulated covered bond under the RCB Regulations or RCB are, or are likely to be, materially breached, or of any other matter which the FSA should be made aware of.

RCB 3.5.8GRP

The issuer or the owner, as the case may be, should include details of proposals to rectify the breach at the time they notify, or as soon as practicable after that time.