Part 7Crisis management and resolution
Covered bonds: Interpretation relating to covered bonds
404Meaning of covered bond SPV
In this subpart, covered bond SPV means, in relation to a covered bond programme, a person that—
- is, or will be, the owner of property that has been, or will be, sold, assigned, or otherwise transferred to it by, or on behalf of, an issuer or an associated person of an issuer; and
- has granted, or may grant, a security interest in the property for the benefit of the secured creditors under the covered bond programme; and
- carries on a business of acting as covered bond guarantor under the covered bond programme (including any business incidental to that purpose); and
- (other than as described in paragraph (c)) does not carry on any other kind of business.
Compare
- 1989 No 157 s 139B