Part 7Crisis management and resolution
Covered bonds: Interpretation relating to covered bonds
405Meaning of issuer
For the purposes of this subpart, issuer—
- means—
- a licensed deposit taker that issues or intends to issue covered bonds, or guarantees covered bonds:
- an entity, or a member of a class of entities, specified in the regulations that issues or intends to issue covered bonds, or guarantees such covered bonds; and
- a licensed deposit taker that issues or intends to issue covered bonds, or guarantees covered bonds:
- includes a deposit taker referred to in paragraph (a)(i) that—
- has had its licence cancelled under subpart 6 of Part 2; and
- has a registered covered bond programme.
- has had its licence cancelled under subpart 6 of Part 2; and
However, if an issuer (issuer A) transfers all of the rights and obligations relating to a covered bond programme to another issuer (issuer B), issuer B is, from the time of the transfer, the issuer for the purposes of this subpart.
Subsection (2) does not affect the rights or obligations of issuer A before the transfer.
Compare
- 1989 No 157 s 139C