Response to HM Treasury/FSA consultation paper on proposals for a UK recognised covered bonds legislative framework
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The Exchange has responded to the joint consultation from HM Treasury and the FSA on proposals to develop a legislative framework for the issuance of covered bonds in the UK. The consultation paper discusses the rationale for the proposed legislative framework, its outline and an associated regulatory impasct assessment. It also sets out how the FSA would go about implementing the framework and the draft Statutory Instrument. The Exchange supports the broad proposals and believes they would be of value to both issuers and investors. The Exchange recommends in its response that the regime be extended to non-UK issuers, subject to it being properly enforceable, and that a requirement be in place that covered bonds be listed in order to enhance the level of protection and transparency for investors.
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