Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Response to December 2011 Covered Bonds Consultation
The Reserve Bank of New Zealand issued this response to summarize feedback from twelve respondents regarding its December 2011 consultation on a proposed legislative framework for covered bonds. The Reserve Bank mandates registration at both programme and series levels, requires asset segregation via New Zealand registered special purpose vehicles, and imposes a legislative requirement for independent asset pool monitors. Additionally, the regulator plans to enact narrow legislative amendments to clarify the treatment of cover pool assets during bank insolvency and provides a six-month transition period for existing covered bond programmes.
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