Regulatory Alerts2014-03-27
Notice on the Issuance of Covered Bonds Under the National Housing Act
The Autorité des marchés financiers (AMF) issued this notice to adapt prudential oversight for financial services cooperatives issuing covered bonds under the National Housing Act framework. The document mandates prior AMF authorization, robust governance structures, and comprehensive risk management covering market, liquidity, and default exposures. Issuers must also secure CMHC registration, maintain appropriate overcollateralization limits, and obtain legal opinions confirming cover pool segregation and bankruptcy remoteness.
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