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The Journal of Structured Finance

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Covered Bonds Regulatory Update: The Good, the Bad, and the United States

Lawton M. Camp, Hilary Christian, In Cho and Jamie Fertig
The Journal of Structured Finance Summer 2013, 19 (2) 16-26; DOI: https://doi.org/10.3905/jsf.2013.19.2.016
Lawton M. Camp
is a partner at Allen & Overy LLP in New York, NY.
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  • For correspondence: lawton.camp@allenovery.com
Hilary Christian
is an associate at Allen & Overy LLP in New York, NY.
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In Cho
is a summer associate at Allen & Overy LLP in New York, NY.
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  • For correspondence: in.cho@allenovery.com
Jamie Fertig
is a summer associate at Allen & Overy LLP in New York, NY.
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  • For correspondence: jamie.fertig@allenovery.com
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Abstract

While covered bond regulation has been stalled in the United States, partly because of concerns raised by the U.S. Federal Deposit Insurance Corporation (FDIC), an increasing number of non-U.S. covered bond issuers have considered accessing the U.S. market through SEC-registered covered bonds, and regulators outside of the United States have increasingly moved toward more comprehensive regulation of covered bonds. New regulatory regimes seem to create tension between regulatory incentives to purchase and hold covered bonds as high-quality assets and significant limitations on their issuance. This article explores these themes, first discussing the new covered bond legislation in Canada, which illustrates the move from a relatively unregulated system to a heavily regulated system. The article then discusses regulatory developments outside of North America, which exemplify the tension that may be created by new regulatory systems. The article explores recent legislations limiting covered bond issuance as a source of asset encumbrance and then examines CRD IV and Solvency II, two regulatory reforms that incentivize banks and insurers to acquire and to retain covered bonds.

TOPICS: Fixed income and structured finance, legal/regulatory/public policy, developed

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The Journal of Structured Finance: 19 (2)
The Journal of Structured Finance
Vol. 19, Issue 2
Summer 2013
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Covered Bonds Regulatory Update: The Good, the Bad, and the United States
Lawton M. Camp, Hilary Christian, In Cho, Jamie Fertig
The Journal of Structured Finance Jul 2013, 19 (2) 16-26; DOI: 10.3905/jsf.2013.19.2.016

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Covered Bonds Regulatory Update: The Good, the Bad, and the United States
Lawton M. Camp, Hilary Christian, In Cho, Jamie Fertig
The Journal of Structured Finance Jul 2013, 19 (2) 16-26; DOI: 10.3905/jsf.2013.19.2.016
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  • Article
    • Abstract
    • COVERED BOND LEGISLATION IN CANADA
    • COVERED BOND LEGISLATIONS OUTSIDE OF NORTH AMERICA
    • CONCLUSION
    • ENDNOTES
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