Regulation 15 Acting without registration

United Kingdom

(1)

A person may not issue, or purport to issue, a regulated covered bond unless—

(a)

it is admitted to the register of issuers; and

F1(b)

the bond is admitted to part one or part two of the register of regulated covered bonds.

(2)

A person which has been removed from the register of issuers may not make any further issue under a programme of covered bonds which has been admitted to the register of regulated covered bonds.

(3)

Contravention of the prohibition in paragraph (1) or (2) by a person is a contravention of a requirement imposed on it by these Regulations, but does not—

(a)

make any transaction void or unenforceable; or

(b)

give rise to any right of action for breach of statutory duty.

Annotations

Textual amendments

F1: Reg. 15(1)(b) substituted (1.1.2013) by The Regulated Covered Bonds (Amendment) Regulations 2011 (S.I. 2011/2859), regs. 1, 2(8)