{
  "url": "https://openlegislation.uk/regulated-covered-bonds-regulations-2008/regulation-20",
  "json_url": "https://openlegislation.uk/regulated-covered-bonds-regulations-2008/regulation-20.json",
  "legislation": "uksi/2008/346",
  "legislation_title": "The Regulated Covered Bonds Regulations 2008",
  "legislation_url": "https://openlegislation.uk/regulated-covered-bonds-regulations-2008",
  "path": "regulation/20",
  "kind": "regulation",
  "number": "20",
  "heading": "Material changes to the regulated covered bond",
  "text": "(1) Where an issuer of a regulated covered bond proposes to make a material change to the contractual terms of the bond, it must give the Authority such—\n(a) notice of the proposed change; and\n(b) information in respect of the proposed change;\nas the Authority may direct.\n(2) The information required under paragraph (1) must be given at such time, in such form and verified in such manner, as the Authority may direct.\n(3) If it appears to the Authority that the proposed change will not prevent the issuer and owner of the relevant asset pool from continuing to comply with the requirements imposed on them by or under these Regulations, it must give the issuer written notice of its decision to approve the change before the end of a period of 3 months beginning with the date on which the information required under paragraph (1) is provided.\n(4) If it appears to the Authority that the proposed change may prevent the issuer or the owner of the relevant asset pool from complying with the requirements imposed upon them by or under these Regulations, it may decide not to approve the change and give the issuer a decision notice.\n(5) If the Authority proposes to give a decision notice under paragraph (4), it must give the issuer a warning notice before the end of a period of 3 months beginning with the date on which the information required under paragraph (1) is provided.\n(6) The Authority must, having considered any representations made in response to the warning notice—\n(a) if it decides to do so, give a decision notice under paragraph (4); or\n(b) if it decides not to give a decision notice, give the issuer a notice of discontinuance and written notice of its decision to approve the change.\n(7) If the Authority gives a decision notice under paragraph (4), the issuer may refer the matter to the Upper Tribunal.\n(8) The issuer may not make the proposed change before it has received a written notice from the Authority approving the change.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 20(7) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(f), Sch. 3 para. 151"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/346/regulation/20",
    "retrieved_at": "2026-10-29T03:36:42.465175+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}