Decree No. 2 / 2019 Coll.
Covered block registration decree
Valid
Effective from 01.02.2019
2
DECLARATION
of 21 December 2018
on the registration of covered blocks
The Czech National Bank provides pursuant to § 32 (6) of Act No. 190 / 2004 Coll., on bonds, as amended by Act No. 307 / 2018 Coll.:
Subject matter
This decree regulates the formalities and manner of keeping records of covered blocks.
Requirements for the registration of covered blocks
The registration of covered blocks (hereinafter referred to as "the register ') shall have the following elements:
(a) lists of covered blocks;
(b) summary information on each covered block, namely:
1. the unique identification of the covered block identical to the code which is the identifier of the cover portfolio of the relevant covered block referred to in point 5.2.1 of Annex XVII to Commission Implementing Regulation (EU) 2021 / 451 of 17 December 2020 laying down implementing technical standards for the application of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council as regards supervisory reporting and repealing Implementing Regulation (EU) No 680 / 2014 (code),
2. the type of covered bonds in the covered block under Section 28b of the bond law;
3. whether the covered block includes covered bonds that contain the designation "CFR" in its name, "European covered bond (premium)" or its translation into the official language of the European Union,
4. limits and other conditions beyond the bond law laid down in the terms of the issue to which the issuer has committed to comply with the bond law;
5. the currency in which the register is held (§ 7 (4));
6. the aggregate value of the covered bond debt under Section 31a (2) of the bond law in the currency in which the register is held,
7. the aggregate value of the related debts under Section 31a (3) of the bond law in the currency in which the register is held;
8. the aggregate value of the cover assets for the purpose of carrying out the obligations under Article 28a (1) of the bond law in the currency in which the registration is held;
9. the aggregate value of the cover assets for the purpose of fulfilling the obligation under Article 28a (2) of the bond law in the currency in which the registration is held;
10. aggregate value of the liquidity reserve for test purposes under Section 28aa (1) of the bond law,
11. Value of the maximum cumulative net liquidity outflows from the covered block for the following 180 days for the purpose of the test under Section 28aa (1) of the bond law;
12. conditions for the structures of renewable maturity pursuant to Article 28ab of the bond law, where the issuer issued bonds with these characteristics,
(c) the lists referred to in Article 32 (3) of the bond law in relation to each covered block, namely:
1. a register of cover assets;
2. the registration of asset-related cases;
3. the accounting of covered bond debt,
4. records of related debts pursuant to Section 31a (3) of the bond law.
Covered assets register
(1) The cover asset register is kept under the code of the relevant covered block.
(2) Information on the credit claim in the cover asset register shall include at least:
(a) unambiguous identification of the credit by indicating the contract number or account number which clearly identifies the contractual relationship between the bank and the debtor and, where appropriate, other data;
(b) the type of cover asset broken down in accordance with Article 129 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648 / 2012, as amended, hereinafter referred to as "the Regulation," as regards cover assets under Section 31 (1) of the bond law, broken down as appropriate under Section 31 (2) of the bond law;
(c) whether the debtor is in default pursuant to Article 178 of the Regulation;
(d) the currency or currencies in which or in which the credit claim was agreed;
(e) the lien value of the immovable property pledged in the currency in which the register is held;
(f) the nominal value of the credit claim in the currency in which the register is held;
(g) the nominal value of the credit claim for the purpose of fulfilling the obligations under Article 28a of the bond law in the currency in which the register is held;
(h) the maturity date of the credit claim.
(3) Information on a case in the register of cover assets other than those referred to in paragraph 2 shall include at least:
(a) a clear identification of the case;
(b) the type of cover asset broken down in accordance with Article 129 (1) of the Regulation as regards cover assets under Article 31 (1) of the bond law, possibly broken down under Article 31 (2) of the bond law;
(c) whether the debtor is in default pursuant to Article 178 of the Regulation;
(d) the type, date of negotiation, effective date, maturity date and, in the case of a derivative, the name of the other counterparty of the derivative;
(e) the currency or currencies in which or in which the case was negotiated;
(f) the nominal value of the item, in the case of both the derivative and the non-negative fair value, in the currency in which the record is held;
(g) the value of the case for the purpose of carrying out the obligations under Article 28a of the bond law in the currency in which the registration is held.
(4) In addition to the information referred to in paragraph 2, information on the asset value in the cover pool which serves as a liquidity reserve shall include at least:
(a) the type of cover asset under Section 28aa (3) of the bond law, with:
1. The assets referred to in Article 28aa (3) (a) of the bond law shall be reported in accordance with Article 10 to 12 of Commission Delegated Regulation (EU) 2015 / 61 of 10 October 2014 supplementing Regulation (EU) No 575 / 2013 of the European Parliament and of the Council with regard to the liquidity coverage requirement, as amended,
2. the assets referred to in § 28aa (3) (b) of the bond law shall be indicated by the type of exposure;
(b) the value of the case for the purposes of Section 28aa of the bond law.
Records of matters relating to cover assets
(1) The records of matters relating to cover assets are kept under the code of the covered block concerned.
(2) Information on the asset-related matter in the register shall include at least:
(a) a clear identification of the item related to the cover asset;
(b) a clear identification of the contracts in relation to the cover asset;
(c) a clear identification of the collateral of the derivative;
(d) an indication of whether the collateral can be taken into account for the purposes of fulfilling the obligation under Article 28a (1) of the bond law;
(e) the currency or currencies in which or in which the case was negotiated;
(f) the fair value of the collateral referred to in (c) in the currency in which the records are held.
Accounting for covered bond debt
(1) The register of covered bond debt is kept under the code of the covered block concerned.
(2) Information on individual issues in the covered bond debt register shall include at least:
(a) a clear identification of the emissions;
(b) the date of issue;
(c) the maturity date of the issue;
(d) the currency or currencies in which or in which the debt was agreed;
(e) the nominal value of the issue in circulation in the currency in which the register is kept;
(f) the value of the accrued and unpaid return on emissions in circulation in the currency in which the register is held;
(g) the nominal value of the issued issue, where it serves to define the debt to which the cover portfolio serves, in the currency in which the register is held.
(3) The information on individual emissions referred to in paragraph 2 does not contain the data referred to in points (b) and (c) of paragraph 2 where the debts are defined in accordance with Section 31a (2) of the bond law by identifying covered bond issues that have not yet been issued.
Allocation of related debts
(1) The records of related debts under Section 31a (3) of the bond law are kept under the code of the relevant covered block.
(2) The information on the debt in the register of related debts under Section 31a (3) of the bond law contains at least:
(a) a clear identification of the debt;
(b) the type of debt under Section 31a (4) of the bond law;
(c) the currency or currencies in which or in which the debt was agreed;
(d) the nominal value of the debt in the currency in which the record is held, unless it is a debt from a derivative; in the case of a derivative, the debt is recorded as the negative fair value of that derivative.
Record keeping
(1) The issuer or forced bloc administrator (hereinafter referred to as the "obliged entity") shall ensure that the competence and competence of the registry-keeping service are separated up to the level of the members of the managing authority (1) from the competence and competence of the services under whose jurisdiction the provision of credit or covered bond issuance is concerned, and that the staff of the registry-keeping service have information that is up-to-date, reliable and comprehensive in order to decide on the inclusion of items in the register, the exclusion of items and other activities related to the obligations under this Regulation.
(2) The obliged person shall keep a register on the basis of the relevant documents and rules proving that each item or debt is eligible for inclusion in the covered block. In particular, it is a credit agreement, including any amendments, documents relating to a pledged real estate, including a lien, an extract from the property register, documentation demonstrating the lien value of the pledged real estate and rules for establishing the lien value of the pledged real estate.
(3) The obliged entity shall keep records in electronic form in such a way as to permit the traceability and reconstruction of all individual acts of the obliged entity and keep it up to date. In the case of the information referred to in § 2 (b) (10) and (11), their updates are sufficient on a monthly basis.
(4) The record shall be kept in the currency specified by the obliged entity for each covered block. The foreign exchange market rate declared by the Czech National Bank for the conversion date shall be used for the conversion of data into the respective currency. For data in currencies for which the Czech National Bank does not declare foreign exchange market rates, the conversion shall be applied according to the Accounting Act.
Transitional provision
The content, formalities and manner of keeping a record of the cover of mortgage liens issued before the date of entry into force of this Order and the content and manner of compliance with the information obligation concerning such mortgage liens shall be governed by Decree No. 164 / 2014 Coll., as effective before the date of entry into force of this Order, until the date on which the obligor changes the emission conditions by treating such mortgage liens as covered bonds under the bond law.
Repeal
Decree No. 164 / 2014 Coll., on the registration of the cover of mortgage bonds and the information obligations of the issuer of mortgage bonds, shall be deleted.
Efficacy
This Decision shall enter into force on 1 February 2019.
Governor:
Ing. Rusnok v. r.
1) Paragraph 7 (3) (j) of Decree No. 163 / 2014 Coll., on the pursuit of the activities of banks, savings and credit cooperatives and securities dealers, as amended by Decree No. 392 / 2017 Coll.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Decree No. 2 / 2019 Coll., on the Registration of Covered Blocks |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 07.01.2019 |
|---|---|
| Effective from | 01.02.2019 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0