Singapore legislation
Regulation 2
Regulation 2
Definitions
In this Order —“cover pool”, in relation to a covered bond, means a pool of assets that are owned legally or beneficially, or both legally and beneficially, by a banking corporation incorporated in Singapore or a covered bond special purpose vehicle, for the purpose of securing the payment of one or more of the following:
the liabilities of the holder of the covered bond;
any liabilities arising from the enforcement of the rights of a holder of the covered bond;
any liabilities to any third‑party service provider appointed for the purposes of the operation and administration of the programme under which the covered bond is issued;“covered bond” means any bond, note or other debenture issued by a banking corporation incorporated in Singapore or by a covered bond special purpose vehicle established in connection with the programme introduced by a banking corporation incorporated in Singapore for the issue of the bond, note or other debenture, under which the liabilities to a holder of such bond, note or debenture, and any liabilities arising from the enforcement of the rights of the holder are —
secured by the assets in the cover pool; and
recoverable from the banking corporation regardless of whether the assets in the cover pool are sufficient to meet the liabilities;“covered bond special purpose vehicle” means a company incorporated in Singapore for the primary purpose of one or both of the following:
issuing any covered bond;
holding the cover pool in relation to any covered bond issued by a banking corporation incorporated in Singapore or by the company;“securitisation special purpose vehicle” means a company that is a special purpose vehicle as defined in section 262(3) of the Securities and Futures Act 2001.
Definition
“cover pool”, in relation to a covered bond, means a pool of assets that are owned legally or beneficially, or both legally and beneficially, by a banking corporation incorporated in Singapore or a covered bond special purpose vehicle, for the purpose of securing the payment of one or more of the following:
the liabilities of the holder of the covered bond;
any liabilities arising from the enforcement of the rights of a holder of the covered bond;
any liabilities to any third‑party service provider appointed for the purposes of the operation and administration of the programme under which the covered bond is issued;
Definition
“covered bond” means any bond, note or other debenture issued by a banking corporation incorporated in Singapore or by a covered bond special purpose vehicle established in connection with the programme introduced by a banking corporation incorporated in Singapore for the issue of the bond, note or other debenture, under which the liabilities to a holder of such bond, note or debenture, and any liabilities arising from the enforcement of the rights of the holder are —
secured by the assets in the cover pool; and
recoverable from the banking corporation regardless of whether the assets in the cover pool are sufficient to meet the liabilities;
Definition
“covered bond special purpose vehicle” means a company incorporated in Singapore for the primary purpose of one or both of the following:
issuing any covered bond;
holding the cover pool in relation to any covered bond issued by a banking corporation incorporated in Singapore or by the company;
Definition
“securitisation special purpose vehicle” means a company that is a special purpose vehicle as defined in section 262(3) of the Securities and Futures Act 2001.