Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 1 Definitions

The following definitions shall apply:

  1. (1)

    "covered bond" means a CRR covered bond, within the meaning of Article 4(1)(128A) of Regulation (EU) No 575/2013;

  2. (2)

    "delivery option" means the possibility to redeem the mortgage loan by buying back the covered bond at market or at nominal value in accordance with Article 33(3)(d) of Regulation (EU) No 575/2013.