Norway first to align with covered directive
The Financial Supervisory Authority of Norway (FSA) has become the first regulator to recommend a series of proposed amendments that would align its covered bond regime with the EU covered bond directive. EU member states have until July 2021 to implement the directive, and while it seems likely that Spain has the most work to do, other countries — such as Italy, France and those in Scandinavia — will also be obliged to consider important revisions.
The covered bond directive was published in the Official Journal of the European Union on December 18 last year and came into force on January 7.Member states have until July 8, 2021 to implement the directive into national law and these rules must take effect within the following ...
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