Disclosure requirement for mortgage credit bank operations
On the basis of section 9 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022, hereinafter “MCB Act”), the Financial Supervisory Authority (FIN-FSA) must publish information on the regulations in force in Finland regarding covered bonds, on the credit institutions authorised to engage in mortgage credit bank operations, and on the covered bonds issued by them.
Regulations in force in Finland regarding covered bonds
Act on Mortgage Credit Banks and Covered Bonds (151/2022) (in Finnish)
Act on Mortgage Credit Banks (688/2010) (in Finnish and to be applied in accordance with section 51 of the MCB Act)
FIN-FSA’s regulations and guidelines
Mortgage bank authorisation procedure and risk management (MOK 6/2012)
Reporting of mortgage bank operations (MOK 7/2012)
Credit institutions authorised to engage in mortgage credit bank operations
Information about authorisation to engage in mortgage credit bank operations is entered in the FIN-FSA’s list of supervised entities and can be found in the information of each entity in the section “Authorisations and other operation grounds”.
Covered bonds issued by mortgage banks and credit institutions
Pursuant to section 37 of the MCB Act, the issuer may use the label European Covered Bond (Premium) and its language versions translated into the official languages of the European Union only for covered bonds issued in accordance with the MCB Act
Based on the above, all covered bonds issued under the MCB Act meet the conditions for using the label European Covered Bond (Premium).