The federal government introduced the Jobs, Growth and Long-term Prosperity Act in April 2012 in order to implement the 2012 federal budget. This statute included amendments to the National Housing Act to introduce a new Part I.1 to the NHA (the "Covered Bond Legislation" or the "Legislation") that establishes a framework for the issuance of covered bonds by eligible Canadian issuers. The Covered Bond Legislation was proclaimed in force on June 29, 2012, but the ability of issuers to issue covered bonds under the new regime was delayed pending rules that had to be established by Canada Mortgage and Housing Corporation ("CMHC"). On December 17, 2012, CMHC published its Canadian Registered Covered Bond Programs Guide (the "Guide"), which sets out comprehensive rules for the issuance of covered bonds under the Covered Bond Legislation.
Read the full article here (PDF).
Reproduced with permission of the publisher of National Banking Law Review, vol. 32, no. 1, February 2013.
To discuss these issues, please contact the author(s).
This publication is a general discussion of certain legal and related developments and should not be relied upon as legal advice. If you require legal advice, we would be pleased to discuss the issues in this publication with you, in the context of your particular circumstances.
For permission to republish this or any other publication, contact Janelle Weed.
© 2020 by Torys LLP.
All rights reserved.