Recent Innovation in the Regulation of Covered Bonds in Europe:Who Will Benefit from the New Legislative Framework?

The chapter focuses on the evolution in the regulation of covered bonds, traditionally left in the hands of Member States. The lack of a harmonized regulation resulted in several national approaches for what concerns key technical issues and posed a chllengeto the further development of this financial tool. The European Commissionn has recently harmonized national rules in the isuuance of these securities by providing common definitions, characteristics and regulation with the aim of introducing a European trademark through the "Capital Markets Union Action Plan".