Label Procedures / Label application procedure

Label application procedure

Under this principle:

  • The issuer managing the covered bond programme will complete an online application form in which he/she will:
    • Declare its programme's compliance with the Label Convention;
    • Commit, at the time of the submission of the Label application, to disclose:
      • On its own website, on at least a quarterly basis, accurate and up-to-date information on the covered bond programme’s cover pool based on the Harmonised Transparency Template (HTT). The HTT undergoes an annual revision process which produces an updated version in September and which will enter into force at the end of the first quarter of the subsequent year to ensure that the information provided by issuers is up-to-date, relevant and comparable. In order to facilitate the encoding of the HTT also an “HTT Completion Guideline” has been published.
      • On the Label IT infrastructure, on a monthly basis, accurate and up-to-date information relating to new covered bond issuances from the labelled pool.
  • The Label Secretariat will then review the application for manifest errors or missing information. If no manifest error is found and the application is complete, the Label shall be granted to the covered bond programme for the ongoing calendar year, upon the receipt of the payment of the subscription fees (see the Regulations Governing the Use of the Covered Bond Label here).
  • The Label Secretariat will post the new covered bond programme on a new webpage on the Covered Bond Label's IT infrastructure within 10 working days in order to inform the covered bond market stakeholders. Issuers will then update it with the relevant information on new issuances from the labelled cover pool.
  • The Label Secretariat will then review the application for manifest errors or missing information. If no manifest error is found and the application is complete, the Label shall be granted to the covered bond programme for the ongoing calendar year, upon the receipt of the payment of the subscription fees
  • The Label Secretariat will post the new covered bond programme on a new webpage on the Covered Bond Label's IT infrastructure within 10 working days in order to inform the covered bond market stakeholders. Issuers will then update it with the relevant information on new issuances from the labelled cover pool.
  • All outstanding covered bonds issued from the registered pool prior to the granting of the Label will benefit from the Label provided that (i) the initial registration fee is paid and (ii) the Label IT infrastructure is updated by the issuer with the outstanding issuances from the labelled pool. Only those covered bonds included in the IT infrastructure by the issuer will benefit from the Label.

Issuers

Submit an application form
(programme specific and not issuer specific)

Provide transparency information

Secretariat

Review for manifest errors or missing information

LABEL

National Authorities

Opportunity to raise objections and to request information and/or clarification

Market

Label is granted on an annual basis

Programme register on CBL website

Transparency links and reports published on the CBL website

Start your application