Since 1 October 2012 policy rules have applied to the entry
into derivative transactions by housing associations. The model
documentation envisaged in those rules has recently been published
by the Minister for Housing and the Central Government Sector and
the use of such documentation for derivative transactions entered
into with housing associations will become mandatory on 1 September
2013. On that same date, certain changes in the policy rules will
also enter into effect. Both subjects will be discussed in this
newsletter.
Introduction
On 1 October 2012, new "Policy rules on the use of
derivatives by approved public housing institutions" issued by
the Minister for Housing and the Central Government Sector (the
"Minister") entered into effect; these policy rules are
discussed in our
newsletter dated 10 September 2012. The policy rules aim to
ensure that housing associations use derivatives properly and
responsibly. The rules limit the types of derivative
