In brief: The EU covered bond legislative package is set to come into force on 8 January, after the Directive and Regulation were published in the Official Journal of the European Union today (Wednesday).

Publication in the journal was the final formality necessary before the two pieces of legislation entered into force, after the package was adopted by the European Council on 8 November. EU legislation is by default effective 20 days after publication in the journal.

The European Covered Bond Council noted that publication today implies the Directive and Regulation will enter into force on 8 January. The national transposition period for the Directive will last until 8 July 2021 and national measures applied at the latest from 8 July 2022, the date from which the Regulation will be applicable.