Asset Covered Securities Act, 2001

Designated mortgage credit institution to keep register of mortgage covered securities business.

38.—(1) A designated mortgage credit institution shall establish and keep a register in respect of—

(a) the mortgage covered securities that it has issued,

(b) the cover assets hedge contracts that it has entered into, and

(c) the mortgage credit assets and substitution assets that it holds as security for those securities and contracts.

(2) The register is to be called the register of mortgage covered securities business.

(3) The register may be kept in book form, in electronic form or in any other form so long as the register is capable of being reproduced visually.

(4) The institution shall include in the register the following particulars—

(a) particulars of the mortgage covered securities that it has issued,

(b) the cover assets hedge contracts that it has entered into,

(c) particulars of the mortgage credit assets and substitution assets that it holds as security for those securities and contracts,

(d) such other particulars as are prescribed by the regulations for the purposes of this section.

(5) Except where the regulations otherwise provide, the institution may make or amend an entry in the register only with the consent of the relevant cover-assets monitor or the Authority.

(6) The institution shall keep the register in such place as may be prescribed by the regulations for the purpose of this subsection.

(7) If a designated mortgage credit institution is also a designated public credit institution, the institution is required to keep its register of mortgage covered securities business separate from its register of public credit covered securities business.