Asset Covered Securities Act, 2001
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Responsibilities of cover-assets monitor appointed in respect of designated mortgage credit institution. |
61.—(1) The cover-assets monitor appointed in respect of a designated mortgage credit institution is responsible for monitoring the institution's compliance with sections 32 (8), 33 (subsection (6) excepted), 35 (2) and (8), 36 (1) and (4) and 38 (4) and (5) and such other matters (if any) relating to the business of such an institution as may be prescribed by the regulations for the purposes of this subsection. | |
(2) Before a designated mortgage credit institution issues mortgage covered securities, or enters into a cover assets hedge contract, the relevant cover-assets monitor shall take reasonable steps to verify— | ||
(a) that the institution will be in compliance with section 32 (8), and will not be in contravention of section 33 (subsection (6) excepted) and section 35 (8), as a result of the institution having issued those securities or entered into such a contract, | ||
(b) that the institution will comply with the requirements of sections 38 (4) and (5) with respect to keeping its register of mortgage covered securities business, or | ||
(c) such other matters (if any) relating to the business of designated mortgage credit institutions as may be prescribed by the regulations for the purposes of this subsection. | ||
(3) The cover-assets monitor is also responsible for performing such other responsibilities (if any) as are prescribed by the regulations. | ||
(4) The appointment of a person as a cover-assets monitor in respect of a designated mortgage credit institution does not absolve the institution from its duty to comply with this Act. |