Asset Covered Securities (Amendment) Act 2007

Amendment of section 38 of Principal Act.

25.— Section 38 of the Principal Act is amended—

(a) in subsection (5), by inserting “, delete” after “make”, and

(b) by substituting the following for subsection (7):

“(7) If a designated mortgage credit institution is also a designated commercial mortgage credit institution or a designated public credit institution, the institution is required to keep its register of mortgage covered securities business separate from, as applicable—

(a) its register of commercial mortgage covered securities business,

(b) its register of public credit covered securities business.”.