Asset Covered Securities Act, 2001


Functions and Powers of Authority

Functions of Authority under this Act.

9.—(1) The functions of the Authority are as follows—

(a) to designate credit institutions for the purposes of this Act,

(b) to administer the system of supervision and regulation of designated credit institutions in accordance with this Act in order to promote the maintenance of the proper and orderly regulation and supervision of those institutions, and

(c) to perform such other functions as are prescribed by or under this Act.

(2) The Authority is required to perform its functions so as to fulfil the purposes of this Act.

(3) The Authority has, in relation to designated credit institutions and other persons to whom this Act relates, the functions imposed and the powers conferred on the Central Bank by or under the supervisory enactments in relation to credit institutions within the scope of those Acts, except as required or provided by this Act and subject to such modifications to those functions and powers as are necessary in order to adapt those functions and powers for the purposes of this Act.