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Designated mortgage credit institution to keep register of mortgage covered securities business.
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38.—(1) A designated mortgage credit institution shall establish and keep a register in respect of—
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(a) the mortgage covered securities that it has issued,
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(b) the cover assets hedge contracts that it has entered into, and
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(c) the mortgage credit assets and substitution assets that it holds as security for those securities and contracts.
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(2) The register is to be called the register of mortgage covered securities business.
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(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.
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(4) The institution shall include in the register the following particulars—
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(a) particulars of the mortgage covered securities that it has issued,
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(b) the cover assets hedge contracts that it has entered into,
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(c) particulars of the mortgage credit assets and substitution assets that it holds as security for those securities and contracts,
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(d) such other particulars as are prescribed by the regulations for the purposes of this section.
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(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.
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(6) The institution shall keep the register in such place as may be prescribed by the regulations for the purpose of this subsection.
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(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.
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