(1) On the insolvency of the issuer of a regulated covered bond, the owner of the relevant asset pool must -

(a) make arrangements for the maintenance and administration of the asset pool which provide for the following requirements -

(i) a record is kept of each asset in the asset pool;

(ii) the asset pool is capable of covering -

(aa) claims attaching to the bond; and

(bb) sums required for the maintenance, administration and winding up of the asset pool;

(iii) there is timely payment of claims attaching to the bond to the regulated covered bond holder;

(iv) the asset pool of a single asset class bond consists only of eligible property of the same class as the assets included in the asset pool of the regulated covered bond when it was registered.

(b) give the Authority such information in respect of -