(1) An issuer of a regulated covered bond must appoint an asset pool monitor for each asset pool maintained for the regulated covered bonds it has issued.

(2) The person appointed as asset pool monitor must -

(a) be eligible for appointment as a statutory auditor of the issuer under Part 42 of the Companies Act 2006; and

(b) not be disqualified from acting as a statutory auditor of the issuer by section 1214 of that Act (independence requirement).

(3) The asset pool monitor shall -

(a) inspect the compliance of the issuer with the requirements in regulations 16 and 17, and in particular -