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Number 47 of 2001
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ASSET COVERED SECURITIES ACT, 2001
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ARRANGEMENT OF SECTIONS
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PART 1
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Preliminary Matters
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Section
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1.
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Short title and commencement.
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2.
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Purposes of Act.
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3.
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Interpretation.
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4.
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Definition of mortgage credit.
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5.
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Definition of public credit.
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6.
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Definition of substitution asset.
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7.
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When designated credit institution becomes insolvent.
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8.
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When designated credit institution becomes potentially insolvent.
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PART 2
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Functions and Powers of Authority
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9.
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Functions of Authority under this Act.
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10.
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General powers of Authority under this Act.
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11.
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Power of Minister to impose additional functions on Authority.
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PART 3
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Designation of Credit Institutions
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12.
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Offence to carry on asset covered securities business without designation by Authority.
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13.
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Application for registration as a designated credit institution.
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14.
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Grant and rejection of applications for registration.
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15.
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Effect and term of registration.
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16.
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Authority may vary conditions of registration.
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17.
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Registers of designated credit institutions to be kept.
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18.
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Revocation of registration by Authority on application of credit institution.
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19.
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Revocation of registration by Authority otherwise than on application of credit institution.
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20.
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Authority may direct designated credit institution to suspend its business.
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21.
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Effect of revocation of registration where credit institution is not a company or building society or is a company or building society other than one that is being wound up.
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22.
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Provisions applying to directions given under sections 20 and 21.
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23.
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Effect of revocation of registration where credit institution is a company or building society that is being wound up.
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24.
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Authority may substitute other duties for duties of liquidator of credit institution.
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25.
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Provisions of certain other Acts not affected.
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26.
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Right to appeal against certain decisions of the Authority.
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PART 4
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Regulation of Designated Credit Institutions
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Chapter 1
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Issue of asset covered securities by designated mortgage credit institutions
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27.
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Interpretation (Chapter 1).
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28.
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Designated mortgage credit institution to carry on permitted business activities only.
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29.
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Power of designated mortgage credit institution to issue mortgage covered securities.
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30.
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Designated mortgage credit institution may enter into certain kinds of contracts.
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31.
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Restrictions on business activities of designated mortgage credit institution.
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32.
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Designated mortgage credit institution to establish and maintain cover assets pool.
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33.
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What can be included in a cover assets pool maintained by a designated mortgage credit institution.
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34.
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What action is to be taken by a designated mortgage credit institution that is in breach of cover assets pool provisions.
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35.
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Substitution of certain cover assets and restrictions on inclusion of substitution assets in cover assets pool of designated mortgage credit institution.
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36.
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Use of realised proceeds of cover asset by designated mortgage credit institution.
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37.
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Inclusion of asset in, and removal of asset from, cover assets pool.
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38.
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Designated mortgage credit institution to keep register of mortgage covered securities business.
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39.
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Authority and cover-assets monitor to have access to register of mortgage covered securities business.
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40.
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Financial statements in respect of designated mortgage credit institution.
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41.
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Valuation of assets held by designated mortgage credit institutions.
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Chapter 2
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Issue of asset covered securities by designated public credit institutions
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42.
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Interpretation (Chapter 2).
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43.
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Designated public credit institution to carry on permitted business activities only.
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44.
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Power of designated public credit institution to issue public credit covered securities.
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45.
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Designated public credit institution may enter into certain kinds of contracts.
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46.
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Restrictions on business activities of designated public credit institution.
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47.
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Designated public credit institution to establish and maintain cover assets pool.
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48.
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What can be included in a cover assets pool maintained by a designated public credit institution.
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49.
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What action is to be taken by a designated public credit institution that is in breach of cover assets pool provisions.
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50.
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Substitution of certain cover assets and restrictions on inclusion of substitution assets in cover assets pool of designated public credit institution.
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51.
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Use of realised proceeds of cover asset by designated public credit institution.
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52.
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Inclusion of asset in, and removal of asset from, cover assets pool.
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53.
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Designated public credit institution to keep register of public credit covered securities business.
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54.
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Authority and cover-assets monitor to have access to register of public credit covered securities business.
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55.
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Financial statements in respect of designated public credit institution.
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56.
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Valuation of assets held by designated public credit institutions.
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Chapter 3
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Provisions applicable to asset covered securities generally
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57.
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Protection of disclosures made to an authorised recipient.
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58.
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Transfer of business or assets from one credit institution to another.
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PART 5
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Cover-Assets Monitors
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59.
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Cover-assets monitor to be appointed for each designated credit institution.
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60.
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Authority may appoint cover-assets monitor in certain circumstances.
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61.
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Responsibilities of cover-assets monitor appointed in respect of designated mortgage credit institution.
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62.
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Responsibilities of cover-assets monitor appointed in respect of designated public credit institution.
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63.
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Termination of appointment of cover-assets monitor by designated credit institution.
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64.
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Resignation of cover-assets monitor.
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65.
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Cover-assets monitor's powers in relation to designated credit institution.
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66.
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Designated credit institution to provide information and documents required by cover-assets monitor.
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67.
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Duty of cover-assets monitor to report certain matters to Authority.
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68.
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Authority may confer additional responsibilities on cover-assets monitor.
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69.
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Cover-assets monitor to provide reports to Authority on request.
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70.
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Power of entry, etc., of Authority or authorised person.
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PART 6
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Management of Business Activities of Designated or Formerly Designated Credit Institutions in Certain Circumstances
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71.
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Interpretation (Part 6).
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72.
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Authority may appoint manager in respect of designated credit institution or formerly designated credit institution in certain circumstances.
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73.
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What happens if NTMA's attempts to locate a manager are unsuccessful.
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74.
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What happens if NTMA's attempts to locate a parent entity are unsuccessful.
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75.
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NTMA may be appointed as temporary manager in certain circumstances.
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76.
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Fees payable to NTMA.
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77.
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Application of Schedule 1 to managers.
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78.
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Effect of appointment of person as manager.
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79.
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Responsibilities of manager.
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80.
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Appointment of new manager to be appointed to fill vacancy.
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PART 7
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Effect of Potential Insolvency Process on Designated or Formerly Designated Credit Institution
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81.
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Application and operation of this Part.
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82.
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Existing rights of certain persons not affected by insolvency or potential insolvency of designated credit institution.
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83.
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Rights of preferred creditors in relation to cover assets.
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84.
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Obligations of designated credit institution to continue despite insolvency process.
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85.
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Effect of insolvency process on asset covered securities and cover assets hedge contracts of designated credit institutions.
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86.
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Designated or formerly designated credit institution not to be dissolved unless claims of preferred creditors have been satisfied.
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87.
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This Part not to prevent application of enactment or rule of law relating to fraud, misrepresentation, etc.
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88.
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Designated credit institution not to create security interest in cover assets if claims of preferred creditors would be adversely affected.
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89.
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Certain directions not to apply unless rights of certain persons have been satisfied.
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90.
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Provisions applicable where credit institution is both designated mortgage credit institution and designated public credit institution.
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PART 8
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Regulations, Orders and Regulatory Notices
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91.
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Authority may make regulations for purposes of Act.
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92.
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Minister to consult Authority before making an order for purposes of this Act.
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93.
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Regulations and orders to be laid before each House of Oireachtas.
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94.
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House of Oireachtas may annul regulation or order.
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95.
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Regulatory notices.
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PART 9
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Enforcement
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96.
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Court empowered to make prohibition or compliance orders.
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97.
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Time within which proceedings for an offence may be brought.
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98.
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Offences relating to acts affecting the performance of official functions.
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99.
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Offences by bodies corporate.
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PART 10
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Miscellaneous
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100.
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Certain persons to be not liable for commission of certain acts and omissions under this Act.
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101.
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Designation of credit institution not to be a warranty of solvency, etc.
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102.
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Reciprocal arrangements with other countries.
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103.
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Giving of notices.
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104.
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Certain documents exempt from stamp duty.
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105.
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Expenses incurred in administering this Act.
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106.
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Consequential...
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