411Determination of application for registration of covered bond programme

1. The Bank must not register a covered bond programme unless it is satisfied that the requirements set out in subsection (2) are met.

2. The requirements are as follows:

3. that the cover pool property is, or will be, owned by an identified covered bond SPV that—
   1. is a company (within the meaning given in section 2(1) of the Companies Act 1993); or
   2. is a person or partnership specified in the regulations; or
   3. is a member of a class of persons or partnerships specified in the regulations; and
4. that a cover pool monitor has been appointed; and
5. that a register of cover pool property will be maintained; and
6. that the covered bond programme specifies, or refers to documents that specify, procedures and internal controls that ensure—
   1. the up-to-date and accurate keeping of the register; and
   2. that the property in the cover pool remains consistent with any class designation under section 407(2)(b); and
7. that the covered bond programme specifies a test, or tests, to determine, in accordance with any procedures specified in the programme, whether the value of the cover pool property is at least equal to the principal amount outstanding on the covered bonds; and
8. that the covered bond programme provides for the covered bond SPV to perform, or arrange to have performed on its behalf, the requirements of section 416(1)(a) and (b)(i)—
   1. in the event that any amounts become due and payable by the covered bond SPV under the covered bond programme; and
   2. until the security interest over the cover pool property has been enforced; and
9. that the issuer is in compliance with all other requirements imposed in relation to covered bonds by, or under, all applicable standards.