416Requirements relating to registered covered bond programmes

1. Every issuer must, in relation to a registered covered bond programme,—

2. ensure that the test or tests specified in section 411(2)(e) are carried out at intervals of not more than 12 months and notify the Bank if the result of the test or tests is that the value of the cover pool property is less than the principal amount outstanding on the covered bonds; and
3. ensure that—
   1. a register of cover pool property is maintained; and
   2. the issuer complies with the procedures and internal controls referred to in section 411(2)(d); and
4. notify the Bank—
   1. of every covered bond issued; and
   2. of any material changes to the registered covered bond programme that would be likely to result in the registered covered bond programme failing to comply with the requirements of section 411(2); and
   3. if the covered bond programme or the cover pool no longer complies with any class designation under section 407(2)(b); and
5. provide the Bank with any further information it requests in relation to the covered bond programme; and
6. ensure that—
   1. the registered covered bond programme complies with the requirements of section 411(2); and
   2. the reports referred to in section 420(b) are provided to any bond trustee and security trustee appointed under the covered bond programme; and
   3. the Bank is provided with a copy of every report prepared by the cover pool monitor in accordance with section 420(c) and (d); and
   4. if requested by the Bank, the Bank is provided with a copy of any other report prepared by the cover pool monitor in accordance with section 420(b).

7. However, if any amounts become due and payable by the covered bond SPV under the covered bond programme,—

8. the issuer is not required to comply with subsection (1); and
9. the covered bond SPV must provide the Bank with any information it requests in relation to the covered bond programme.