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Deposit Takers Act 2023

Crisis management and resolution - Covered bonds - Registration of covered bond programmes

409: Other matters relating to registration

You could also call this:

"What happens if there are mistakes when registering a covered bond programme"

Illustration for Deposit Takers Act 2023

When you register a covered bond programme, it is official at the time the Bank adds the details to the register. You can still enforce your rights related to the programme or any covered bonds, even if there was a mistake in the registration process. The Bank's records show when the registration happens.

If the person in charge of the programme, called the issuer, fails to register it or follow the rules in section 416, you can still enforce your rights. This means you are protected, even if the issuer makes a mistake. Your rights related to the programme or covered bonds are still valid.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS498007.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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408: When programme must remain or be removed from register, or

"When a registered programme can stay on or be taken off the approved list"

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410: Application for registration of covered bond programme, or

"How to apply to register a special kind of investment programme"

Part 7Crisis management and resolution
Covered bonds: Registration of covered bond programmes

409Other matters relating to registration

  1. Registration occurs at the time and date that the Bank enters the details relating to the covered bond programme on the register.

  2. A defect in the registration process of a covered bond programme does not affect a person's ability to enforce their rights in relation to the programme or any covered bond issued under the programme.

  3. The failure of an issuer to register a covered bond programme or to comply with any requirement under section 416 does not affect any other person's ability to enforce their rights in relation to the programme or any covered bond issued under the programme.

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