Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 3A - Covered bonds  

SECTION 30   Cover pool monitors  

(1)    
Each cover pool must have a cover pool monitor.

(2)    
The cover pool monitor must:

(a) be registered as an auditor under Part 9.2 of the Corporations Act 2001 ; or

(b) hold an Australian financial services licence under that Act that covers the provision of financial services as the cover pool monitor; or

(c) be exempt under that Act from holding an Australian financial services licence for the provision of financial services as the cover pool monitor.

(3)    
However, the cover pool monitor must not be:

(a) the issuing ADI for the cover pool; or

(b) an associated entity (within the meaning of the Corporations Act 2001 ) of the issuing ADI.

(4)    
The functions of the cover pool monitor are as follows:

(a) to assess the keeping, by the issuing ADI or covered bond special purpose vehicle concerned, of an accurate register of the assets in the cover pool;

(b) to assess compliance by the issuing ADI with sections 31 and 31A ;

(c) to make reports relating to the matters in paragraphs (a) and (b) available to the issuing ADI (or any substituted entity) for distribution to the holders of covered bonds or their representatives;

(d) to provide reports relating to the cover pool to APRA on written request by APRA;

(e) such functions (if any) as are prescribed by the regulations.

(5)    
Copies of reports provided under paragraph (4)(d) must be provided to the issuing ADI (or any substituted entity) and the covered bond special purpose vehicle concerned.

(6)    
The functions covered by paragraphs (4)(a) to (c) must be performed at least every 6 months.

(7)    
The functions covered by paragraphs (4)(a) and (b) may be performed by sampling in accordance with auditing standards made under the Corporations Act 2001 .