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47 2001

ASSET COVERED SECURITIES ACT, 2001

PART 8

Regulations, Orders and Regulatory Notices

Authority may make regulations for purposes of Act.

91. —(1) The Authority may make regulations, not inconsistent with this Act, for or with respect to any matter that by this Act is required or permitted to be prescribed, or that is necessary or expedient to be prescribed, for carrying out or giving effect to this Act.

(2) Without limiting subsection (1), regulations under that subsection may do any or all of the following—

(a) prescribe requirements with respect to carrying on asset covered securities business that designated credit institutions must comply with,

(b) prescribe requirements that a designated mortgage credit institution must comply with in maintaining its cover assets pools,

(c) prescribe requirements that a designated public credit institution must comply with in maintaining its cover assets pools,

(d) prescribe kinds of substitution assets that may be included in a cover assets pool,

(e) prescribe which and in what circumstances mortgage credit assets, or public credit assets, or substitution assets that are included in a cover assets pool are required or permitted to be substituted,

(f) prescribe requirements that a designated mortgage credit institution is required to comply with in relation to the institution's register of mortgage covered securities business,

(g) prescribe requirements that a designated public credit institution is required to comply with in relation to the institution's register of public credit covered securities business,

(h) prescribe requirements with respect to the financial statements that a designated mortgage credit institution or a designated public credit institution or its parent entity must comply with,

(i) prescribe responsibilities to be carried out by a cover-assets monitor in relation to the designated mortgage credit institution, or designated public credit institution, in respect of which the monitor is appointed,

(j) provide for the removal and replacement of a cover-assets monitor on specified grounds,

(k) supplement the provisions of this Act relating to transfers of the whole or a part of an asset covered securities business, or of assets relating to such a business, in accordance with section 58 ,

(l) supplement the provisions of section 102 with respect to entering into reciprocal arrangements with qualifying countries.

(3) A regulation may create an offence for contravening or failing to comply with a provision of the regulation and impose a fine not exceeding €100,000 (£78,756.40) for the offence if tried on indictment or €1,900 (£1,496.37) if dealt with summarily.

(4) A provision of a regulation may—

(a) apply generally or be limited in its application by reference to specified exceptions or factors,

(b) apply differently according to different factors of a specified kind, or

(c) authorise any matter or thing to be from time to time determined, applied or regulated by a specified person or body,

or may do any combination of those things.

Minister to consult Authority before making in order for purposes of this Act.

92. —The Minister is required to consult the Authority before making an order for the purposes of this Act.

Regulations and orders to be laid before each House of Oireachtas.

93. —(1) The Minister shall ensure that every regulation made by the Authority, and every order made by the Minister or the Authority under this Act, is laid before each House of the Oireachtas as soon as practicable after it is made.

(2) This section does not apply to an order made under section 58 .

House of Oireachtas may annul regulation or order.

94. —(1) Either House of the Oireachtas may, by resolution passed within 21 sitting days after the day on which a regulation or order was laid before it in accordance with section 93 , annul the regulation or order.

(2) The annulment of such a regulation or order takes effect immediately on the passing of the resolution concerned, but does not affect anything that was done under the regulation or order before the passing of that resolution.

Regulatory notices.

95. —(1) A regulatory notice issued by the Authority comes into operation on the date on which it is published in Iris Oifigiúil or on such later date as is specified in the notice.

(2) The Authority may from time to time amend or revoke a regulatory notice it has issued under this Act.

(3) For the purpose of subsection (2), “amend” includes add to, substitute and delete.