24.—(1) On the insolvency of the issuer of a regulated covered bond, the owner of the relevant asset pool must—
(a)make arrangements for the maintenance and administration of the asset pool which provide for the following requirements—
(i)a record is kept of each asset in the asset pool;
(ii)the asset pool is capable of covering—
(aa)claims attaching to the bond; and
(bb)sums required for the maintenance, administration and winding up of the asset pool;
(iii)there is timely payment of claims attaching to the bond to the regulated covered bond holder;
(b)give the Authority such information in respect of—
(i)the composition of the asset pool; and
(ii)the steps it has taken to comply with sub-paragraph (a);
as the Authority may direct; and
(c)inform the Authority if at any time any of the requirements set out in sub-paragraph (a)(ii) or (iii) are not, or are not likely to be, satisfied.
(2) The information required under paragraph (1)(b) and (c) must be given at such times, in such form and verified in such manner, as the Authority may direct.