15.—(1) The administrator must monitor any funds, liquid assets or insurance policies or guarantees held within an asset pool.
(2) That duty includes a duty to compare, from time to time, the institution’s internal accounts and records with those of any third party with custody or control over funds or liquid assets held within an asset pool.
(3) The administrator may decide when and how often to perform that comparison depending on—
(a)the circumstances of the institution,
(b)the scale, frequency and nature of activity after its entry into special administration.
(4) The administrator must also maintain any funds, liquid assets or insurance policies or guarantees held within an asset pool.
(5) The administrator must, in carrying out their duty under paragraph (4), have regard to—
(a)whether the asset pool includes funds, liquid assets or insurance policies or guarantees,
(b)the currencies in which funds are held and those in which users or holders have a right to be paid,
(c)whether Objective 1 may be best achieved by changing, at any given time, the currency in which any funds are held,
(d)whether Objective 1 may be best achieved by liquidating, at any given time, liquid assets,
(e)the risk of any third party connected with the asset pool failing,
(f)the general risks of fraud, misuse, negligence or poor administration, and
(g)any other matter which the administrator thinks is relevant.
(6) This regulation does not apply to post-administration receipts (see regulation 16).
Commencement Information
I1Reg. 15 in force at 8.7.2021, see reg. 2