Cover pool monitor
Article 13
1. Member States may require that credit institutions issuing covered bonds appoint a cover pool monitor to perform ongoing monitoring of the cover pool with regard to the requirements set out in Articles 6 to 12 and Articles 14 to 17. 2. Where Member States exercise the option provided for in paragraph 1, they shall lay down rules at least on the following aspects: (a) the appointment and dismissal of the cover pool monitor; (b) any eligibility criteria for the cover pool monitor; (c) the role and duties of the cover pool monitor, including in the case of the insolvency or resolution of the credit institution issuing the covered bonds; (d) the obligation to report to the competent authorities designated pursuant to Article 18(2); (e) the right of access to information necessary for the performance of the cover pool monitor’s duties. 3. Where Member States exercise the option provided for in paragraph 1, the cover pool monitor shall be separate and independent from the credit institution issuing the covered bonds and from that credit institution’s auditor. Member States may, however, allow a cover pool monitor that is not separate from the credit institution (‘internal cover pool monitor’) where: (a) the internal cover pool monitor is independent from the credit decision process of the credit institution issuing the covered bonds; (b) without prejudice to point (a) of paragraph 2, Member States ensure that the internal cover pool monitor cannot be removed from that function as cover pool monitor without the prior approval of the management body in its supervisory function of the credit institution issuing the covered bonds; and (c) where necessary, the internal cover pool monitor has direct access to the management body in its supervisory function. 4. Where Member States exercise the option provided for in paragraph 1, they shall notify EBA.