Section 22 — Entity subject to MSR

(1)An entity is subject to a minimum stockholding requirement in relation to an MSR product if —

(a)the minimum stockholding requirement has been triggered for the entity in relation to the MSR product because of section 23; and

(b)the entity has not ceased to be subject to the minimum stockholding requirement in relation to the MSR product because of section 24.

(2)An entity is also subject to a minimum stockholding requirement in relation to an MSR product if —

(a)a determination is made under section 27 that —

(i)the entity has assumed another entity’s minimum stockholding requirement in relation to the MSR product; or

(ii)another entity’s minimum stockholding requirement in relation to the MSR product has been divided with the entity; and

(b)the entity has not ceased to be subject to the minimum stockholding requirement in relation to the MSR product because of section 24.