31FAPRA may direct covered bond special purpose vehicles to return certain assets

#### 31F APRA may direct covered bond special purpose vehicles to return certain assets (1) APRA may, by written notice given to a covered bond special purpose vehicle, direct the covered bond special purpose vehicle to return to its issuing ADI an asset to the extent that, at the time the direction is given, the asset does not secure covered bond liabilities of the issuing ADI. (2) Subsection (1) applies only if APRA may give the issuing ADI a direction under section 11CA. (3) A notice under subsection (1) is not a legislative instrument. (4) The direction may deal with the time by which, or period during which, it is to be complied with. (5) The covered bond special purpose vehicle has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (6) APRA may, by notice in writing to the covered bond special purpose vehicle, vary the direction if, at the time of the variation, it considers that the variation is necessary and appropriate. (7) The direction has effect until APRA revokes it by notice in writing to the covered bond special purpose vehicle. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (8) Part VI applies to a decision to give a direction under subsection (1). (10) This section does not limit any other powers of APRA to give directions. (11) If a direction is given under subsection (1), this Act applies in relation to the direction as if: (a) the covered bond special purpose vehicle were an ADI; and (b) the direction were given under section 29.