104 NEWSLETTER 2021 The administrator manages the cover pool and makes payments arising from the total liabilities to the extent the revenue generated from the cover pool is sufficient without assuming any liabilities. When the administrator is appointed, the revenue generated from the cover assets will primarily be used for payments made to the MCB holders and the counterparties of the agreements executed for the purposes of protecting the cover assets. Conclusion MCBs are issued following the approval of the prospectus or the issuance certificate by the CMB. As part of this process, the cover register includes cover assets regarding the MCB and the cover pool monitor supervises the adequacy of the cover assets and has various powers in line with the protection of such assets. In case the abovementioned events occur regarding the issuer, the CMB can appoint an administrator. The administrator manages cover assets without assuming any liabilities.
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