Financial Markets Act (Cap. 345), article 31D

31D. (1) Without prejudice to the provisions of Part III and to article 54, no covered bonds sha ll be issued in Malta by a cred it institution unless and until a covered bond programme is approv ed by the competent authority. (2) An application for the approval of a covered bond 44 CAP. 345.] FINANCIAL MARKETS programme shall be in such form and accompanied by such documen ts and information and shall conform with such requirements as sha ll be specified in Cove red Bonds Rules. (3) The competent authority shall not approve a covered bond programme unless it is satisfied that – (a) the credit institution has an adequate programme of operations setting out the issue of covered bonds; (b) the credit institution has adequate policies, processes and methodologies aimed at investor protection for the approval, amendment, renewal and refinancing of loans included in the cover pool; (c) the credit institution has management and staff dedicated to the covered bond programme which have adequate qualifications and knowledge regarding the issue of covered bonds and the administration of the covered bond programme; (d) the administrative set-up of the credit institution’s cover pool and the monitoring thereof meets the applicable requirements laid down in this Act and any regulations and Covered Bonds Rules issued thereunder; (e) the credit institution satisfies the requirements of this Act, and any regulations and Covered Bonds Rules issued thereunder; and (f) the credit institution satisfies any other requirements that may be impos ed by the competent authority. (4) For the purposes of sub-regu lation (3), a credit institutio n shall provide the competent authority with all the information necessary to enable the competent authority to satisfy itself of the credit institution’s compliance with the requirements of this A ct and any regulations and Covered B onds Rules issued thereunder. (5) Information which the competent authority may require in connection with an application shall be provided in such form, and shall be verified in such manner, as the competent authority ma y direct. (6) In determining an application, the competent authority may consider any information which it deems relevant to the applica tion. (7) The competent authority shall issue and publish Covered Bonds Rules as may be required in order to better implement the provisions of this article. FINANCIAL MARKETS [CAP. 345. 45 Approval of the covered bond programme. Added by: IX.2023.5.