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

31E. (1) Where the competent authority finds that an application for the approval of a covered bond programme does n ot comply with article 31D(2) or th at the covered bond programme d oes not meet the standards of compl eteness, comprehensibility and consistency necessary for its approval or that changes to the application or the covered bond programme are required or addit ional information is required: (a) it shall inform the app licant of that fact; and (b) it shall clearly specify the changes or additional information that are necessary. (2) Where the applicant is unable or unwilling to make the necessary changes or to provide the additional information requ ested in accordance with sub-article (1), the competent authority sha ll be entitled to refuse the approval of the application and terminat e the review process. In such cases, the competent authority shall no tify the applicant of its decision in wr iting and specify the reasons fo r such refusal. (3) Without prejudice to the provisions of sub-article (2), the competent authority shall determine an application for the appr oval of a covered bond programme by acting in any of the following ways : (a) granting an approva l without conditions; (b) granting an approval subject to such conditions as it may deem appropriate; (c) refusing to grant an approval: Provided that the competent authority may, at any time, vary or revoke any condition imposed i n terms of paragraph (b). (4) If the competent authority decides to approve a covered bond programme, it shall give the applicant written notice acco rdingly. (5) If the competent authority decides to refuse a covered bond programme, it must give the applicant notice of its decision in writing stating the reasons for its refusal. Changes in information. Added by: IX.2023.5.