Financial Markets Act (Cap. 345), article 54

54. (1) Covered bonds issued before 8th July 2022 that comply with the requirements laid down in the relevant provisio ns of the Investment Services Rules, a s applicable on the date of the ir issue, shall not be subject to the requirements set out in article 31D and in article 31I(2) with respect to the conditions laid down in regu lation 68(7) of the Recovery and Resolution Regulations , but may continue to be referred to as covered bonds in accordance with this Act until their maturity. (2) The competent authority shall monitor the compliance of covered bonds issued before 8th July 2022 with the requirements laid down in the relevant provisions of the Investment Services Rule s, as applicable on the date of their issue, as well as with the requ irements of Part IV bis and any regulations and Covered Bonds Rules issued thereunder, insofar as they are applicable in accordance with s ub- article (1). (3) Sub-articles (1) and (2) shall apply to tap issues of covere d bonds for which the opening of the International Security Identification Number (ISIN) is before 8th July 2022 for up to twenty- 86 CAP. 345.] FINANCIAL MARKETS four (24) months after that date, provided that those issues co mply with all the following requirements: ( a ) t h e m a t u r i t y d a t e o f t h e c o v e r e d b o n d i s b e f o r e 8th July 2027; (b) the total issue size of tap issues made after 8th July 2022 does not exceed twice the total issue size of the covered bonds outstanding on that date; ( c ) t h e t o t a l i s s u e s i z e o f t h e c o v e r e d b o n d a t maturity does not exceed six billion euro (€6,000,000,000); (d) the collateral assets are located in Malta. ---------------------------------- Transitory provision - Act XX of 2007 . Transitory provisions.