S.L. 345.27 Art. 18Transitional Measures.

(1) Covered bonds issued before 8 July 2022 that comply with the requirements laid down in the relevant provisions of the Investment Services Rules, as applicable on the date of their issue, shall not be subject to the requirements set out in regulations 3 to 9, both inclusive, 12, 13, and 14 but may continue to be referred to as covered bonds in accordance with the Act and these regulations until their maturity.

(2) The competent authority shall monitor the compliance of covered bonds issued before 8 July 2022 with:

(a) the requirements laid down in the relevant provisions of the Investment Services Rules, as applicable on the date of their issue; and

(b) the requirements of the Act, these regulations or any Covered Bonds Rules issued under the Act or under these regulations, insofar as they are applicable in accordance with sub-regulation (1).

(3) Sub-regulations (1) and (2) shall also apply to tap issues of covered bonds for which the opening of the ISIN is before 8 July 2022 for up to 24 months after that date, provided that such issues comply with all the following requirements:

(a) the maturity date of the covered bond is before 8 July 2027;

(b) the total issue size of tap issues made after 8 July 2022 does not exceed twice the total issue size of the covered bonds outstanding on that date;

(c) the total issue size of the covered bond at maturity does not exceed EUR 6,000,000,000;

(d) the collateral assets are located in Malta.