S.L. 386.16 Art. 24Approval of the creation of a cell of a public securitisation cell company. Cap. 484.

(1) Cells of a securitisation cell company which falls within the definition of a "public securitisation vehicle" in terms of article 19(1)(a) of the Securitisation Act may only be created with the prior approval of the competent authority.

(2) An application for the approval of a cell under sub-regulation (1) shall be made to the competent authority in such form and manner, and shall be accompanied by such documents and information verified in such manner, as the competent authority may, from time to time, determine.

(3) The competent authority may impose restrictions on an approval or may revoke an approval in any of the following circumstances:

(a) if any document or information accompanying such an application for an approval or any information given in connection therewith is false in any material particular or if the holder of an approval conceals from, or fails to notify to, the competent authority any document or information or change therein which it was its duty to reveal or notify; or

(b) if the holder fails to comply with any of the provisions of this Part or any rules issued hereunder or with the conditions under which the approval was granted; or

(c) if the cell is likely to become insolvent.

(4) A public securitisation cell company shall deliver a copy of the approval of the creation of a cell to the Registrar of Companies for registration within fourteen days from the date of issue of the approval.