Cap. 345 Art. 31CCovered Bonds Rules.

(1) The competent authority may, from time to time, issue and publish Covered Bonds Rules as may be required for carrying into effect any of the provisions of this Act or any regulations made thereunder, and to transpose, implement and give effect to the provisions and requirements of the CBD.

(2) Without prejudice to the generality of sub-article (1), Covered Bonds Rules issued by the competent authority may:

(a) lay down additional requirements and conditions in relation to credit institutions seeking approval for a covered bond programme, credit institutions having issued covered bonds, and any other matters as the competent authority may consider appropriate;

(b) provide for the returns, statements and notices to be made or given for any purposes in regard to which the competent authority exercises supervisory or regulatory functions, and the form and contents thereof;

(c) lay down the information that such persons are to submit to the competent authority;

(d) transpose, implement and give effect to the provisions and requirements of the CBD;

(e) regulate any matter that is incidental to or connected with any of the matters mentioned in this article as the competent authority may consider appropriate in the performance of its functions; and

(f) lay down requirements and conditions for the better implementation and purposes of this Part and of any regulations issued thereunder.

(3) Covered Bonds Rules issued in terms of this article shall be binding on credit institutions and on any other persons as may be specified therein.