Cap. 345 Art. 37ECo-operation obligations in relation to covered bond public supervision.

(1) The competent authority shall cooperate closely with the authorities performing the general supervision of credit institutions in accordance with relevant European Union law applicable to those institutions and, in the event of the resolution of a credit institution issuing covered bonds, with the Resolution Committee or the relevant

European resolution authority, as applicable.

(2) The competent authority shall cooperate closely with authorities in other Member States responsible for covered bond public supervision in terms of Article 18(2) of the CBD, including by providing the said authorities with any information which is relevant for the exercise of their supervisory tasks under the provisions of their national law transposing the CBD.

(3) For the purposes of sub-article (2), the competent authority shall communicate:

(a) all relevant information at the request of an authority in another Member State responsible for covered bond public supervision in terms of Article 18(2) of the CBD; and

(b) on its own initiative, any essential information to authorities in other Member States responsible for covered bond public supervision in terms of Article 18(2) of the CBD.

(4) The competent authority shall cooperate with the EBA or, where relevant, the ESMA, for the purposes of the CBD.

(5) In the event of the resolution of a credit institution issuing covered bonds, the competent authority shall cooperate with the Resolution Committee or the relevant European resolution authority, as applicable, in order to ensure that the rights and interests of the covered bonds investors are preserved, including at least by verifying the continuous and sound management of the covered bond programme during the period of the resolution process.

(6) By 8th July 2024, the competent authority shall transmit to the European Commission information on the following:

(a) developments regarding the number of approvals to issue covered bonds;

(b) developments regarding the number of covered bonds issued in compliance with Part IV and any regulations bis and Covered Bonds Rules issued thereunder and in accordance with Article 129 of the CRR;

(c) developments regarding the assets collateralising the issue of covered bonds;

(d) developments regarding the level of overcollateralisation;

(e) cross-border investments in covered bonds, including inward investment from, and outward investment to, third-countries;

(f) developments regarding the issue of covered bonds with extendable maturity structures;

(g) developments regarding the risks and benefits of the use of exposures as referred to in Article 129(1) of the CRR;

(h) the functioning of covered bond markets.

(7) For the purposes of this article, information shall be regarded as essential if it could materially influence the assessment of the issue of covered bonds in another Member State.