Cap. 345 Art. 54Transitional measures.

(1) Covered bonds issued before 8th 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 article 31D and in article 31I(2) with respect to the conditions laid down in regulation 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 Rules, as applicable on the date of their issue, as well as with the requirements of Part IV and any regulations and Covered Bonds Rules issued bis thereunder, insofar as they are applicable in accordance with sub-article (1).

(3) Sub-articles (1) and (2) shall apply to tap issues of covered bonds for which the opening of the International Security Identification Number (ISIN) is before 8th July 2022 for up to twenty-four (24) months after that date, provided that those issues comply with all the following requirements:

(a) the maturity date of the covered bond is before 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) the total issue size of the covered bond at maturity does not exceed six billion euro (€6,000,000,000);

(d) the collateral assets are located in Malta.

----------------------------------Act XX of 2007 Transitory provision - .