(1) The Authority may not entertain an application under regulation 8(b)(i) or (ii) in respect of a covered bond or programme of covered bonds unless it knows -

(a) the identity of the owner of the relevant asset pool;

(b) the assets intended to be included in that asset pool; and

(c) the arrangements to be made under regulation 17.

(2) The Authority may grant an application under regulation 8(b) if it is satisfied that -

(a) the applicant is an issuer which is admitted to the register of issuers;

(b) the applicant and the owner of the relevant asset pool will comply with the requirements imposed upon them by or under these Regulations; and

(c) the applicant complies with any other requirements imposed by the Authority in relation to the application.