(1) A person may not issue, or purport to issue, a regulated covered bond unless -

(a) it is admitted to the register of issuers; and

(b) the bond is admitted to part one or part two of the register of regulated covered bonds.

(2) A person which has been removed from the register of issuers may not make any further issue under a programme of covered bonds which has been admitted to the register of regulated covered bonds.

(3) Contravention of the prohibition in paragraph (1) or (2) by a person is a contravention of a requirement imposed on it by these Regulations, but does not -

(a) make any transaction void or unenforceable; or

(b) give rise to any right of action for breach of statutory duty.