(1) A designated credit institution shall apply to the Authority for permission for a covered bond programme.
(2) An application under subsection (1) shall contain such information, and be accompanied by such documents, as may be requested by the Authority.
(3) The Authority may, by written notice given to an applicant, request the applicant to provide such additional information and documents as is reasonably necessary to enable it to determine the application.
(4) A notice under subsection (3) shall specify a period, not exceeding 60 days from the date of the notice, within which the request is to be complied with.
(5) The Authority may reject an application where an applicant has not complied with a request under subsection (3) within the period specified in the notice.