The Authority may grant permission to a designated credit institution for a covered bond programme only if it is satisfied that the institution has in place the following:
(a) an adequate programme of operations setting out the issue of asset covered securities;
(b) adequate policies, processes and methodologies aimed at investor protection for the approval, amendment, renewal and refinancing of loans included in the cover asset pool;
(c) management and staff dedicated to the covered bond programme who have adequate qualifications and knowledge regarding the issue of asset covered securities and the administration of the covered bond programme;
(d) an administrative set-up of the cover asset pool and the monitoring thereof that meets the applicable requirements under this Act.