(1) Subject to section 108(2), a designated credit institution shall not use the label 'European Covered Bond' or an official translation of that phrase in any of the official languages of the European Union for asset covered securities unless those securities are issued in compliance with this Act.
(2) A designated credit institution shall not use the label 'European Covered Bond (Premium)' or an official translation of that phrase in any of the official languages of the European Union for asset covered securities unless those securities are issued in compliance with -
(b) Article 129 of Regulation (EU) No 575/2013.