The amendments to the basic law are as follows:

According to section 90(9) (a) of the basic Companies law (which falls under Part III – Charges and Mortgages), the expression “charge” does not include any mortgage of immovable property effected under any Law relating to the registration of mortgages of immovable property; this sub-section is now amended by adding the phrase “and cover pool charge, according to the provisions of the Covered Bonds Law of 2010”, immediately after the word “property” (third line).

Furthermore, new Section 298A was added to the basic Companies law (under Part V – Proof and Ranking of Claims in case of winding up), regarding the submission of claims of cover pool creditors. According to the new provisions, the cover pool creditors, as defined by Section 2 of the Covered Bonds Law of 2010, should not submit their claims individually to the liquidator, but only via the covered bond manager.

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