Powers of competent authorities for the purposes of covered bond public supervision
Article 22
1. Member States shall ensure investor protection by giving competent authorities designated pursuant to Article 18(2) all supervisory, investigatory and sanctioning powers that are necessary to perform the task of covered bond public supervision. 2. The powers referred to in paragraph 1 shall include at least the following: (a) the power to grant or refuse permission pursuant to Article 19; (b) the power to regularly review the covered bond programme in order to assess compliance with the provisions of national law transposing this Directive; (c) the power to carry out on-site and off-site inspections; (d) the power to impose administrative penalties and other administrative measures in accordance with the provisions of national law transposing Article 23; (e) the power to adopt and implement supervisory guidelines relating to the issue of covered bonds.