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Banking Act (Cap. 371) European Passport Rights For Credit Institutions (Amendment) Regulations, 2008 (L.N. 57 Of 2008 )

BANKING ACT (CAP. 371)European Passport Rights for Credit Institutions(Amendment) Regulations, 2008

IN exercise of the powers conferred by article 3 (2) (b) of the Banking Act, the Prime Minister and Minister of Finance, acting on the advice of the Malta Financial Services Authority, has made the following regulations:

(a) in the definition “banking directives”, and wherever they occur in the principal regulations, for the words “banking directives”, there shall be substituted the words “Banking Rules”;
(b) in the definition “competent authority”, for the words “means the Malta Financial Services Authority appointed”, there shall be substituted the words “means the Authority appointed”;
(c) the definition “Directive” shall be substituted by the following new definition:
“the Directive” means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) as may be amended from time to time and includes any implementing measures that have been issued or may be issued thereunder;”;
(d) in the definition “European credit institution” and wherever they occur in the principal regulations, for the words

Citation.

L.N. 88 of 2004

.

Amends regulation

2 of the principal regulations.

B 1008

Amends regulation

3 of the principal regulations.

Amends regulation

5 of the principal regulations.

Amends regulation

7 of the principal regulations.

Renumbers Part IV of the principal regulations.

“foreign authority”, there shall be substituted the words
“European regulatory authority”;
(e) immediately after the definition “European credit institution”, there shall be inserted the following new definition:
“European regulatory authority” means the body or bodies designated by a Member State or EEA State:
(a) to act as a supervisory authority in relation to the European credit institution concerned in that Member State or EEA State within the meaning of the Directive, or
(b) to carry out the duties provided for in the Directive in relation to a Maltese credit institution exercising or proposing to exercise a European right;”; and
(f) the definitions “foreign authority” and “supervisory authority” shall be deleted.

(a) Part IV entitled “Part IV – Companies other than credit institutions” shall be re-numbered as “Part V – Companies other than credit institutions”; and
(b) regulation 12 thereof shall be re-numbered as regulation 13.

“Part IV – Collaboration between Regulatory Authorities
B 1009

Inserts new Part in the principal regulations.

Collaboration between Regulatory Authorities.

12. (1) Where credit institutions that have their head office in Malta operate in another Member State or EEA State, or where credit institutions have their head office in another Member State or EEA State and operate in Malta, the competent authority shall collaborate closely with the European regulatory authority concerned.
(2) The competent authority shall, in particular, collaborate with other European regulatory authority where branches are concerned and it shall supply such European regulatory authority with all information concerning:
(a) the management and ownership of such credit institutions that is likely to facilitate their supervision;
(b) the examination of the conditions for their authorisation; and
(c) all information likely to facilitate the monitoring of such institutions, in particular with regard to liquidity, solvency, deposit guarantees, the limiting of large exposures, administrative and accounting procedures and internal control mechanisms.”.

(a) in paragraph (g) of sub-regulation (1) thereof, for the words “in accordance with Articles 52 to 56 of the Directive, in particular for the calculation of the solvency ratio, for the control of large exposures and for the purposes of the limitation of holdings provided for in Article 51 of the Directive.”, there shall be substituted the words “in accordance with Articles 125 to
143 of the Directive, in particular for the calculation of the capital requirements, for the control of large exposures and for

Amends regulation

13 as re-numbered of the principal regulations.

B 1010

Renumbers Part V of the principal regulations.

Renumbers Part VI of the principal regulations.

Amends regulation

15 as re- numberedof the principal regulations.

Substitutes the Schedule to the principal regulations.

the purposes of the limitation of holdings provided for in Articles
120 to 122 of the Directive.”; and
(b) in sub-regulation (3) thereof, for the words “in accordance with sub-article (3) of Article 5 and Articles 16, 17,
26, 28, 29, 30 and 32 of the Directive:”, there shall be substituted the words “in accordance with sub-article (1) of Article 10, and Articles 19 to 22, 40, 42 to 52 and 54 of the Directive:”.

(a) Part V entitled “Applicability provisions” shall be re- numbered as “Part VI – Applicability provisions”; and
(b) regulation 13 thereof shall be re-numbered as regulation 14.

(a) Part VI entitled “Interpretation” shall be re-numbered as “Part VII“– Interpretation”; and
(b) regulations 14 and 15 thereof shall be re-numbered as regulations 15 and 16 respectively.

“SCHEDULE Annex I to the Directive
LIST OF ACTIVITIES SUBJECT TO MUTUAL RECOGNITION
1. Acceptance of deposits and other repayable funds
2. Lending
3. Financial Leasing
4. Money transmission services
5. Issuing and administering means of payment (e.g. credit card, travellers cheques and bankers’ drafts)
6. Guarantees and commitments
7. Trading for own account or for account of customers in: (a) money market instruments (cheques, bills, certificates
of deposit, etc.);
(b) foreign exchange;
(c) financial futures and options;
(d) exchange and interest-rate instruments; (e) transferable securities
8. Participation in securities issues and the provision of services related to such issues
9. Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings
10. Money broking
11. Portfolio management and advice
12. Safekeeping and administration of securities
B 1011
B 1012

L.N. 325 of 2007

.

13. Credit reference services
14. Safe custody services
The services and activities provided for in Section A and Section B of Schedule I to the European Passport Rights for Investment Firms Regulations, 2007 when referring to the instruments provided for in the Section C of the said Schedule are subject to mutual recognition.”.

Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

Prezz#Price

€0.56 (Lm0.24)