ACT No. XV of 1994 A TT mahrug b'liti mill-Parl.ment t.' AN ACT Ctllcted by tb e Parli.mcnl or Malta. (shorttitle..,d)

Suppf~"1 tal-Gazutta tal-GI/tm la' Mafia, NTY. 16, 008, 13 la ' Stllt mbru, 1994

Toqsima A

MALTA

.4.11 Nru. xv ta' 1·1994

ACT No. XV of 1994

A TT mahrug b'liti mill-Parl.ment t.'

AN ACT Ctllcted by tb e Parli.mcnl

or

Malta.

Malta.

AN ACT to .-qul.le tbe busioess or

l-kummert

AlT

bin

jirugol.

bank.rju.

b.nkiog.

ATrTA' ...... ' 994 DWAR IL-KUMMERC BANKARJU

ARRANGAMENr TA' L-ARllKOU

Artikolu

Tilolu fiI-qosor u bidu fif-sellll

2. Tifsir

This Act may be cited as the Banking Act, 1994, and shall

come into force on such date as the Minister responsible for finance

may, by notice in the Gazette, appoint.

1. (I) In this Act. unless tile context otherwise requires -

"bank" or "credit institulion" means any person carrying on

the business of banking;

-Banking Directive" means a Directive issued by I Competent

Authority ;

"body corporate" rrca n 5 a body of pcrsDIU havin8 a. IcpI

personality distinct £,"'11 that of iu manben;

"branch" means premises oh bank, other lhan iu head office,

from which the business of banking is undertaken;

"business of banking" means

<a> the bus:i ...... S of a person woo as Sd out in subsection

(2) of this section acceptS deposit! of money £rom the public

withdrawable or repayable on demand or after a fixed period or

after notice or who borrows or ral·cs money from the public

(mcluding the borrowins or raising of money by the issue of

debentures or debenture stock or other instrument! creating or

acknowledging indebtedness), in either case for the purpose of

employing sucb money in whole or in part by lending 10 others or

otherwise in\1:iling for the a«CUD! and al the risk of the person

accepting such money: or

(b) any business defined by the Minister as constituting the

business ofbanking by an order published in the Gaz.enc;

"Central Bank" means the Central Bank of Malta as defined

by the Central Bank of Malta Act;

"company' means a limited liability company eonstiMod in

Malta in accordance with the Companieli Act, 1994 or any law which

may from time to time be in rom::, or a company rqislet"Cd or

incorporatal outside Malta under the laws ofany country provided that

such company, if not constituted in Malta. haJ complied I'oith the

provisions of any law which may from time 10 time be in force in

MaJea relating thereto;

' Compctcot Authority" mc:ans the body refclltd to

ID

subSCCliOll (2) of section 3 of this Act;

"connected persons" nan5 penons defined as such in a

Large Exposures Directive;

is the power to detcnnine the financial and

"control"

operating policies of a body corporate;

"cootroller" is a pcl'lOll who. alone: Of together with others.

exercises control in relation 10 a body corporate

~Coul1" means the Commercial Court

"m:dft facility" means the lending of a sum of money by way

of an advance, overdraft or loan or any other linc of credit including

discounting of bills of exchange and promissory notes, guarantees.

indemnities. acceptances and bills of exchange endorsed 'poor aval'.

"deposit" means a sum of money paid-in on terms uOOer

.... hich it .....-ill be repaid. with or \O.ithout inlCt"CSt or a premium and

either on demand or at a time Of in circumstances agn:cd by 01" on

behalf of the pel$Oll making the payment and the person rocciving it;

"director" includes an individual occupying Ibc position of

diTCCIor of a company, by whatever name he may be called,

empowered to carry out substantially the same functiQIU in relation 10

the direction of the company as those carried out by a director and in

respect oh company registered or incorpon.ted OUl5ide Malta includes

a member of a local board or agent or representative of!ha! company;

-equity share" means a nominal share in a company ""ben Ibc

shareholding entitk:$ the $harcholdcr to a right to vote, 10 profits

available 10 sharehoiden for distribution and to a5$ct$ available for

distribution on a winding up of the company. and -equ ity sharebolding"

shall be construed acoonIingly;

- holding company" has the same meaning as i.s assigned to the

term "parmt company" in the Companies Aet. 1994

"Large Exposures Directive- means a Directive as may be

issued by the Competent Authority 10 regulate large exposures;

"lku; ....... -. in relation 10 the business of banking, means a

licence granted under this Act

"manager" means a pcrson who is placa:l in charge of the

businesll or pan of the business of a company or otherwise who has a

substantial supervisory role y,ith the po"',er to make policy and

executive decisions on behalf of the comp:my;

"Minister" means the Minisler responsib le for finance;

"money laundering" has the same meaning ascribed 10 it by

the Prevention of Money L.aundering Act. 1994

"officer". in relation to a company. incl udes a dircc:tor.

panner. manager or company secretary or any person cffoctivcly acting

in such capacity whether formally appointed or not

"O"'n Funds Directive" means such Directive as may be

issued by a Competent Authority to regulate "O\\n funds";

"pcrson" includes a pel'5On or body of pcnons whc:lhcr a body

corpora\.C or not

"qualifying sharehold ing" means a direct or indirect equity

sharcholding of al least 10 per cenl oflhe "'Iuity shares oh company;

provided thal ",here the rights held as 10 the percentage of votes, 10

profits ,:wailable for distribution and 10 righls 10 assets a\'Iilable for

distribution on a ",inding up in respect of such equity shares are not

idenlical. the highest percentage figure shall be dccmcd \0 be the

percentage of equ ity sl!ares held., and - qualifying shareholder" shall be

construed aco:.ordingly

"m::costruction" has the same meaning as in the Companies

Act. 1994;

"rcprcsentath-e office" means, in relation 10 a body corpomte,

unincorporated body or association fol'TlWi in acmrdance with or

existing under the Jaws of a foreign country, premises in Malta from

which the business of banking is promoted or assisted in any way, and

in relation to a body corporate, unincorpol11tcd body or association

formed in accordance with and existing under the la\\'S of Malta.

premises outside Malta from which the business of banking is

promotal or assisted in any "''ay

· significant shareholdins" ITM"3"S a direct or indiJect equity

shareholding'ofal least S per tenl but not more than 10 per cent o£the

equity shares of a company; providod that where the rights held aJ to

the pcnxillage of votes, to profits avai lable for distribution and to

rights to assets available for distribution of a winding up in respect of

such equity shares are not identical, the highest pt:T('.CIltage figure shall

be deemed to be the percentage of equity shares held, and "significant

shareholder" shall be construed accord ingly

· subsidiary" has the same meaning as is assigned to the tcrm

"subsidiary undertaking" by the Companies Act, 1994.

A pe~ shall be dcemal 10 be accepting deposits of

(2)

ir.

whether as principal or as agent. he acceptS from tbc public

money

deposits ofmonc:y as a regular feature of his business, or if. wnether as

principal or as agent. he advcrtises or solicits for such deposits.

";tnout regard 10 thc teTttt5 and ooooili0ll5 under which such deposits

arc solicited or received and withou t regard \0 wht..'thcr certificates or

other instrumcllts are issued in respect of any such deposits

Provided that the acceptance of money against any iss ue of dcbc:ntures

or dcbcllture stock or other instruments creating or acknowledging

indebtedness offered 10 the public in accordance with any law in fora.

in Malla shall not of ilSClf be ikcmod 10 constitute a'XX1'\aIlCC of

dcposilS of moocy for the pu rp0sc:5 of this Act.

The Minister may by an order published in the Gazette

(3)

vary the percentage holdings which constitute significant shareholdings

and qualifYing shareholdings for the pu rposes of this ACI.

It shall be the dUly of the Minister to exercise the

(I)

powers conferred upon him by this Act 10 ensure compliance by banks

with the provisions of this ACI and the conditions of bank licenCC$.

The Mini .. ,... $hall by ~ in the Oa ..... e ncminate a

(2)

body 10 be the: Competent Authority for the purposes of this Act 10

any out the fUnctkwIl: of the Compeu:nl A\ltIxM il)' u.nder this Ad. and

10 perform such otbeT funtticm as the Minister may DJDSideT

appropriate in relatiOll to the operation of this ACl. Such body shall be

nominaIcd fur such period as the Minisler may determine and the

Minister shall have the pcM\:r at any time 10 prolong, renew or

terminate such nomination by Order in thc: Guctte.

(J) The Minister may make regulalions as may be requ ired

for carrying inlO effcd any of the provisiolu: of this Act and may

amend or .uok.e such regulations.

(4) (al The Minister may. after QODSuhalion with the

Competent AlllbJiil)' and the Central Bank, if he d:.hd il

expedienl in the public interest so 10 do, by Order published in the

GucIte cb:lan:: any day or days 10 be a bank holiday or holidays .

(b) On any day declared 10 be a bank holiday under

this section, lOo'hcthcr such day ill also a public holiday or not, no

bank shall do any business Voith the publie excqrt 10 the extent

allowod by the Order.

( I)

It shall be: the duI)' of the Competent Authol'ity 10 carry

out the functions picsuibcd by !Ius ACl and 10 cnsuTe ttw banks

ean ying on business in Malta comply Voith this ACl, Regulations and

Di~ives issued under this ACl and lOoith the conditions of their

lieaiCtS, In puT11WiOC ofttw duty the Competent Authority shall at al l

IlIi~ afford such co-cpcration 10 the Central Bank D.'!I the Central Bank

may require in the discharge of its duties.

(2 ) The Competent Authority may make Banking

Directives as may be required for tarf)ina into effect any of the

provuions of this ACL The Compeftill AUlhority may Uluid or irVOke

lUeh Banking Di~ ivc:s.

(3) Bankmg Dira:lives and any amendment or revocation

thereof shall be: offICially oommunicatcd 10 banks and the Competent

Allthonty shall make wpies then:olavailablc to the public.

(4) Banking Di~ivcs imposing an obligation or

requirement on the publie shall be made by regulations in aceordancc

with subSOClion (3) ofscction 3 of this Act.

S, (1)

No business of banking shall be: lransacted in or from

Malta excepI by a company which is in p""'CS'ioo of a tiroiCt ~tcd

under this Act by the Competent Authority in acoordanee lIoilh the

policy establi1hc:d by the Mini$tCr from time to time.

In the eYeIll of mumble daub!: as 10 whctbcr the

(2)

business of banking is or is 1101 being lransactod in or from Malta by

any person, the matler shall be conclusively dctermiood by the

Compctml Authority.

The grantinj of a lic(1l(X' shaJllM: subject to an annual

(3)

fee a.s the Competent Authority may dccennine from time to time.

Any company desirous of ccrnmcocina the business of

(I)

apply in

banIong In Malta WU , befOfC COI lUliCi iCina any such bus;r

Fl

,

r

writing to the Competent Authority for a lice .. ce under this Act.

Al l apptications for a lice .. ce shall be in such form and

(2)

a ..... oliLpaniod by such infonnation as shall be pn::scribed from lime to

lime by Banking Directive and an application 111lI)' only be withdrawn

by written nOOce to the Competent Authority at I lime before it has

been grarued or refused.

The Competent Authority shall have the power 10

(3)

rcquirt: any pcr$OIl 10 prm'ide such infonnation as il sIWI dean

IN" nary for the pu rposes of determining an appliealion for a Ik:ence

o r for the purposes of determining .... hether to restrict or revoke a

lioence.

(1)

NocompanyshaJ l bcgrantcdalicenceunless

its own funds, whether in Mallcse tiri or in another

(a)

CUITCOCy acceptable 10 the Competent Authority. amount to the

value or two million Malle$C liri or sueh other amount u m.lIy be

dcIcrminod by !he Minister;

there are 11 least t .... o indh,.,1.,aIs ""110 "'ill effixtivel),

(b)

direct !he busmc:u of!he bank in Mal ta.

all quali fying sIwcboIdcrs, controllers and all persons

(e)

""no ",ill ctTCdm:ly dira:!. !he business of the bank are sllitable

peTSOI\S 10 ensllre lIS prudent management.

(2) The provisions of paragraph (a) of slIbsection ( I) of

this section shall 001 apply 10 banks which were in possession of a

banking lic...-nce on the COfI1IllI!fICCIt of this Act and ""hose o",n

funds do 001 attain the levels prescribed

Provided that

the (lYon funds of thal bank may not subsequently fall

(a)

below !he level held at that date unk:ss such reduction is temporary

and approved by the Competent Authority;

if control of thal bank is acquired by a penon other

(b)

than !he person who controlled it OIl the commencement of this Act,

ilS own funds mU!ll attain the level prescri bed in pamgr.aph (a) of

subscc;tion (I) of this section within such period oftbc takeover as

the Competent Authority may determine.

The Competent Authority shall determine cu:h

(3)

application for a licenc:e \\ithin si:>: months of receipt of the application

or. if the application does not comply .... i th subsection (2) of sectiOll 6

of this Act or additional information is required. within six months of

compliance \\ith the said subsection or the furnishing of the

information all the casc may be, whichever be the later. In any C\IeIIt an

application shall be determined within twelve months orits rec.eipt.

The Competent Authority may dctennine an application

(4)

by doing any of the foll owing

(a)

grnnting a lia:oce without conditions

(b)

grnnting a licence subject to such conditions as it may

deem appropriate

refusi ng to grant a licence.

(c)

(S) Where the Competent Authority for any reason fails to

determ ine an application for a liccnce within the time prescribed under

subsection (3) of thi s sect ion. such fact shall be dccmcd to constitute a

refusal to grnnt a licence.

A company incoI'por.tted oul$idc Malta which carries

(I)

on the business of banking shall not establish a rcp re,erllati\'e office in

Malta unless it has g iven 1101 less than two months' nO(ice to the

Competent Authority that i1 proposes to cstllbli sh such an office. Such

notice shall '

speci/)' lhe name il is proposed 10 use in relation to the

(a)

acth'ities of the rcprcsentatiI/C offw;e and the address of such

office

be accompanied b)' a certified copy of the authorisation

(b)

of the company to conduct the busillCSl of banking in a country

O(her than Malta.

A company mcnlioood in subsection (I) of this section

(2)

having a representative office in Malta shall likewise notifY the

Competent Authority

a! kast two months in advance of any proposed change

(a)

in name of the lqlresmtalivc: office;

(b) of any change in its licence to conduct the business of

banking in a country other than Malla, no more than two months

after such change.

(3) The Competent Authority may, al tiny time, serve on a

representative office in Malta a notice objocting to !he name or the

proposed name ofsuch office.

The Competent Authority shall not give a notice

(4)

pursuant to subsection (3) of this section unless it CO!l$iders lhat the

name or proposed name is misleading to the public or otherwise

undesirable, and upon receipt of such notice, the representative office

shall not use the name to which the Competent Authority has objcctal

in relation to activities conducted in Malta.

A representative office to which a notice is given under

(5)

subsection (3) of this section may, within a period of three weeks

beginning with the day it ~ves the notice, apply to the Financial

Services T ribunal to set aside the objtction, and upon such

application, the Financial Services Tribunal may set aside the objection

or confirm it (but without prejudice 10 its DpCl1ltion before that time) ,

(6) The Competent Authority may. by notice in writing.

require any company having a representative office in Malta or ....... ich

m

has given notk:c pursuant to subsection

of this section, to provide

the Competent Authority with such infonnation or documents as the

Competent Authority may reasonably require. and the said company

UIalI comply with s...ch notice in the period as is reasonably spocifted

by the noIK:c.

(7)

A representative office in Malta shall supply the

or

Competent Authority with a copy

any document which it is required

10 provide to the Registrar of Conunercial Partnerships 110 later than

the time by ....... ich such document must be:: provided to the said

Registrar.

l1Ie Minister may, after consultation with the

(8)

Competent Authority. provide by order that sections 20, 21 and 24 of

this Act shall apply to reprcsmtat ive offices in Malta as they apply 10

"""".

The Minister may. after consultation with the

(9)

Competent Authority. by regulations impose on companies which haw

esublisbod or which r .. op.lSC to establish representative offices in

Malta, sueh rtqUUUilOOts as the Minister considers appropriate in

oonnocdon with Ihosc offlCCS and the acthitics conducted from them.

(10) The Competent Authority may, within the two months

referred to in Jubsoction (I). order a company referred to in the said

$IIbscction (I) not to esublish a rcprcsmlali\'e OffNX in Malta and al

any

or

time lhemlftcr Older the closure

any represatWive office 10

established.

(1 1) Where I company menlioncd in subsection (I) of this

section has been ordcml by the Competent Authority 10 close any

repn:scntath'C office in Malta, an appeal from lbat onk:r shall lie to the

Financial SeMces Tribunal set up in uoordance ... i th soctioo 10 of

this Act.

(1) A liu; .. ce shall automatically crasr 10 n.n'e any c ffixt if

the holder

renounces the lieence: or

(a)

(b) does not oommcncc business pursuant 10 the I~cence

... ,thin ty,'C!w months of i1$ issue. or within $Ul;h «heT pc iod of

time as may be specified in the liccncc; or

is declared bankroll' or goes .1110 liquidation or makes I

(c)

composition with IU cmlitors or 15 otherwise diuoh'Cd: or

has CClI5cd 10 oper:lte as a resu lt of a ....... ger \\ith

(d)

anochcr bank: or

i5 a branch of a banl; InCOrJIOr.llcd outside Malta and

(c)

the competent authonhes In the country of incorporallOO ... ,thdI1lW

the authorisation to the bank.

(2) The Competent Authority may unposc restrictions OIl a

licence or may revoke a liccncc in any of the foll0\\1ng Clrcumslani::CS

.f any document or mformation atUJlhpanying an

(a)

application for a licence or any information given in COJllll)(:\ion

Ihcmo.lth IS false in any matcoal particular Of if the holder of a

IIOCI1CC conceals from. or fills 10 notIfy to the Compclmt Authonty

any document or Information or change lherein which it was IU

duty 10 I'CYcaJ or notify under this Act; or

if the holder rea .... to can')' OD the busi ..... , ofbankin3

(b)

in Malta for more than 6 months; Of

if the holder fail5 to comply ",itb any of the provisions

(c)

of this Act Of ""Ib the oonditions under which the licalCC is

wanted; 01'"

if the holder no longer possesses sufficient 0\'011 funds;

(d)

if the holder is likely 10 be..,.", unabk to ItICd its

(e)

obligations or Q/I no longer be telied upon to fulfil ill obligations

towards depositors and ereditors: or

if the bolder has insuffk:ic:nt assets 10 a:wcr its

(f)

liabilities; or

if the holder has suspended payment or is about 10

suspend payment; or

if the Competent Authority eonsiders thai, by n=a!!<V\ of

(h)

the manner in ".hich the bank ill conductina or PlOP''''' to CCJDCiua

its affairs. Of for any Olha" reason. the inlCR::StS of the depositors of

the bank an: thn:a1CnCd.

Restrictions imposed by the Competent Authorily

(3)

pUl'$uant to subsoetiorl (2) of this section shall be suc:h rtstricticm as

the Compelmt Avthonty shall OOII5idcr appropriale for the ptopcr

compliance by the bank .... ith the provisions of thiS Ad and the

conditions, if any, ofil.l iiculCC and for the protcction of depositors and

may include (without prejudice 10 the generality hereof);

(a) the removal of any oftker of the bank or the

replacement of any offICe/" by such person as the Competa'1I

Authority may designate;

the I'IlqUiremc:n.l for any person who directly or

(b)

indinxtly po55MlC" • Qualifying shartholding in the bank 10 di\UI

hitnJclfofaU or part ofthal holding;

the rtqui,ulIUlI for the bank 10 takl: or refrain from any

(c)

the requirement that the bank be: prohibited from

(d)

undertaking any transaction or transactions or any class of

business or be penniltCd 10 undertake any transaction or

transactions Cl( any class of business only upon sucll terms as the

CompctcrJt Authority may prescribe.

The Competent Authority shall have the power to vary

(4)

or remove any restrictions imJXlSCd under this section.

(5) Where the Competent Authority inlcnd! to restrict or

revoke a liceoce or to vary any restriction. it shall serve written notice

of its intention on the bank; such notice shall specify the grounds upon

which the Competent Authority intends to take action and dIall specity

a period in which the bank shall be entitkd to make rqlresentations 10

the Competent Authority as to why such action should not be taken.

Unless the ComllC'ent Authority dlxides that themaller is urgent. it

shal l not impose or vary any restriction or revoke a licence before the

expiry of such period.

A licence grantcd to a branch of a bank incorporated

(6)

outside Malta may only be revoked after consul ration ",ilh the

competent authorities of the country of incorporation, unless the

Competent Authority decides that the matter is urgent or that there an

circumstances which make such prior consultation inappropriate.

Upon the restriction or n:\'OCation of a liocncc of a bank

(7)

incorporated in Malta, tbc Competent Authority shall inform the

competCt1t authorities of the country of any foreign states in which the

bank or its subsidiaries an: canying on the business of banking.

(I) There shall be a Tribunal to be known as ..-ne

FilWlCial Services Tribunal" in this Act referred to as "the Tribunal" ,

havil13 the functions and powers assigned to it by this Act. or by any

other law.

(2) The TribuBaI shaH consist ofa Chairman and 1\\"0 other

members appointed by the Minimr.

The Chairman shall be an advocate with a minimum of

(3)

twelve years legal practice.

(4) The 1\\"0 other members mentioned in sub5cction (2) of

this section shall be persons who in the opinion of the Minister possess

the necessary expertise and C!l{pencncc: in banking or financial services.

Thc Chairman and other members of the Tribunal shall

(5)

hold office for su(:h period being ofnot less than three years as may be

dctermillCd in their appointment and cannot be removed during their

term of office e...:cepl on grounds of pro."Cd inability to perform the

functions of their office whcthc:r a rising rrom infinnity or body or mind

or any other cause, or pTO.·cd misbehavioo r.

The Cbainnan and other mc:mber3 of the Tribunal Wit

(6)

roceive such remuncn1ion as may be determined in their instrument 0(

appointlhUll_

The remuneration referred to in subsection (6) of this

(7)

sce(ion shall noI be: aIten:d during the tenure of office of a member by

~'hom it is rotcivabJc. except (Of such chanaes as may from time 10

lime be: rcqui~ to presen'l: at all times during the tenure of the

appointment the proportion of the remuneration to the sa1ary of a Judge

of the Superior Coons, as existed on the date of the appointment.

Any penon ¥I'm is ;ag&ricvcd by a dcc:UKln or the

(11)

Competent Authority

<a>

10 impose any condition on the grant ofa licence;

(b)

10 impcsr Of' vary any ratriction;

(c)

to revoke a licence

to issue a DOtioe under subseakm (3) of SCdion 11 of

(d)

this Ad;

(e)

to close a representative office

to jw!(' any nocke or make any OI'dcr uDder section 13

(0

ofthiJ Ad

(s)

10 make an)' order under SlX:tion 14 oflhi! Act ;

may appeal against the decision to the Tribunal ""hid! shall ha\l

e:xclusi¥e conpeu:nc:e 10 hear appeals on the matters li5tcd in UIIS

subscction.

An appeal against a decision of the Competent

(9)

Aulhority shall not suspend the opcntion ofwl decision except .n the

Ca5C of an appeal from a docisi<m as is mcmioned in paBglllph (d) of

sub$caion (11) of this soctlOll.

Upon the hearing of an appe.a.l. the Tribunal shall ha\"e

(10)

the po .. "cr.

<a>

to confinn, revel$( or vary the decision of the

Competent Authority and 10 direct the Competent Authorit)' 10 take

any accion ¥l'i(hin ilS poY>'efI under this Act 10 implemenl the

decision or the Tribunal;

10 mjuire the: allendance or any witness and 10 mjuirc

(b)

the production orany document or O(hcr Inrormation;

to order the payment of cost!; and expenses by any

(c)

party to the appeal.

The qlKStion for the determination orthc T ribunal shall

(1 1)

be wbcthcr, for the re3SOOS adduced by the appellant.,

the Competent Authority has, in it! decision wrongly

(a)

applied any of the provision$ oflhU Act; or

the decision of the Competelll AuthorilY constitutes an

(b)

abuse of discretion or is manifestly unfair

Provldcd that the discretion of the Compdeot Auu ..... ity may not. so

101\8 as il has been exercised p.optl Iy. be queried by the Tribunal.

( 12) The Tribunal shall have the power

to summon

witnesSM and to administeT the oath thereto, and to appoint any expert

or experts as it may deem I¥')"'U$3ry for the determina1ion of the case

before it.

(13) The Tribunal shall deal "ith any maller before il with

utmost urgency and $h.all give il$ decision without delay.

( 14) The Tribunal shal l hold il$ sinings in public unless

having regard 10 thc nature of the matter before it, the Tribunal deems

it fit and proper to conduct the proceedings or part thereof in private;

in any such case the decision of the T ribunal shall always be delivered

in public.

( 15) The Minister may make regulalions goveming the

pnx:edun: for bringing and conducting appeals under thil !ICCIion.

providod that in the absence of such regulations and subject 10 the rules

of Natural Justice. the Tribunal shall regulate it! 0\11-11 procedure.

(16) Ther.: shall be an appeal on a question oflaw only from

a decision ofme Tribunal 10 the Court of Appeal . Upon the hearing of

such an appeal, the Court of Appeal shall have all the powers of the

Tribunal to make orders.

A bank shall infann the Competent Authority in writing

(1)

befon: opening a new branch. agency or office in Malta.

Unless with thc wrillen consent of the Competent

(2)

Authority. no bank inoorpor.llcd in Malta may open a new branch.

agency or office or set up or acquire any subsidiary in any place

outside Malta.

Subjoa 10 subscctioos (2) and (3) of this soction. save

(I)

with the wrinen pennission of the Competent Authority, no person

other than a bank "ith a currall lK(""'c may use the word "bank" or

any of its derivatives or other words all may indicate or purport to

indicate the canying on of the business of banking in any language in

the deseriplion or title under which sucb person is canying on

business. or make any such U!Ie on any letter paper, in any notice or

advertisement, o r in any other simi lar manner.

A bank incorporated outside Malta may use the name

(2)

used in its country of incorporation save that, where there is a risk that

the use of such a name may be misleading, such bank dIaIl add such

explanatory particulars to its name as the Competent Authority shall

din::ct.

E\'Cry bank shall use as part of its description or title

(3)

the word "bank" or one or more ofit.'! derivatives.

Notv.ithstanding any thins contained in any other law,

( I)

the consent of thc Competent Authority shall be required before any

person may lawfu lly

(al

acquire a significant

shareholding or a qualifying

sharcbolding in a bank;

increase an existing holding which is r>Ot (I significant

(b)

sharcholding or a qual ifying shareholding so as In cause it to

bt::o:NtlC a signi ficant sharehoIding or a qualifying shareholding in a

",""

(c)

illCrease a significant shareholding in a bank so as 10

cau se it 10 become a qualifying sharcholding;

(d)

increase a qualifying sharcholding 50 as to cause It 10

equal or c)l.ceect twenty per ccntum o r thirty-three per cenlum o r

fifty per ccnlum or to cause the bank to bocomc that person's

subsidiary.

(c)

reduce a qualifying shareholding 50 as (0 cause It (0

fall below fifty per eentum or thirty-three peT centwn OT twenty per

ccnl um or to cause the bank to cease to be that person's subsidiary

(f)

reduce a qualifying sharellolding or a significant

sharellolding so as (0 cause it 10 Q"ase 10 be a qualifying

shareholding or signi ficant shareholding;

(g)

diVl!51 himself of a qualifying

shareholding or a

significant shardJokIina.

(2)

The Minister may by ftl1 ordeT published in the QUI;;ttc

vary 01 I OiiOl'e any of the ptrt:e:lllageS mentioned in paragraphs (d) and

(c) ofsubsection (I) orthis section.

SUDsodion (I) of this SQCfion shall apply whether or

(3)

DOl any of the relm-'aIlt shares are shares listed on the Malta Stock

Exchan8e.

It shall be the duty of a bank and of the directors

(4)

thereof to notify the: Competent Authority fonh",ith upon 1w ..... J'"

aware that any person intends 10 lake any of the actions set OUI in

subsection ( I) of this section.

Notwithstanding art)1hi1l8 oonlairw:d in any od ... , law,

(S)

the eonsenl of the Competent Authority shall be mquired before any

bank may lawfully

sell or dispose of iU business or any signifianl part

(a)

!heroof;

merge with any ocher company, whether I bank or

(b)

ocherwisc' •

(c)

undergo any I'C-<:OIUtruction

(d)

increase its l'lOI'Ilinal or issued share capital or effect

any material change in vOIing rights.

I1 shall be the duty of all directors and qual ifying

(6)

shareholders of a bank to notify the CompetL't1t Authority forthwith

upon In.. .... lIina aware that the hank mtcnds to lake any of the aaions

set out in subsection (S) or mi, section.

Any pel'$Oll intending to take any of the actions set OIl!

(7)

In subsec;tion (1) of this soction and any bank intending 10 lake any of

the actlORS set OI.It in subsection (S) of this ~ion shall no(ify the

Compdcnt Authority in writing and the Compelent Authority may

issue a Banking Directive regulating the fonn in which such

notificaa:ion 5ha1l take place and the 1Ilf0l'llWi0n roquin:d 10 be

furnIshed 10 the Competent Authority y.i lh sueh notification.

(S) Wilhin Iwo months of rca:ipt of such notification or

re«lpI of SI.iCh informauon as thc: Competent Authority may lawfully

roquin:, whieheve r be the later. the Competent Authority shall inue a

notice;

JI'IIUna C(lII$CIIf 10 the 'aking of the action sub;oel to

(b)

SIKh conditions as the Compelmt Authority may dc:o .. appropria1c;

~

Illfusing QOI1SCIlt 10 the taking of the action

«(:)

Provided thal where the Competent Authority fails for any reason to

issue such a nocicc within the prescribed period., this fact shall be

con5lrucd as if . refusal notice had been ;srucd in terms of paragraph

(c) of this sub»,.I!on.

If any person or any bank takes or intends to Iakc any

(9)

action se1 01.11 in IUbutions ( 1) and (S) of thiJ: sortJon without

oblainina the consent of the Competent Autbority. then. without

prqudicc 10 any other penaJly which may be imposed under this Act,

the Competent Autborily shall ha,t the power 10 make an ordct

la)

restrainina the person or bank from taking the action;

dccJarinB the action to be void and ofno elfeu;

(b)

roquiring the person or bank to lake such steps as may

(c)

be na;c:ssary 10 reslOll: the position cx.isting immediaU:ly before the

action was taken

rcslminill8 the person or bank from exer<:lslO8 any

(d)

righll which the a<:tion woold. if lawful. have conferred upon them,

inc lud ing the right to rocc;,'c any payment;

restraining the person or bank from taking any similar

(c)

action or any other action .. i thin the utcgories set out in

subsections (I) and (S) of this sc:ctioo.

An)' p .. !iS"'n 111'00 is a coolroUcr oh bank shall be a

'4. ( I)

suilll.blc po ..... to elCef'ciJe wc.h IOOllrol.

A bank W11 forth\\i tb notify 10 the Competent

(2)

ALlthority.

lal

full particulars ofaJl pcrsoll5 wllo are controllers of thc

bank but arc neither significant shareholders nor qualifying

sharclloldcrs of the bank

full particulars of any pefSOll ",ho is proposed to

(b)

boc ...... e a controller of the bank .... ithout being or bec:oming a

significant shardIoIdc:r or qualifying shareholder;

fu ll partieu lars of any pefSOll who is proposed to cease

(c)

to be a controller of the bank.

(3)

A bank shall furnish the Competent Authority with any

further information it may require concerning any existing or proposed

conU'OlIer.

If the ComlX"ent Authority is of the opinion that My

(4)

person who is or is proposed to bec:ome a controller of a bank without

being or wo,Una a sipific:ant shareholder or a qualifying shareholder

is nol a $IIitable person to be a controller, the Competeru Authority

may make an order requiring such • pefSOll to cease to be a controller

or restraining such a person from bc.::oming a control ler.

A bank shall not

IS. (I)

grant any credi t facility against the security of ils own

(a)

shares or against any other securities issued by the bank itself or

against any shares or any other securities of another body

corporate in which the bank has control;

(b) grant or permit to be outstanding, unsec:ured crodit

facilities which in the aggregate exceed the sum of five thousand

Maltese liri •

to any one of its directors or their spouses whether

(i )

jointly or severally as well as with third parties;

to any pefSOll in whom or in which the bank or any one

(ii)

or ITIOf'e of its din:clon is interested as a director. partner,

manager, agent or member (other than as a shareholder in a

company listed on the Malta Stock Exchange). or to any

pefSOll of whom or of which any one or mon: of the bank's

directors is a guarantor;

to any body of persons in which the bank or any onc or

(iii)

mon: of its di rectors jointly or severally maintains control. I"IOt

being itself a bank or the parent undertaking of the bank. a

subsidiary of this parent undertaking or a subsidiary of the

"""0

grant 10 or permit 10 be 0Ill$tanding in respect of any

(c)

officer. other than a din:clor. or any employee. unsec:ured credit

facilities ",ttich in the aggregate exceed twelve months' emolument

of such officer or employee;

(d) acquire or hold l\ll}' pan of the share capital or, or

OlhI:rwisc ba\~ a direct or indirect interest in any onc bank or other

company or group of connected pcr5Qn5, the original cost value of

which e.xcco.xls fifteen PCI' ccntum ofthc bank's own funds and such

holdings shall not exceed in lhc aggregate onc hundred per centum

orits 0\\11 funds

Provided that

a bank's subsidiaries considered as a whole shall not

(i)

constitute a grou p of connected pcrsoos for the purpose of this

scx:tion

<ii>

where the share capital acquirm is that of a subsidiary

bank the limit of fifteen PCI' centurn laid dov.n in this

paragraph shall be twenty-five PCI' CCIlturn of the bank's 0\\11

funds

<iii>

sharcholding in companies other than those falling

under (ii) above shall not exceed in the aggregate sixty per

cenlum orlhe bank's own funds

where the said percentages are e:<cecdcd as a result of

(iv)

the acquisition of shares in satisfaction of debts due 10 the

bank, it shall have a maJlimum of twelve months or such

longer period as may be determined by the Competent

Authority within which 10 comply with the provisions of Ihis

par1IgI1lJlh

(v)

the Competent Authority may allow a bank lO exceed

temporarily the limits laid OOY.l\ in this paragraph whenc\'Cr.

in the opinion of the Competent Authority. such excess is the

result of an un.a voidable redu ction of the 0\\11 funds of the

oonk

(vi)

when:: the bank is a parent Of subsidia ry undertaking

compliance with the limits laid OOY.'lI in thi s paragraph shall

be monitored on a consolidated basis;

(e)

without the ccosenl of the Competent Authority acqu in

or hold shares in anochcr company which is not a bank. wllich

exceeds five peT centum of that company's issued sltarc capital;

(f)

purchase, acquin:: or otherv.·isc hold any immovable

propcny Of any right thcrron except as may be reasonably

nec" "ary for the purpose of conducting its business or of' housing

or providing amenities for its '!aft.

Provided that this paragraph shall DOt plc.ml a bank ·

from letting part of any building which is used for the

(i)

purpose of conducliJ13 its bus~; or

(ii) from socuring a debt on any immovable Ph)p.., l)' and,

in the event of dcftouh in paYlTlent of such debt. from

acquiq or holding such plOperty for rttIisation .... ithin

t .... elve months, or any longer period as may be dctennincd by

the Competent Authority;

frii) in other instances from acquiring immovable property

v.i th the prior approval of the Competent Authority the

original COJl of wbid! plOp .. iI), shall DOl in the aggregate

exc:ced fi ve: per IX:lltum of the bank's own funds;

In paraarapI\s (b) and (c) of subsection (I) of this

(2)

soction the ex~ion " UD 9· ured cred,t facilities " shall mean credit

facalities made without securit y or, in Il:!pcct of any credit &ciJity

made " ith security. any part therlXlf which al any time c:."ranls the

market value of the assets conslirutins ma, !IOCurit)" or wnc:re the

CompetCllt Authority is satisfied that there is no establishlxl market

\-aluc, on the basis of a \1lluation approved by the: Competent

ALllhority itsdf

Transav.jonijiel projbiti

ErJnfUlrS kbar

16.

111 .. Competent Authoril)' shall ISSue a Banking Directive as il larJc ExpMw ... ,

shall consider appropnau~ for the regulation of large exposures.

11. (I)

A bank shall

(a) maintain .a mio of 0\0\'11 funds 10 ri5k-\\l:lghtcxl assets

and otT balance Ihcet items dcfmod In and calculated according to

the provisions of a Il:anlciJl8 Di recth'C.

llOtify the ratio to the Compcteflt Authority at such

(b)

times a!Id in such nwoocr as shall be prescribed by a Banking

Dl redl\'C

(c) notify the Compcteflt Authority forthl'oith upon the ratio

falhng below the Ic:vcl required by paragraph (a) of this subsection

whereupon the CompetCt1t Aulhorily shall require the bank to take

necessa ry measures to fl:$torc the ratio to the required level within

such period as the Competent Authority may de!ennine.

Reserve funds created under section 9 of the Banking

(1)

Act, ;m abolished. Such funds are 10 be allncaud 10 such Olher

internal Icscncs formina part of own funds as each bank may dee",

appropriate.

Every bank shall maintain adequate provisions for bad

(3)

and doubdiJl dcbu.

fondi tal -blink slcu u riservi

18. Likwidita '

The Competent Authority shall I"UO a BankiI13 Directi ve

$po::irying what $hall constitute the speci6cd ...... s and the dI:posil

liabilities oh bank and laying down the minimum hokling of S)XC i6cd

assets as a proportion ofdcposit liabilities which a bank must hold.

10 Ihe C ·'~""'" AIdboriIy

periodic sr a" mtilt! sho ..... ins its """s and liabilities

(a)

and profit and loss position on an individual and. where

appropriate. on • consoIMiarod basis including analysis uoeo tor

such information as is mru im:l by the Compc:u:nl

(b)

Authority for statistical purpo""I;

(c) such information as the Compcccnt Authority may

require to satisfy ilSClf that the bank is complying with the

provisions of this Act;

slich separate statement! relating to its offia:s and

(d)

bnnchcs outside Mllta in web form and at such times as the

Competent Authority may Rquire in the discharge gfits duties.

A bank shall Sllbmil to the Centra l Bank such

(2)

information as the Central Bank may require in the diKhargc of it!

duties.

(3) The provisions of this section shall also apply to all

branches, agencies or offices in Malta or a bank which is not

incorporated in Malla.

All SUICIi'lCflLt rajuired under subsections ( I) and (2) of

(4)

Ihis SC'dion s/WI be submitted in such form and al such periods as shall

be prescribed by Ibnkin3 Directive.

All SUId,ICiIU and other infonnalion fumishlxl by any

(S)

bank "rdcr suh ... lions (I) and (2) oflhis ICCtion shall be rqardod as

seem and confidentiaJ exc:epc as between !hal bank and the Comp .. -tcnl

Authority or the Cenlnl Bank as the case may be save !ha!

(a) the Competent Authority shall furnish such information

under this sectiOll as may be required by the Minister or the Central

Bank and shall iruo"" the M inister and the Central Bank if at any

time in iu opinion there is concern regarding the state of affairs of

that bank;

(b) the Central Bank shall prepare and publish consolidated

statcmefllS aggregating the information fumisbed under this section.

Every bank shall submitlo the Competent Authority or Supcrtision ofbionb.

Informazzjonijict li sJlandhom jing.l'lataw lill -Awtorita' Kompclentj u liIl-Bank

Centrali

( I)

the Cmtral Bank any information which either of those bodies may

reasonably require in the exercise of its duties under this Act and the

Ceotral Bank of Malta Act, and the Competent Authority or the c.p. 204

Central Bank may enqui re into and ask for clarification of any

information so submitted.

Any request for infonnatioo or for clarification thereof

(2)

under this section shall be by notice in "Tiling and shall require the

reci pient 10 provide the infomWion at such time or times or at !RIch

intervals or in respect of such period or periods as may be specified by

the notice.

(3 )

Further. the Competent Authority may-

by notice in writing served on a bank, require the bank

(a)

to provide a n.-port by an accountant or other person with re levant

profcssiooal ski ll 00. o r on any aspect of, any matter about which

the Competent Authority has required or could require the bank to

provide infomlation under subsection (I) of this section;

(b) by notice in writing scrved on a bank. require it to

produce within such time and at such place as may be specified in

that notice. such document Of documents of such description as

may be so specified in the notice;

(c)

authorise an offtcer. 5CmUlI or agenl ofthc Competenl

Authority. 011 producing evidence of his authority, 10 requ ire any

bank 10 pro\'ide him forthwith with such information. Of" 10 produce

10 him rorthwith such documenl5. as he may specifY. being such

informatioo or documt:n15 as the Competent Authority may

reasonably requIre for the performance of il5 functioos undcf this

Act.

lbc a«oUnlanl or other person appointed by a bank 10

(")

make any report required under paragraph (a) of subsection (3) of this

section shall be a person nominated or approved by the Competent

Authority; and the Conlpctenl Authority may require the report to be in

such fonn as is specified in the notice.

Where. by vifttJe of subsection (3) of this section, any

(5)

person has power 10 require !he production of any documents from a

bank. that person shall have !he like power 10 require the production of

these documcnlS from any person who appears 10 be in possession of

<l<m.

The power under this SCCIioo 10 require a bank or any

(6)

other person 10 produce any documenlS incl udes power·

if !he doeuments are produced. 10 Iakt; copies of !hem

(a)

or extraCIlI from them and 10 require that bank or person, or any

other person who is a present or past officer of, or is or was at any

time employed by or acting as an employee of, the bank in question,

to pl"ll\ide an explanation of any of them ; and

if the doeumenlS are not produced. to requ ire the person

(b)

who was required to produce them 10 state, 10 the best of his

knowledge and belief, I'onere they are .

If it appears 10 the Competent Authority to be desirable

(7)

in the intercslS of the depositors or pOlenlial depositors of a bank 10 do

$0, it may a l$O exercise the powers conferred by subsections ( I) and

(3) of this section in relation 10 any pcT$OII who is or has at any

relevant time been -

(a)

a hol ding company, subsidiary or a company which is a

connoctc:d person of that bank;

a subsidiary or a pei SOlI which is a company coonoctcd

(b)

to a holding company of that bank;

(c)

a holding company of a subsi diary of that bank; or

(d)

acontrollerofthalbank.

The Competent Authority may by noti~ in w nttng

(8)

served 011 any person who is or is 10 be an officer of a bank require him

to rumish, I'oithin such lime as may be specified in the notice. such

in formation or documenlS as the Competent Authority may rea.sonably

require for dctermining whether lie is a suitable person to hold tile

particular position which lie holds or is 10 hold.

(9) 11Ic Competent Authority may cxcrcisc lhe poy.\:rs

conferred by subsections ( I) and (3) of Ihis section in relat ion to any

person who has a significant sliarcholding or qualifying shareholding in

a bank if it considers that the excreise of those powers is desi rable in

the intc~ of the cicposilGn: or potential depositors of that bank.

A SUIU.aJt made by a person in oomplianoe \\;th •

(10)

requirement imposed by virtue ofthi! section may be used in evidence

against him.

(1\) The Competmt Authority shall baw tb!:: !)(MU" to

11X:O\"eI" from a bank .qxKted on under subsoction (3) of this 1::tiOl'l

the OOSIS and c:xpc:n5C:S incurred in reblion to such .cpoo ..

Any officer. tmplo)tt 01" agent of the Compc:talt

:U . (I)

Authority may, on producing if required evidencc of his authority.

enlcf any premises occupied by a person on whom •

(a)

ooti<:e has been serval under scdion 20 .bove or section 22 bclow

for the purpose of obtaini" there the information or documc:au

required by thatllOli<:e

entcr any premises occupied by any person on whom D

(b)

notice oould be scrvt:d undct" soction 20 a.boYe 01" section 22 below

for the purpose of obtaining then: such infonnafion 01" documenl5 as

are specified in the authority. beins information 01" dixuments that

oould ha~ been required by such a notice: but the Competent

Authority shall not authorise any person to Id under this paraaraph

unless it has reasonable cause to believe that if such a notice were

served it would not be romplicd \\ith or that any documents to

\\"hich it would relate .... "OUld be rcmovod, tampered with or

destroyed

PrO\-i dcd that ... tleR: an ent!)' as is mentioned in this $Ubsection

invol~ pn:m~ that are occupied for the purposes of habitation.

such (fit!)' shall be carried out in the presence of an officer of the

Police of a rank not below that of InspcctOr. and shall mOrCOVCT not

take place bctv>-cen nine in the e-.-ming and fiw.n the morning.

(2)

No peTlOll shall intentionally obstruct a

person

excrcising righl5 C() .. r~rrcd by thi s se<:tion.

If iI appears to the CompW!nt Authority desirable to do

(I)

so Ul the inlCrcsts of the depositors 01" potential depositors of a bank. it

may appomt one or more competent pcrsoos to investigalC and ' cpoi1

(a)

the iI/Iture. conduct or state of the bank's business or

allY panicular aspect of il: or

the ClYITlCnhip 01" control of !he bank.

(b)

and the Competent Authority shall give written nocioe of any such

appointmenl to the bank coneerncd.

If a person appointed under wbsoction (I) of this

(2)

section thinks It nNXnary for the purposes ofhU investigation. he may

also investigate the business of any person who is or has 11 any

n:levant time been -

• boIdin@.company, subsidiaryoracompany .. itich isa

Ca)

conncctcd person of the bank IUIdcr invesrigarioo;

a subsidiary or. company which is a oonnocted pcnon

(b)

of a holding oompany of th;u bank;

a holding company of a Jubsidiary of that bank; or

(c)

a controller ofthal bank.

(d) .

po'''''''

The Competent Authority may exercise the

(3)

conferred by subSCdion (I ) of this section in relation 10 any person

who has a significant sharehoIding or qualifying sharehokling in a bank

if it c:onsidets thal the exercilC of those POV;Uli is desirable in the

interests of the dc:pociton or potential .... Imiton of that bank.

~ a pcBOn appointed under sul:>sa1ior1 (I) ofthls

(4)

section ..... j.t- , 10 investig.au: the busincu of any person by virtue of

subsection (2) or subsoction (3) of this SCCfion he shall inform that

person by notice in wriling.

It shall be the duty of every person .... ho is or was an

(S)

officer, employee. agent. banker or auditor of a body which is under

investigation under this Act. or llIIy person appointed to makc a repol1

in respect ofthal body under this Act and anyooe who has a significant

shareholding in, qualifying sharcholdil\8 in. or is a cootrol1cr 01' that

body-

to produce to the penons appointed under subsecuon

(a)

C I) of this section. v.ithtn such time and at such place as they may

require, all documents rdatil\8 to the body .... ICUIW which ~ In

his custody or power;

Cb) to aucnd before: the persons so appointed at such time

and place as they may reqUIn:. and

(c) Olhernisc 10 give those persons all assistance in

cormoction with the invC5tigation which he is reasonably able 10

give.

and those persons may takc copies of or extracts from any OOcumetlts

produced to them under paragraph (a) above.

(6)

A person =reising powers by virtue of an

appointment under this section shall. if so required, produce cvidc:ncc

of his authority.

(7)

No person shall -

withou t lawfu l excuse fail to produce any document!!

..... hieh it is his duty to produce under subsection (S) of lhis section;

withou t lawful excuse fail 10 attend before the persons

(b)

appointed under subsection ( I) of this section when req uired 10 do

(c)

without lawfu l excuse fail 10 answer any qucstioo

which is pul to him by persons so appointed .... i lh respect to any

bank which is under investigation or a body ",ilieh is being

investigated by virtue of subsection (2) 0( (3) oflhi. section.

A 5WCmcnt made by a person in complianoc with a

(3)

requi.uncnt imposed by virtue oflhis section may be used in evidence

lbc Competent Authority shall have the power 10

(9)

recover from a bank reported 01) under subsection (I) of this section

the costs and expenses irn::urn.:d in relation to such report.

(10) For the purposes of this soction, reference to a bank

shall include reference to persons appearing to be carrying out the

business of banking.

Where the Competent Authority has reasonablc SOtsp'C' .... off .........

grouncb fO( suspecting thal a person is guilty of committing an)'

off= under this Act. it may by flOIicc in wriling TCqu ire !ha! person

0( any other person •

to pr(l\"idc. al such place as may Ix: specified in the

(a)

notice and either forthwith or al such time: as may Ix: so specified.

sueh informat ion as il may reasonably require for the purpose of

IIlvcstigating the suspected offence

to produce. al such place as may be specified in the

(b)

notice and either forthwith or at such time as may be so specified.

such documentS. or documents of such description as may be

specified which it may reasooably require for that purpose

(c) to attend at such pIaa: and time as may be specified iD

the notice, and ansv.u questions relevant for dctenniniDg whether

such an offcoa: has occurred.

The Compdt:nt Authority or their duly authorised

(2)

officer, employee or agent may take copies of or extract.s from any

documents produced under this section.

Any offia:r, cmp\oycc or agent of the Competent

(3)

Authority may, between five o' dock in the morning and nine o'clock at

night, on producins if required evidence of his authority, CDteI" any

premises occupied by a person on whom. nocke has been 5U .cd

undeT subsection (I) of this SC'dion for the PIIW ' of ....... ain;ng there

c

the information or documents n:quired by the ,1tItK>c:. putting the

questions ,efe, 10.110 in paragraph (c) of that subsection or exacl$ing

the powers conftt I ed by subscctioa (2) of this JCCtkm.

No ptBOII shall ""ithout lawful excuse fai l to comply

(4)

with a requirement imposed on hi m under this section or intentionally

obstruct a person in the exercise of the rights conferred by subsection

(3) of this section.

(5) A stalCll1el1t made by a ptBOII in compliance .... ith a

requirement imposed by virtue of this section may be used in cvidcncc

agalllst him .

(I) No person who knows or suspectS that an investigation

is being or iJ; likely to be carried out -

under section 20, section 22 or section 23 of this Act

(a)

into the suspected commission of any otTena: IUIdcr this

(b)

Act,

may falsify, conocaI, destroy or othcr\\ise dispose of, or CI"se or

permit the fals.ftcalion. colleulmcnl, destruction or disposal of,

documents which he knows or suspects are or would be rcIe\'a'lI to

such an invest igation unless he proves that he had no intention of

C(lIJCCa.Iing facts disclosed by the documents from persons carJ}ing out

such all investiplion.

2~.

(I) On the basis of international agrccmcnts, or upon

C

rociprocity aglteiilto1lts. the ompdent Authority may share its

supervisory duties ""ith oCher foreign competent authorities in the case

of a bank or branch operating in Malta wh ich is fully or partly owned

by a foreign pe~ or in the case of a bank fully or panJy owned by

Maltese residents ..... hich is operating abroad.

(2)

A person appointed under section 20 or section 22 of

this Act sha ll be given access to any accounts, returns, or other

infol'1Tl3lion ", .. ith regard 10 any bank ",tuch are in the possc5lIion of!hc

Central Bank.

(3) There shall be meetings hl:ld between a bank. its

appoinled auditors and the Competent Authoriry on a trilateral or

bilatend basis :u c il"CUn\$lanCe5 may warrant. l1Icse mcct.i1l3' may be

called by any of the partic$ eonccmed bul shall alwa)" be ehaired by

the Competent Authority.

Kopcrazzjoni u skarnbju ta' inforrrw:zjoni

Komunikazzjoni mill -udituri ett. ma' I-Awtorita' Kompetenli

26.

(I)

No duty 10 which-

an audilor of a bank; or

(a)

(b) a person appointed to make a report under par,waph

(a) of subsection (3) of section 20 aboYc or subsection ( I) of

se<:tion 22 aboYe.

may be subject. shall be reganIed as conlravened by reason of his

communicating in good faith 10 the Competent Authority, whether or

00( in response 10 a request made by it. any information or opinion on

a maller 10 which this section applies and which is relevant 10 any

function of the Compc!cnt Authority under this Act.

(2)

In relation 10 an auditor of a bank this section applies

10 any matter falling wilhin subsection (9) of section 3 J of this Act.

(3)

In relation 10 a person appointed to make a report under

paragraph (a) of subsection (3) of section 20 of this Act. this section

applies to My maller of which he bt:x;o .. es aware in his capacity as the

person making the report and which-

relates to the business or affairs of the bank in relation

(a)

to wh ich his report;s made or any associated body of that bank. or

if by vi rtue of subsection (7) of section 20 of this ACI

(b)

the report relates to an associated body of a bank. 10 the business

or affairs ofthal body.

(4)

In relation to a person appointed to make a report under

subsection (I) of section 22 of this Act, this section applies to any

maller of which he becomes aware in his capacity as the person

making the report and which -

relates to the business or affairs of the bank in relation

(a)

10 .... hich his report is made or any associated body of that bank , or

(b)

if, by virtue of subsection (2) of section 22 oflhis Act,

the report relates to an associated body of a bank, to the business

or affairs of that body.

(5)

In this section "associated body", in relation to an

institution, means any such body as is IT"IQltioned in subseetion (7) of

section 20 of this Act or mentioned in subsoctioo (2) of seetior1 22 of

this Act,

If it appears to the Compcteot Authority that any

(6)

accountants or class of accountants who are persons to wbom

subsection (I) above applies arc not su bject 10 satisfactory rules made

or guidance issued by a professional body specifying circumstances in

which matters are 10 be eonunun icatcd to the Competent Authority as

menlioned in that subsection. the Competenl Authority may, after

consu ltalion with the Central Bank and such bodies as appear to the

Competenl Authority to represenl the interests of accountants and

banks, make regulations applying 10 those accountants and specifying

such eircumstances: and it sha ll be the du ty of an accountanl to whom

the regulations apply to eonununiClltt a matler 10 the Competent

Authority in the circumstances speciflCd by the regulations .

TIx:rc shall be a committee 10 be knov.n as the Joint

(I)

Banking Committee (hereinafter refeiied to as "the Committee") whieh

shall have the function of fonnubuing banking regulatory and

supervisory policy and monitoring the soundness of the banking

system .

(2)

The Committee shall consist of-

three members from the Central Bank, of whom one

(a)

shall be the Govemor of the Cenlral Bank; and

two members from the Competent Authority.

(b)

The Govcmo.- of the Central Bank shall be the

(3)

Chairman of the Committee.

The Committee shall IlOl act unless at least three

(4)

members of the Committee are present. including the Chairman and

one member from the Central Bank and one from the Competent

Authority.

(S)

The Committee shall have Ihe powe r to regu late its own

procedu re .

(6) The Comminee shall keep minutes of meetings and

shal l furnish copies of such minutes to the Minister as soon as these

have been approved.

For the purposes of this section, the term "Governor"

(7)

include!!! the Deputy Governor of the Central Bank when exercising the

functions of Governor.

NOl",ilhstanding any investigation provided for in this Act,

where a bank considers that it is likely 10 becoone

(a)

unable 10 meet ilS obligations or that it is about 10 suspend

payment it shalt forth"ith inform the Competent Authority and the

Governor of the Central Bank in " ·riting;

where the Competent Authority becomes aware that a

(b)

bank is likely to become unable 10 mcct ilS obligations or that it is

about to suspcrKI payment, it shall forthwith inform the Governor

of the Central Bank in writing;

(c)

where the Central Bank bc:comes l\\'art that a bank is

likely 10 bc ....... ,1C unable to mcx:t its obligations or that it is about to

suspend pa)"lllenl, il shal l forth"itb inform the Competent

Authority in writing.

( I) If. whether from any report made under section 20 or Power oro..Cenlnll Bank

section 22 of this Aet or otberv.;se. it appears to the Competent to take conlrnl orbonks.

Authority or the Central Bank. lhat any of the eircumstances indicated

in subsection (2) of section 9 of this Act appl y, the Centrnl Bank may·

require the bank forthwith to take sueh steps as the

(a)

CI.'I1tral Bank may consider necessary to remedy or roctify the

matter;

appoint a competent person 10 advise the bank in thc

(b)

proper conduct of its business

appoint a competent person 10 take charge of the as.selS

(e)

of the bank or any portion of them for the purpose of sa/'cgu3rding

the interests of dt.--positors;

appoint a competent person to assume control of the

(d)

business of the bank and ei ther to carry on that business or to cany

out such other function or functions in respect of such business, or

part thereof, as the Central Bank may direct;

(e) require the Cornpc:tent Authority 10 revoke or restrict a

licen<:e aceording 10 the provisions of Ic~tion 9 of this Aa

require the bank to lOoiOO up its business or 10 wind up

(I)

its busincu in Malta;

appoint a competent persoIllO act as liquidator for the

(g)

purpose of y,indins up the affairs of the bank

f~'(

the remuneration 10 be paid by the bank to any

(h)

competent person appointed under this subsection.

Where. competent penon is appointed by the Central

(2)

under para&r.lPh (b) of subvrtion (I) of this .5OClion..

(a)

the bank shall act in .000dancc .... i th the acMee giveJI by such

petIOli unless and until the Cenlnll Bank Olherv.ise dirceu;

(b) under parasraph (c) of subsection ( I) of this section,

the bank shall deliver 10 suclt person all the as"".1 of which he is

p1aaod in dwgc, and all the pC/I.;en, functions and duties of the

bank in respect of those USClS whether exercisable by the company

in &cnual meeting or by the board of directors or by any other

person, including the legal and judicial representation of the bank,

-

shall be c:o:ercisable by and vest in him 10 the exclusion of the

under paragraph (d) of subsection ( I ) of this section,

(c)

the bank shall submit its business to the control of such person and

shall provide him y,jth such facil ities as he may require in order 10

any on that busineu or 10 cany out the funcucm assigned 10 him

i1IldcT Wt paragraph, and aU the poy"ers, funetions and duties of

the bank, whether exercisable by the company in general meeting

or by the board of directors or by any other person.. indudi1\g the

legal and Jooieial repl cse.llDtion of the bank in all maners. shall be

e:xemsable by and \ $ in him to the exeluslOII ofany other pcnctn.

Wherc a person is appointed under paragraph (c) or

(3)

paragraph (d) of subscction (I) of this .section •

any funruon, poy"n or duty cxef"Clsable by any other

(a)

penon, lneluding the curator of a bankrupt or any other person

appoinloo by or under any other law, aOO relating 10 any assets or

business of which the person appointed under either of the

paragraphs afon-sa id IS phaod in dwgc or in control. shall. un~

or until the CcnuaJ Bank other ..... ise dirocts or an exprc::u provtsion

ofbw specifically provides other ..... ise. uase to be so exercisable

the peroon appointed under either of the paragraphs

(b)

aforesaid shall, in respect of such property. partnerShips, films or

otncr business as the Cenlral Bank may speeify and in whicb the

bank has an interest, ..... hether direClJy or indirectly, including any

interest arising from advances or loans made or credit facilities

given or any liability undertaken, have such powers, functions and

duties. including IcgaI and judicial repraen1ation, as the Central

Bank may direct, and any such power, function or duty shall be

tJlercisable by and vesl in such person 10 the exclusion of any

other person

Provided that

the Cenlral Bank shall have power 10 dimcl that all or

(i)

any of the powers. functions or duties aforesaid should be

exercisable by any other pe. son, and in any such case, with

effect from sucb date or dates as the Central Bank may

spt.:(:ify and unless and until the Central Bank otherwise

dinx:lS. the powers, functions and duties 10 which the direction

of the Central Bank applies shall be tJlcrcisable by and vest in

such other peroon appointed fOf" the purpose: 10 the exclusion

of all others;

(iil

where the Central Bank is of the opinion that the bank

has ceased 10 ha~'C any interest as aforesaid, it shall direct that

any powers, functions and duties exercisahle under this

paragraph shall cease to be so exercisable, but any such

direction shall IlOt affect anything done or omitted to be done

by virtue or by reason of any of the aforesaid powers,

functions or duties;

the person appointed under either of the paragraphs

(c)

aforesaid shall have the power to require any other person to

provide him with such facilities a.s be may deem [lCussary to carry

out any of the powers. functions or duties under this section;

the provision of law relating to bankruptcy and in

(d)

particular Pan III of the Commercial Code. shall cease 10 apply 10, Cap. 11

and shall ,case 10 ¥.atc in respect of, any property. partnership.

firm or other business specified by the Central Bank under

paragraph (b) of this subsec::lion. unless and until. or except to the

cxtent that. lhe Central Bank O\helVoise directs: and in any such

case the person appointoo as aforesaid shall, sUbjott 10 any

dimctions of the Cc:nual Bank givm in the interest of the creditors.

act as if those p ro~ision! did 001: exist and a.s if any declaration of

bankruptcy had Il(I( been m3.de;

any person appointed by the Central Bank under any of

(c)

the provisions of this section shall submit si'l;-monthly reports of

his activities and annual accounU of all transactions carried out by

him in the penormanc:e of his functions audited by an independent

auditor to the Minister who will plaa: such reports and accoUnts on

the table ofthc House ofRcpn::sentatives within fifteen days.

Where a person is appointed under paragraph (g) of

(4)

subsection (I) or this section, such person sllalJ be the liqu idator of the

oompany for all pUI'pOSCS of law to the exclusion of any other person.

(5)

The provisions of this section shall have effect

noruithstanding any other provision of any enactment, and

oot\Oo;thstandill8 any deed. contra«, instnunI:nt or other document

whal.soe\'Cr.

1be foregoing pfOVlSIOnS of this section vcsting

(6)

exclusive powen of representation in a person appointed by the

Central Bank ~under shall apply also 10 any act or proceedings

commeneed or instituted before such representation vested as

aforesaid. and in respect of any such act or proceedings any other

person acting or purporting 10 act, or in respect of whom action is

taken, in that capacity shall ens<: to be a party to, and shall be

excluded from, any such act or p~ngs .

No person shall in any way obslrUCI a person appointed

(7)

under subsection (I) of tblS section in the pcrfOl'Tl1:ll1CC of any of his

functions, powers or duties under this seaion.

In res pect of a bank operating in Malta and ciSl;v.'hcre

(8)

the offices and branches in Malta of that bank shall . if the Cetttral

Bank so directs and to the cxtCllt it so directs, be deemed to constitute a

separate bank.

Upon receipt of a report as is mentioned in subsection

(9)

( I) of this section. the Central Bank shall infonn the Competent

Authority 00 whether it intends to take any actioo pursuant to such

report and of any actioo il intends to take !hereon.

Every bank shall. BOIlater than four months from thc closing

of its financial year or at any other time as may be c)tceptional1y

authorised by !he Competent Authority

forward to the Competent Authority and the CCllt ral

(a)

&ok.

publish in two local daily nc:wspapers of which onc is

(b)

published in the Maltese language and the other in the English

language, and

(c) exhibit in a CONpicuoos pos.ition in each of iu offices

and brancbc:s in Malta and keep to exhibited throughout the year,

I copy of its audiuxl finaociaJ sr ... ... cots dna ... n up in ac.-udanot with

I Bank; .. Difcc:tive.

( I)

Every bank shall each year appoint an approved Audit .....

<a)

auditor or auditors whose duty shall be to report on the f1llMcial

ItatcmcnU of the bank examined by them and on III financial

stak:mCnU prepared by the bank.

(b) For the purpc: of tIm mtion an IPPI'OYtd

auditor W11 be a person who is quaJified to be an auditor in

acc~ with the Companiq Act, 1994, and holds the

luthorisation of the: Competent Authoi ity to act as auditor of I

bW.

(2) If a bank fails to appoint an auditor under subsection

( I ) of this ltClion or, at any time fails to fill any vacancy in the OtTlOC

of an luditor. the Competent Authority shall have the power to appoint

an auditor for that bank and shall fix the R:ITIIInc:ration to be paid by

that bank to sueb auditor_

The auditors' ttpoo1 shall eontain stalUtltilU IS to the

(3)

foIkMi", mattcrs •

(a) whether they havc obtained all the infonnation and

explanations lO.'hich to the: best o( their knowledge and belicf were

II/'4Ysury (or the purpose of thei r audit

whether, in their opinion. p.opee books of aecoum have

(b)

been kept by the bank. 5(1 far as appears from their c.uzninauon of

those boob

(cl

whether the: bank's financial statements dealt lO.ith by

the report an: in agreement with the: books ofacc(ltlDt;

whether, in their opinion, and to the best of their

(d)

Jmo..,.1c:dat and aecording to the explanations given them, the said

financial statcttlO'1ts give the information roquin:d by any law

which may from tunc to time: be in force in the manner so roquin:d

and give. true and fair view.

(4) The report of the auditors shall be read togdher with

"" ",epor"""t of the din:ct0f5 of the bank at the lnIluai moctin& of

"""""""'.

(5) Evcry audilOr of a bank shall haY(: the right 10 demand

such information or explanation as be deems .. ",.,..sary in the

performance of his duties from 3JIy officer or employee of the bank.

A bank shall forthwith give ",'rilten notice 10 the

(6)

Compc:tcnt Authority

on the appointment of its auditor'$;

(a)

ifil proposes 10 give notice to its shareholders 10

(b)

replace its auditors at the expiration of their term

(i)

of office;

(ii) I'Cmove its auditors before the expiration of their

teml of office;

if the auditors cease to be auditors of the bank for any

(c)

reason other than those in panagl1lph (b) of this subsection.

(7) 1be Comp<.1ent Authority may require a bank to change

its appointed auditors where. in the Competent Authority's opinion,

such auditors are considered unfit fur this apPOillbllc:nt. at any time

duringlhci r term of office.

(S)

An auditor shall immediately advise the Competent

Authotity if

he R:Sigm;

(a)

he does 001 ~ to be rc-appointed; o r

(b)

he decides 10 qualify the audit repon.

(c)

If. in lIi$ capacity as an auditor of a bank or due 10 a

(9)

direct requcst by the CCNlIpctcnl Authority under section 20 or under

section 22 of this Act. an auditor bccQmcs aware of any matte r which

relates 10 and may have a serious ad\ICfSe cffect upon the dcposiIDrs of

that bank. of the branches in Malta o f a bank which is IlOI

incorporated in Malta. or of any connt::ded person which is a bank. he

shall immediately info nn the CompetCllt Authority through the bank's

managemCnI or. if circumst.ances 50 warrallL direclly 10 the Competenl

Authority.

(10) NOl¥oi thstanding an)' of the provisions of the: foregoing

subscx:tions. the Competent Authority may in the casc of a bank noI

incorporated in Malta grant exemption by way o f Banking Directive

from any o f the requirements of this section provided that the same

does no( materially detract from the main objects of this section.

(1 1) In SO far as the PI'OVlSIOOS of this section are

inconsistent with the provisions of the Companies Act, 1994 the

provisklns of this section shall prevail and the provisions of the said

Act 5hal1. 10 the extent of the inconsistency, not apply to banks.

(I)

No person -

who has been adjudged bankrupt or has made a

(a)

composition with hi. crcditon or has been an officer of a bank

which has had its licence revoluxl under subsection (2) of section 9

of this Act: and who has not been exempted in writing by the

CompclCllt Authority from the provisions of this section: or

(b)

who is interdicted or iIK;apacitated or who has been

inVQlvcd in money lautldcring or found guilty of a crime affecting

public tru51. theft, fnroud, extortion or of knowingly receiving

property obtained by theft or fraud,

shall act or continue 10 act as an officer of a bank.

E\"'CI)" officer ofa bank shall take all reasonable steps

to secure compliance by the bank with all of the

(a)

provisions of this Act and of its Iicena: or any Banking Directive or

regulation iSSllod under this Act, and

to ensure that no inoom:ct information IS provided

(b)

either wilfully or as the result of gross negligence.

Nothing in this Act shall authori se the Central Bank or ConC,dcn,iaJ'IY

(I)

the Competent Authority to enquire or cause an enquiry to be made in

a bank into the affairs of any indi~idual customer ofa bank except

for Ihe purpose of ensuring compliance with any of the

(a)

provisions of thi s Act, or

where the euslonlCr'S exposure is large y,ithin the terms

(b)

of the Large Exposu res Directi ve and they believe that such an

exposure can be a threat 10 that bank or to the banking sector in

g"""'.

No person, including past and present officers or agents

(2)

of a bank. shall disclose any information relating to the affairs of a

bank or of a custome r of a bank which he has acquired in the

perfonnancc of his duties or the exercise of his functions under this Act

e."'(ccpt

when authorised to do so under any of the provisions of

(a)

thi.I Act· •

for the purpose oftbc performance: of his duties or the

(b)

exercise of his functions;

(c)

wben lawfully rcquirtd to do so by any coun or under a

provision of any law.

When an offic.eT of a bank has reason to believe that a

(3)

transaction or a proposed transaction «lUld involve money laundering,

he shall act in accordance with regulations laid dCMl1 under the

Prcvmtion of Money Laundering Act. 1994, and any guidelines

providcld by the Compe'lcnl Authority. Compliance ",ith the provisions

of this subsection shall not constitute a breach of confidentiality.

Notwithstanding anythina contained in this section.

(4)

exchange of infol'Tn3lion bdwtcn a parent bank and its banking and

credit card services subsidiaries and vice-versa on mutual CI,lSIOIlICrs to

whom the parent bank or its subsidiaries may have granted or is

granting a credit facility, shall not constitu te a breacb of

confidentiatity

Provided that for the purposes of this subsection, a 0I,'lIUICClaI

person or a group of connected persons or members of such groop

shall al so be considered mutual customers.

35,

( I)

Any person who-

makes a statement, promise or forecast which he knows

<a)

to be misleading, false or deceptive, o r dishonestly conccaJs any

material facts; or

recklessly makes (dishonestly Of" othe""i se) a staICII .... 1L

(b)

promise or forecast which is misleading, false or dcccplillC,

is guilty of an offence if he makes the statement, promise or forecast or

conc:cab the: facts for the purpose of inducing, or is rccklC$$ as 10

whethcr it may induo:, another person (whether or not 10 thc person 10

whom the statement, promise or forecast is made or from whom the

facts m: concealed) •

(i)

to make, or refrain from maki ng, a deposi t with

him or any other person: or

(i l) to enter, or rehin from entering, into an

agreement for the purpose of making such a

dcposiL

Subsection (I) of this section does noI apply unleu·

(2)

(a) the SUlU.1Ult. promiJe or row-1st is made in or from.

or the fac:u are eoooe:aIed in or from, Malta or llITlUIgeiileuts are

made in or from Malta for the stalclllUll, promise or forecast 10 be

made 0( the facts 10 be n uva"xt

the person on .... hom the inducement is intcndc:d to or

(b)

may have effeet is in Malta: Of

the deposit is or would be made. or the agoWhctl1 is or

(c)

\o\"OUld be entered into. in Malta.

(3)

Ally person who

<a> contravenes or fails 10 comply with

any of the

provUions of this Act

(b)

contravenes or fails 10 comply with the provisions of

any Banking Direcc.ve or rqu lation

(c)

fails 10 comply y,i th any lawfu l order or rtquimntnt of

the Competent Authority or the Central Bank

fails to comply with any lawful order or requirement of

(d)

the Tribunal for FiNInCial Services

fails 10 comply "1th any lawful Otde. or rtquilUilUIl of

(c)

any other person made under this AcI

without I12SOn3ble excuse alters, su ppresvs. coiloc:a1s,

destroys or refuses to produce any OOcumcnt which he is lawfully

req uired to produce by any person under this Act,

shall be guilty ofan oITcna:.

(4 ) Any person who IS knowinaly a party to, or proeures or

lllds and abets the commission or an)' offence under subsections (I)

or

UIIS sectIOn shall be guilly an offence and slWl be liable

to the same penalt ies as the principal offender .

The Minister shall issue regulations presc::ribin&

(j)

~ltic:! (Of offences against this Act, and IUCb regulations may

pn:scribe pcnaltics which

by

(a)

are

enforceable

prosecution in the: courts of Malta;

(b)

prescribe different penalties for contraventions of

different provisions of this Act

prescribe penalties caleulate:d in ac.cordana: with the

(c)

duration of the: cunmis.sion of the: offence;

provide for an appeal to the: Tribunal for Financial

(d)

Services from any decision of the: Competent Authority to impose

an administrative penalty.

The penalties prescribed by regulations issued under

(6)

subsection (5) ofthil section ·

in the ease of imprisol\ment, shal l not provide for a

(a)

5entcnce of imprisonment gn:ater than 1\0.-0 yta~;

in the ease of a fine imposed after a prosecution in the

(b)

coorts of Malta. shall not provide for a fine of less than 100

Maltese liri or greater than 500,000 Maltese liri.

The Minister may by

(7)

regulations provide for

administrative penalties wbich may be imposed by the Competelll

Authority without recourse to a court hearing

Provided that an admi nistrati ve penalty may not impose a financial

penalty greater than 50,000 Maltese lin.

The provisions ofthil Act shall not appl y to the Ccnu-al Bank..

save when: and to the extent that the Central Bank is referred 10 by

Sa vi ng the provisions of the follov.·ing subsections of

this section, the Banking Act is hereby repealed.

(2)

Every licence, appointment. order or other action

whatsoever under the Banking Act repealed by subsection (I) of this

section. shall continue in force as if such licence, appoinflllQ"l\, order or

other Idion were laken under" this Act,

A

(3) The pr(MSIOIlS of this section shall not apply to

banking offshore companies registered under the Ma lta International

Business Activities Act, until such lime as the Min ister may by order Cap. ))0

in the Gazette establish.

Passed by the House of ReprC$Clltalivcs at Sitting No. 303 of the 20th Ju ly, 1994.

LAWRENCE GONZI

SpeaJcer

RICHARD J. CAUCHI

C fui: to the HolLS' of Rtpnsullal/WJ

(I) SI. I\sata gI'Iad.dispot.il:zjonljiet w -.ub&rtikoli ta' wua ta'

il-K·,u "tt s .. ko'i., dan 1-artiIroJu.I-AI1 dwv iI·Kummert BanhJju huwa b'dan imbao,er.

(2) Kull licenza, h.tra, ordni jew gI'Iemil ittlor i!run xi jkun

tab! I·At! dwaJ' iI - Kumme~ Bankarju mhassar bis-subartikolu (1) la' dan

I-artikolu &ltandu jkompli fis-schh bbaJljkiclru ]· isless licell21, /\alia.

onlni jcw ghemi l ichor sac tab! dan I-All

(3) Id-dispotittjoDij icl ta' dan ]-anikolu ma j.pplikawx glIll

Jrumpanniji banlwji oflSiJolr li huma registrali tall! I-All dwar

Atlivitajiel Kummcrcjali InlemaujonaJi ta' MaJta SI dik id-data It

]-Minislrn jista' b'lvvit fiI-Gattelta jistabbiliui.

MgI'Ioddi mill-Kamra tad-Depulali fis·Scduta Nru. 303 ta' 1·20 Ill' Lulj u, 1994.

LA WR£NCE GONZl

Speaker

RICIIARD 1. CAUCHI

SkrilllUl 18/-KIUTII2 IMl-Depul8/i