ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . (act_1994_22) | MT

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Preambolu — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

Suppfimenl/aJ-Gf.lzze/w w/-Gvem w' Mf.I/w, Nru , 16,008, 13/f.I' Se/lembru, 1994

Tf.lqsimf.l A

MALTA

A IT Nru. XXII r.' 1-1994

ACT No. XXII or 199-1

AlT tmlhrug b'ligi mill-Parl.mcntla'

AN ACT enlle ted by the P.rl il ment

of Maltl .

Malta.

A'n- bin jirrqtola I-kummtrc: ta '

AN ACT 10 rqulate th e busin tss or

istiluujonijid fimmzjllrji.

fin a ncial institutions.

AlT TA' 1...-1994 DWAR IS'I'ITU1..7..JONIJ IET FlNANZJAJUI

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 1 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

FinanzjaJji, \l ghandu jibda jsehh fdik id-data li l-Min islru responsabbli r. .........

g.hall-finan:d jista'. b'avv it fiJ .(jazzella., j istabbilixxi.

Malta Government Gazette — Act 1994 22 — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji

Schedule — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji Open official source

(Section 2)

ACT1Vn'1ES OF FINANCIAL INSTll1JT10NS

Lending (inc luding personal credits, mortgage credits, (actoring with or without recourse,

financing of QOIt\II'ICn;ial uansactions includill3 forfaiting);

Financial leasing;

2. Ventun: or risk capital

4. Money transmission .services;

Issuing and administering means of pa}menl (c.g. credit cards. travellers' cheques and bankers'

drafts);

Guarantees and commitments;

7. Trading for 0\\11 account or for account of CU!tomcrs in

(a)

money market instruments (cheques. bills, Certificates of deposits etc.);

foreign e"change;

(b)

financial futures and options;

(c)

ClIehange and interest rate instruments;

(d)

(e)

IransfCl1l.ble instruments

Underwriting share issucs and the participation in such issues

8.

9. Money broking.

Passed by the House ofRepn.::scntatives al Sining No. 303 of the 20th July, 1994.

LAWREN CE GONZI

Speaker

R1Cl-tARD J . CAUCHI

C/u/t 10 Ihe H014t of RepresenlollWS.

lppubblika, JDid.DiputImt'" ta- I-lnfonuujoni - Kaslil;a _ f'ltblilktd 1>, dw Dtp& . 0""" at I",,,=-io'n _ K..,rilj.

MilbuJlI;lI-luomperi;a w.Gven; -1'riNtJ .. IN ~ I'rlIttiIct I'm>

Malta Government Gazette — Act 1994 22 — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji

Art. 2 — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji Open official source

5.

Application of Exchange Control Act, Cap 233

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 3 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I)

fM.It. jew minn M.lta lllier minn lrumpanij. I; j kollh. litm.zj. moplij.

tahl d.a.n l· AIt mill -AwIol'ila' Kompctmti.

(2)

Fil-kat la' dubju 11I1oncvoli dwar jekk xi altivila' Ikun

ti kkonsisti I'kummert la' istiluzzjoni linanzjlllja, jcw jell lrummcrt la'

iSliluzzjoni linanzjuja j kun jew Il'UI jlrurut qro isir rM.lla jcw m in" Milia

minn xi pcrsuna, il -kwi 5ljoni ghandha li1; konklutivamcnl dctit.a

mill ·AwtoriUo ' Kompcltnti.

L-g,holi la' lianzja ghandu jlrun SOticll glial drill InnWlli

(3)

li l-Awtorila' Kompeltnti tisla' tistabbilini minn bnien ghaI tmicn,

... ( I)

Kull kumpanija Ji tiltticq libda kummcrt Uo' isti tuzzjonl

li nanzjarj. rMalll gIIandha, q.bcl ITII libda xi kummcrt bIIll dak, IapplikA

bil·miklub lill-Awtorila' Kompelcnti gh&I -litmzj& skond dan I-An.

L-applikazzjonijicl kollha ghat l i~n7JI g/'Iandhom ikunu

(2)

rdik l·ghamla 11 ghllldu jk:o llhom maghhom dik l-informaajoni 1i lisla' ligi

prt=skrilla minD tmien glial tmicn minn Dircllivl li l1- lstituzzjonijict

Final\7.jtrji u applika2Zjoni tista' ligi irtirata biss b'lvvi:t bil-miktub li

jinghata liII·AWlonla ' Kompclcnti Ii tmien qabcl I-ghod jew ic::..::ahda

ittirata 1a[·liten:q..

(3) L-Awtorita" Kompetenti ghandu jkollhl s-sctgha li lonin.

lil kutl pcrsuna bicK tippro vdi dik I-inrormazzjoni li hija Iqis mc:hticga

ghad-deti1.joni la' appli~joni ghal liten1.ja u ghad-dcti,.joni ta' jckk

liten1.ja glulndhicx tigi rislrclta jcw revokal.a.

EMa kumpsnija ma g1Iandha liogb'la lite n7Ja kcmm-il-darba: 1Irull.' ~t.II>j • .

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 5 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I)

rUn Maltin jcw Ii

(a)

il-fondi taghlla siCSS, kemm jekk

flm ol'lnl .~cttabbli ghall -Awtorita ' Kompclcnli, ma jkunux jammontaw

ghall-valur ta' dak l-ammon\ 511lbbiJit mill-Awtoritl' Kom petcnti kif

adallat skond I-allivitajiel li obbl iga rullu li jaghmell -applikant

(b)

nu jlrunx hcmm mill -i nqas kwg ind iv idwi li jlrunu

cfTcllivlllTlCnl.se j mexxu 1-lrulT1fTlCrt tII' I-istituzzjoni linam:jlllja rMaltll;

(e)

I-azzjonisti kwalili kattivL kontrolluri u I-pcrsuni kollha

li jkunu ctTcttivamcnl se jmexxu I-kummcrt la' I-is lituzzjoni Iinan7j arja

ma jkunux pcrsuni adatti biex jllSsiguJ1Iw il-mlYllfgt'mcnl prudenti

tagllha.

(2) L-Awtoritll' Kom~tcnti gll.andha liddetiedi kull applika:ajoni

ghallio!cnzja Ii ?.mien tlict xhur minn mcla tkun irtevicll-l ppl ikanjoni jew.

jckk l-a ppl ikanjoni ma tlrunx taqbcl mIL'l ·subartiko lu (2) ta' 1-lIrtik olu 4 la'

dan I-All jcw Ikun mclllicga aklar inrOrmBzzjO ni. Ii ~mi cn tliel xhur

mil -tllaris 11' I-i mscmmi subartikolu jcw il -provdimcnl la' l-i nforma7zjoni

skorld i l · k~?~ licma jku n la' I-ahllar. F'kul! ka ~ I-applika:ajoni ghn dha tigi

deti l~ Ii unicn sin xhur minn mcta lig; ritcvuta,

(3) L-Awtorila- Kom~l ~n l i lista' lagllti jew titllad Ii taghti

lianzja li dwama tkun sarclapplika:ajoni s.kond dan I-A ll;

(4) FI-gtIoli la' lio!cnzja I-Awtorita' Kompelenli lis l.' laghmel

l-isl;lu:ujoni soggclla glial dawk il -kondi1.zjonij ict li j idhri lha xierllq , U

meta tkun lal li t cnzja lista'. minn micn glial mien, libdcl jcw Ihassar kulI

kondi lZjoni hekk imposla jew timporli kondizzj onijiel godda.

(S)

MCIa I-Awtotita' Kompel cnl i IOnqos glial kwalunkwe nlguni

li lido:kC ied i Ipplikl7.7Joni glial litenzjl lit-tmic:n Jlf'tskrill tahl

is-subatli kol ll (2) ta' dan I-arti kol u, dan il -rau gIIandu jilqies li

ji kkoslilwixxi riljllll i taghli liten zjl _

~ruo:ja 'WIOma!ikament tieq. r mini j kGllb dfdt .;ckk

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 6 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I)

id-delmtur tal-liCCn7.jll

j irrinunzja ]·litcnzja: jew

(a)

(b)

1Nl j ibdiex il-lrummcrt his-sahh. tal-litcnzja fi t.mien

5il1 Mur mill -llrug I.Igbll .. jew rdak il-perijodu ichor I,' tmien li jislll'

jlrun speCi liut fiI· litcn1j.; Jew

(t) j ill dikjaral r,Ullt jew jibda likwidattjoni jew

jaghmel nthim mal-kredituri jcw ileun xort'ohn 11011; jew

jlrulU[ bIq.' jahdem btlal. ritultat ta' mcrgc-r ma'

(d)

1Nl

istiHlzzjoni linaru:jarj. ohn; jc:w

ikun fer&ha ta' iSliluzzjoni IinanzjaJj. inkorpor1lta bam

(e)

mum Mllta u 1 •• Wloritajitt komptltnti li l-pajjit g ' inkOl'pOl1Izzjoni

jirti l1lw ]_.wtoriml'njoni li l dik ]-istituzzjoni.

L· Awtorita" Kompclcnli tista' timponi rulm:tJOflIJltl fuq

(2)

lil;enzj. jt:w tisUi ' thanar litcnzj. f'kull wabda minn dawn it-tirit05tanzi li

gejji n

(a) jc:kk xi dokumenl jew infonnavjoni li jkunu 1Nl'

l-.pplikaajoni glial H«nzja jew xi informal'7joni mogh tija in

konnessjoni ITIIIg.IIha j kunu folnz rxi partikolarita $Olllanzjal i jcw jckk

id-delenlur ~I -Jitcnzjl jahbi. jcw jonqos mill; javta, li1l -AWlori~'

Kompclcnl i xi dokumcnl jcw informazzjoni jcw xi bidl l lihom li kicn

lid-dmir tiegh u li juri jcw li jlYu skond dan I-AU; jew

(b)

;Ckk id-dclen lur ta l-litcD7Ja ma j komplill jlghmd

kummcrt ~' iSliluT..{,iotIi linanljarjl rMalta glial Iktar minn Iliel xhur

J<W

jckk id-dc1c nlur tal - li~e~ jonqos milli jh~ XI

(t)

wllhda mid-dispotittjonij icI ~. din I-At! jcw il-kondi v j onij icl li

,ahlhom Ikun ingl\lllal il-Ik:CDlo:j a; Jew

1a1-Ii ~en 1Ja

(d)

jckk id-dclcnlur

jkunx gtladu

IT1a

jippossjcdi fondi licghu SlCIi~ : jcw

(c)

jckk id-dc lcnlur tal -lia:nzja x'akllfll ITIII jkunx jisl..I'

jonon l-obbIigi ticgtlu; jcw

jekk id-delenlur tal -li ~n1ja ma jkollux at1 iv biUcjjed

(I)

biex ikopri I_passiv licghu; jew

(g)

jekk I-Awtorita- Kompeten li Ikun tal -fc hnu! li_

minhatx. fiI -mod ta' kif I- istiluzzjoni filUln7Jarja Ikun qed tmeXll i Jew

tlrun bi IIsicbha tmaxi l-alTarij iel taghha, Jew g.hal xi raguni oI'tra.

I-i ntegrita' tas-sistema finanzjlllja tal-pajj it Ikun mhedda,

(3)

Ir-rcstri7.Zjooijiel

impo!ili

mill -Awlori ta'

Kompe lenl i

bis-sahlla tu-subartiko lu (2) ta' dan I-tlrt ikolu g.hllndhom ikunu dawk

ir·restri zzjonijiel li I-Awtorita' Kompetcnti jkun jidhri lha li j kunu Itierqa

sabiu I-isliluzzjoni finanzjarja thares kif imiss id -dispotjttjonijiet ta' dan

I-All u I-kondi zzjonijiet, jckk ikun hemm , 1II1-l io!enzj a taghhll u

ghllll.protezzjon i ta' I-intcgrita" 'as-sistcma finlln 7JIU"j a tal -pajjit u jislghu

jinkJudu (minghajr prcgudi7.Zju ghall-gc ncralita' la' hawnhckk)

(a)

it·tndlhija ta' kull funtjonuju ta' I-isliluzzjon i

finanzjarja. Jew ir·rimpjaz71/1lent ta' kull fun1jonarju b'di k il-persuna li

J·Awtorilll" Kompetcnti tista' tag.h2el ;

(b)

il·htiega li kwalunkwe ptrsuna li direltamenl Jew

indireltament tkun tippossjedi bpilal al2jonarju kwalifikanli

H-islituzzjoni finanzjarja lirrinunzjl dak il-hoIding koll u jew parti

m innu ;

il·llliega 1i I·islitu ttjoni finanzjllrja liellu Jew itlomm

(t)

mi lli tiellu Itl a7.7joni ;

il-hliega 1i J-istitu1..zjoni fi llRrlzjarja ti gi projbila milli

(d)

timpmja 1\1111111 r", i tnlllsazzjon i Jew Ir"II.nsl Z"ljonijicl jew xi attivitB" li

herrun fl -Iskeda li tinsab ma' dan I-All Jew lithalla timpenja ruhha hi

Il1lnSII7.zjoni jew tnm5llzzjolliji ct jew xi IIlI ivi ta" elen kala fl -Iskeda li

ti nsab ma' dan I-All fuq dawk il-palli biss li I-Awlorilll ' Kompelen ti

li$'-' tlppiUkrivi.

L-Awlorita"

(4)

Kompetenti

g.handu

j kollhl S-setgllll li

Iv.rja jew tnellhi kWllhmkwe rcstri zzjonijict imposti lahl dan I-artikol u.

(S)

U tenzja moghlija lil [crgl'la ,-' istituzzjon i finanzjarja

inkorporalB barra minn Malta ti sta' tithusae biss WIU"II konsultazzjoni IN '

1-lIw1orillljiel kompetenti tBI·pajjit. Ill ' in korpol1l1.zjoni , kcmm-i l darba

I-AWlori ta" Kompelenli ma liddctidix Ii I.kwi sljoni Ikun urgenti jew 1i jkun

hemm o! iri{QsIsllzi fej ll ileun improprj u li ssir dik i .... konsul tBzzj oni minn

qBbc=l.

Mllr-rfttriu.jool i jew lhassi r ta' litenz.ia ta' istilUT..qooi

(6)

finllni':jarja in korplralJl fMalta. I-AwtoritB' Kompclenli ghlllldha IaVU

IiII -awtoritajiet kompclCnti taJ-pa.ijit ta' kwalunkwe Slat barrani li fih

[· istituzzjoni finlU\zjatja jcw is-$US$idjarj i taghha jlrunu qed jaghmlu xi

altlvila ' li herrun f1-lskeda li tinsab ma' clan il -Altjew kull altivita' 01'l11l1i

]· Awtorita '

Kompclenti jista' jidhrilha

li

tkun komplimcnl4Ji

ghall-&ttivitajiet ta' dik t.istituzzjoni fMal ta.

Meta J· Awtorita" Kompelenti j kollha I·hsieb

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 7 AH'! 1.' rropoill. I.' — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( 1 )

li libdcl xi kondiZ7.joni Ii ghaliha !kiln sogg",'" Hcenzja

(a)

Jew li limponi kondi7.Zjoni maghh4; jew

(b) li limstringi jew th.assar liunzja Jew libdel xi rcstrizzjoni

li ghliha tku n §Oggelta li~en7J"

hijB gl\andha linnoli fika b'avvit bil-miktub il -hsieb taghhll. lill· istituzzjoni

fill8./lzjarja u ghandha lispeti(ika r-raguniji et li minhabbl. fihom I-Awtorita'

Kompctcnti bi tlsicbh1l li tiehl,l1\Zzjoni.

(2)

Kull 1Iwit moghti WIt subatti koll,l ( I ) ta' dan I·."ikol u

gtlllrld l,l j i ~pctifib pcrijodu li fi h I-istim:a.joni fin1lJ);t;jaQB tkun in titol1l1.R Ii

taghmcl MlppretcnUl:a.jonij iel lill-Awtori tB ' Kompc tenti ghaliex dik

I-azzjoni ma g,tI.ndhiex litliehed 1,1 I· Awtoriu ' Kompelenl i g,hlJldha

likkOllsidMl hI! Mlppre'.entaajoni hekk m.aghmula qabcl ma taul gh.1

de~i tjoni finali,

(J)

Ktmm-il d1I.rba I-Awloriu ' Kompc tent i ma' tiddctidix li

I- kwis'joni ,kun I,lr&en,i. hij a Jl\B. gha ndhiex ,imponi jew Ivarjll xi

res,riuJon i Jew kondi:a.joni Jew tha.'SJr li~cn7Ja qabcl ma' jkl,ln gtladda dak

il-pcrijodu kif5tiptdllt fis-subattikolu (2) ta' dan I-mikolu.

L-Aw,orita' Kompc,enti ghndbft tinn otifi ka d-de~i tjoni

(4)

finali t.ghha bil -miktub lill. istituzzjoni finanzjarja Ii lilha j kun ingtlata

awit WIt subartikolu ( I) ta' dan I·artikol u,

08IJUGI TA' DL,t:.vrURI TA' L tt E.."'i7..Ji\ U OHR.\JIII

8,

<I l

Isti tu:a.joni fina nzja rja ghandha tavta li ll - AWlorita '

Kompctenti bi l-miktub qabc:1 ma ti l\ah ferg,tla gdid.a rMa lta,

(2)

Hliefbil-lrunKnl bil-miklub la' I-AWIorita" Kompclcnti, eblb

iSlituvjoni finanzjAlja InkOi llORta rMalta IN ti5ta' ti ftah rc:rg.ha 1dida,

Igc:n7jja Jew uffitt;"" Jew listabbiliu i Jew takkwi51.1 xi sussidjary. hi post

t.m minn Malta.

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 9 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I)

Jckk

xi pet'5una tidlu jcw \agl'lnvJ iJ-hsieb li hellu Jli ~puoj''';

(a)

attjoni bie}[ libcb Jew liddi sponi minn kapital I.Z2!jo narj u kwaJi fi klnli JeW iwtolrtlll

ristilu72joni linam:jarja jcw it!id Jew tnaqqas bpital aujonarj u ...... j~ .... bd~ ..

kwalifibnti biex is-5e:hcm tad-drittijiel W. volalzjoni Jew tal-kipital

azz,ionarj u kontroUat minnha Mik I-i~tituzzjoni finarujarjl jlrun jilflaq,

jaQbet Jew jonqos 1. 111 20 m.mlj. , 33 m. mij_ Jew 50 Iit. mij. Jew bicK

dill: I-istituzzjoni Iinan7.jarja ssir Jew IN tibqax is-SUS5idjarj. ta' dill

il-per5lWI; jew

xi istituzzjoni lin&nljarj. lithu Jew taghmel H-bsieb

(b)

Ii lieby xi .ajani biell tbiegh jcw liddispon i mil Htunvncrt .. ghha jew

xi parti sinifinn li liegbu, ting,llaqad ma' xi kumpan ija 01'11'11. tIIg.IImelxi

riko5ltu1.zjoni Jew iuid il-k~pil.ll IlV'jonarju oominali Jew mahrua jew

taghmelxl bid!. 565lan7.jali llI.jeddijiet taJ· ... otaajoni ,

minghajr IM jiksbu minn qabel il·kunscns ta' I·AWIOrita· Kompclcnti. hekk.

minghajr ptCgudizzju gI'Ialxi picnll oh" li lisla ' ligi imposlll laM <lan I·AII,

I·Awtorita' Kompclenli j kollhl s.selgha li ta&J'lmcl ordn.i

Ii jtomm liII ' peminll p

islil~i

(i)

fi nanz,iatjlo

milli lichu dllk il·pas5;

li j iddikja" li dak il·pus ilron null U hla dTclt;

(ii)

Ii jotdna lill· pcrsuna jcw iSliluTl.joni finMzjllrja bielt

(ii l)

tichu dawk iI-mituri li jkunu meh ticg. bitx

il-qag.llda lingirl> IUrI ghall-qag.llda li kimtl Id:isli

minnufih qabcl il· lchid ta' dak il· p!lss;

1i jmnun lill· pcrsuna jew iMi luvjoni finanl jarj a

(i ... )

milli lekrtita lti drittijict li dak j]. pti5. kieku skond

il·lig!. kien ik un j.glliha, inklut id 4rin li li!'ticY; xi

.,.gament;

li jtomm li1I.pcrsuna jew iSlituttjoni finanzjalja

( ... )

mil1i tic l'lu xi pillS !iimili Jew xi pus ichor

tal ·btcpij i mnittla 1lI' p&fSgIlIfi (a) U (b) ta' dan

is·subartikolu.

(2)

la-subartikolu ( I ) ta' dan l....ukol u glIandu japplib kenvn

jekk I.anjonijiet rilevanti jkunu .few 1nl jkunux imnit.tll fil-Borta la'

Malta.

(l)

Mcta persuna lagllrncl il-lIsieb li tiehu xi aujoni kifstipullt

fil-p..l'Igrafi (a) u (b) tas-subattikolu (I) 11' dan I-artikolu, hija ghandhI.

qabel ma tiehu din l-aujOfti I.IIvb lill -Awtoribl ' Kompelcnli. L-Awtori l"

Kompclcnti ghandha Ii tmicn xahrcjn li lilticv; din in-noti fi ka I.IIgIlt; jew

ma llghtix il -kunsens I.IIghha. u jckk dak it -Unicn ighaddi mingllajr ma'

I-Awtorilll· Kompcten li Ihm 1.111 id-dctitjoni taghha. dak iI-fatt g,handu

jitqies bhala rifjUI.

(4)

k kk I-Awtoril.ll· Kompctcnti lkun bll-fchma li xi pcrsuna li

Ik un Jew Ikun mislennija li ss ir konlrollur 1.11' islitu7.l':joni finanzjarja bla ma

tleun jcw Ikun se ssir aujonisllI kwalifika ltiv ma Ikunx persuna adatta biex

lkun kontroll ur. I-Awtoril.ll· Kompelcnti lisl.ll' I.IIghmc\ ordni Ii jordna HI dik

il·pcrsuna biex licqaf milli tkun kontrollur jcw li j1.omm lil dik il-persuna

milli ssirkontrollur.

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 10 T,u .. -·tjoaijict — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

(I)

isliluzzjoni finanzjatja ma g,handhicx

tagl'll i xi fa~ilita · la' k.rcdilu konlOl s·sigu .... · \.I'

(a)

l'aZ'/j onij;e' IIglIha SICSS Jew konlrl xi sigurtajicI 01\1'1 mahl'\Jga

mill.isliluZ7.joni linllltzj arja nnifisha jew konlrl xi aujonijiet jew xi

sigU rLaj ic l ohra la ' korp guridiku iehor li fih I. isti.uzzjoni linanzjarja

jkolll\a konlroll;

(b) lagll li.jew lippcnnelti lijibqgllu pcndemi. fa~i l ilajicl ta'

kredilu mhux asl;igurat li fil· \otal je«edu S-somm& ta' hal'nel;l clef lil'l

Mallija -

(i )

lil xi wiehed mid-dire lturi IIghh. jcw lilI·parl;

l·miU.cwt,a kemm jckk nimk icn jew individ wal men.

Jew ma' ler!.i pcrsuni

lil xi pcrsuna 1i fihl I.isti luzzjoni finlnzjarja .few xi

(il )

wiehed jew itjed mid·dirclturi tagl'tba j kun inlcressal

bIIa]. direnur. soo::ju. mMIlger. .genl jo:w membnl (Ii mII

jkunx aujoniSI8 f'kumptln ija mni l..1:la fuq il-Bort .. 1.11'

Malta) jew lil xi persl,lna li tag.hha ~i wich cd jew itjcd

mid-direlluri 1I· I·islituzzjoai finanzjarj. jkun saranli;

(iii)

liIl(i korp ta' peBuni li fib. J.istitunjoni fin.n7Jatp. jew

xi wiebcd jcw itjcd mid~~l1uri taghha jkollt.om

I1imkicn jew individwalmcnt kontrotl, ti ma tkun .. hij.

'Ius istitunjoni filWlZjarja jew J.imprit.l tc:nltali ta'

l-istilw2joni finan7jaja, 511S5idjarju ta' din J·imprita

tc:nltali jcw IlI5Sidjllju ta' I· islilun:joni finanljarj';

taghti jcw tifllXrmclli li jibqghu pendenti ~I.ttivamenl

(t)

ghIJ xi wiehed mi ll· funzjonarji , b.lid ~lIur, jcw xi impjegal, fllCilitaji~t

ta' kreditu mIlia usigunti li fit·lota! jcttedu $·$tlarju ta' tnax·il xahat ta'

dak il· funzjonarju;ew impjegaL

(2) Fil'paJagrafi (b) u (t) tas·subartikolu ( I) ta' daD I·anikolu

l-csPftssjoni "fatilitajiet ta' kreditu mhLll( ,"igurali" tlisser fllCilitajict ta'

kreditu maglunul. mingll.jr sigurta' jcw. ~llltivamcnt glial ;li faeilita' ta'

kreditu maghmul. b'sigurta' , ku l1 put; minnhl Ii I'lli :r.mien le«edi l·v.luT

fis-suq ta' 1-llIiv li jikkoslitwilUi dik i$-5igurta·. jew meta I-Awmta'

Kompetenti tkun sodisfitta 1i ma hemm ebda vaJur 5tabbilil lis-suq, fuq

iI,batj ta' v.lul.llZjoni Ipprov.ta mi ll·Awtorita' Kompclcnti nnilisha.

Minke.tia kull in~tipxljoni provduta rdan I-All,

11 .

meta istitllz:.l!joni finanzjarj. Iqis li x'aktanr. ma tkunx. tisll ' " .... j h.~. jlugh

(.)

\()I)()fa l-obbIigi tagllha. hiP. gbandha minnuflh tinforma liII·AWIOfita' j ........ \ abblisi,

Kompelenli u I-B.nk Cen trali bil-miktub;

(b) meta I-Aw\ocita' Kompdmti

SSU' taf illi btilunjoni

fin. nljarj. x'.ktafll m. tkuJll( lisll' lonora l-obbligi tag/lha, hij. gh.ndha

tinforma minnufih lill·Bank Centnli bil-miklub;

meta I-Bank Ce ntnli jsir jl r illi istitU7.zjoni linlnljarj'

(t)

.. ·.ktanr. ma tkunx lista' 1OI'1Oi' l-obbIigi taghha, huwa gh.ndu jinfOnna

minnufih lill-Awtorita' Kompetenli bil-miklub,

s.,..,.C IIAT IU:c.oLATORJ I U INVEST IGATTIVI

n,

Ghandll j kun id-dmir III-Ministru li je1:ertita S-SCtgh.t SclaJ1al~dmirij;.1

(I)

moglllij. lilu b'dan I-All biex jassigura li I-isliluzzjoaijiet filWlljarji jlw-5u .... M;.uu".

d-dispotiujonijietll' dIn I-All u I-kondin:jonijicl ta] ·litc:nzji t.ghhom,

(I -MinislnJ ghlJldu b'Ordni IiI..Qa;o.clta jinnomina korp

(2)

biex ilrun I-AWlorita ' Kompclenti ghall -finijiel Ill' dan I-An sabiex

jesegwixxi I-funrjonijic! ta'I-AWlorita' Kompetenli laM dan I-At! u sabicx

jaqdi dawk il-funzjonije! 01'11'1. li I·MinislnJ jista' .iqis li jkunu xierqa

relall ivamen! gI\a!-lhaddim ta' (tan I-An. Dan il-korp ghandu jili nominal

ghal dak il-perijodu li ]-Mi ni slCU jista' j istabbilixxi u I-Min islnJ ghandu

jkollu s-setglla fkull t_mien li jtawwlIl, igcddcd jew itemm dik in -nomina

b'Ordni fiI-Gll'zelta .

II·MiniSlru jlsta' jaghmel ir-regolamenti li jislg.hu jlrunu

(3)

mel'llieg. biex jaghli eITen III lrull wahda mid-di spotjzzjonijiel ta' (tan I-At!

u ji~la' jemcnda jcw jimlvoka dawk ir-regohullcnti.

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 13 s.:1~'IMdmiriji.I '" — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I)

GPlandu j kun

id-dmir

ta' I-AWlorita' Kompelcnti li

t.A"to,il" Kompol •• IL lesegwixxi I·funzjonij iel stabbilili b'dan I·At! u li tassigura li

l·islitu:r.7.jonijicl finlln:rJarj i li jaghml u kummert fMalta jPllll"SU dan I-An.

ir-Regolamenti u l)irettivi mahruga taPlI din I· An u l· kon4ir.Ljonijiel

tal·lia:nzj i taghhom. Bis-saPlPla ta' dak id-dmir J-Awtori ta ' Kompetenti

ghlJldha f'kull tmien llghti dik iI- kopcrazzj(JIli lill· Bank Centrali li I· Bank

Central i j i511' jkun jePllicg fi t-lwenieq tad -dmirij iet li cgPIu,

(2) L-Awtorita' Kompctenli tista' tag.hmel dawk id-])irettivi

lilI -lsti tuujonijict FilUlnzjarji li jislghu jkunu mcPltiev biex tag.hti eITeu lil

kull WBPlda mid-d ispotjzzjonijict la' dan I-All. L-i\ wtorita' Kompetenl i

tisl8' tcmenda jcw tirn"voka dawk id· Direll ivi lill · lsti tuzzjo nijiet Finaozjarji.

Id -Direttivi lill-Isl i tu~jonijicl Fili8nr.jarji u kull emenw

(3)

Jew revoka laghhom ghandhom jigu komunikati uffi Cjlllmcnl

lill-isti tuzzjonijiet finan7Jarji kollha U 1-i\Wlorila' Kompetenti gPIandha

t~gI'Imd kopji tagPl llom disponi bbli gPlaJ pubbliku.

Diretlivi 1i11.lslituzzjonijict Finan~j.rji magPlmula tallL (tan

(<I )

I-An jistghu j ipprovdu gllall -lILigij iet regolatorj i diITcrenli li gI'Ilndhom

japplikaw ghnl klassij ic t diITerenli la' iS lilU7.7.jonijict finan7Jarj i. li jko l1hom

IiCen zja biS-i\-IIPll'la 18' dan I-All, i\-IIbicx j igi 3ssigUllll li l-lrummere hUW8

immcxxi b'mod prudenli.

1 <I. ( I ) Kul1 istituzzjoni finllnzjarja g11lndha lissollomclli dik

I-informazzjnni u re ~o kon l ijiel dwar iI-fergl'lat IIg11ha rM~lta jew bamo

minn Malta li I-Awtorita' Kompc:tcnli list. ' tePll ieg fi l-qad i ta ' dmirijietha

taP\! din 1·.\\1 jcw lrul1 1igi oPlra.

Ir-re'.okontijict kollha mehtiega taht is-subartikolu (I) ta' <!an

(2)

I·artikolu g.bandhom jigu sottomessi fdik il-forma 1,1 rdawk il-pcrijodi li

jisIghu jip preskritti minn mucn ghal muen mill·AWIOrita' Kompclenti

b'Direnivi liIl-lsliluzzjonijict Finaru;juji,

Id.dispotir..o;jonijict la' clan [·aniko[u ghandhomjapp[ikaw

(3)

ukoll gl'lall·fcrg!\al kol1ha fMal18 18' isti tuujon i finBnzjarja li ma tkuru

inkorponl8 fMalla,

(4)

Ir·re1.Okontijiet kollha u l.informa:ajoni l-ol'lra koll ha li

jinghal8w minn istitu1'2joni finanzjarja skond is-5ubartiko[u ( I) \.11 ' dan

J·artikolu gIIandhom jitqiesu bIIel. sigrieti u konfiden rJ ali l'I[ief bejn dik

1.istitunjoni finanzjarja u I·AWIOrila ' Kompetcoti , p lv iIli

(a) I·AWIOrita

Kompe:tenti

ghandha

lag.l'lti

dik

I.informazzjoni taM dan l·artikolu kif ji$I8' jkun mcl'lticg mill· Ministru

Jew mill· Bank Centrali u gbandha linforma liIl·Minislru u I-Bank

Centrali jekk fxi tmien fiI·fehma lagl'lha ikun hemm thassib dwar l·isl8t

ta' I.affiuijiet la' dik I·isti tur..o;joni linaru;jarja;

iJ -Oank CenlB[i g.I'Iandu jippn:para u jippubblib

(b)

retokQ!1lijiel konsolidati Ii jigbru nimkicn j.informa:r~joni mogl'ltij. \.11111

pBragrafu (a) 18' clan is-su bartikolu,

(S)

L-A wtorita ' Kompctenli tisla', b'avvit bil·miktub, Icl'llieg

istitu;ajoni linanzjarja jew kull fun:rjonarju taghha 1i j~ghml u dan li gej Jew

xi wallda minnhom

(I)

li Iag.l'lti [iI!·Awlorill' Kompe lenti rdak it·tInien u

posl u rdik I·gbamllli liila' tispc:tilika. dak it·lIghrifu dokumenlavjoni

li lislll' teMicg u Ill' dik id-dcskrizzjoni 1i lislII' liti hekk spc:tirlkala

n' Mvvi t;

(b) li Ilg.I'Iti liII-Awlorilll' Kompelcn ti kull taghrir Jew

dokumenlllZZjooi kif irru;cmmija veri fi kal i h'dllk it· mod li j isla' jkun

spetifibt;

li lidhcr quddicm I· AWIOrill '

Kompelenti. jew

(t)

quddiem JlC'T5una malllura minnha, rdak it·tInieD u po:>!il li listl '

lis pc:tifikl. bicx \wiegeb mistoqsijiel u tlghti taghrifu dokumenllT..:joni

dwaT dIIk li I· Awt oril~ · Kompelcnli liSla' ragoncvo lmcDl Ikun teMieg

biex IlIqdi d·dmirijicI laghha lahl dan I·AII.

(6)

L·Awtori ta· Kompetcnti tislI'

I.Ighmel kopji la' kull

dokumen t mogh ti Jew provdullallt <!an j·arti kolu ,

(7)

Meta l-persllM metltiep li lagbti laghrif jew

dokllmentazzjoni latlt dan I-arti kolll ilia jkollhiell it-tagbrif Jew

id-dokumcntuzjoni rilevanti, din gIIan.dha tghid lill-Awtorila' Knmpetcnti

fejn, skond I-ahjar tagbrif Ii j kollJa, dak il_t-glIrif jew dik

id-dokumentuzjoni tJcun, u I-Awtorita' Knmpe\cnti tista' tcb ticg li l lcull

persuna, sew jekk indikata kif imscmmi qabcl sew jell le, li fiI -fchmll

taghha jkollM. fiI -pussess tag.bha dak it, tapf jcw dik id-dokumcn~oni,

bicx taghtihidha.

(8)

Dikjarazzjoni magllmllla u dokuntentazzjoni provdula skond

;ll:L waMa mill·htigijict tabl dan l-artikolll jistghu jingiebu bbal. prov.

konttl I· pcrsuna Ii taghmel id-dikjltlzzjoni Jew li lipprovdi

d-dokumentazzjoni ki f ukoU konln IcuIJ persllna li gbaliha jirrcfcru .

(9)

Meta I-Awtorita' Kompclenti tkun lIatrel pcrsuna tabt

il-palllgra.fu (t) tas-subartikolu (5) ta' dan I-artik olu. dik il-pcrsuna j kollha.

sabicx taqdi I-funzjonijicl taghh. skond il-l'Iatra tagllha. dawk is-sclgMt

kolllla mogh lij. liII·Awtorita· Knmpetcnti b'dan I-artikolu u jcklr: dik

il-pe:rsunl Icl'Lticg )!.j IIlgI dik il-hliep titqies li tkun saret u li jkollhl

I-istess uhl'L I u dTct\ bftal hlicp ta' I-AWlorita ' Kompe:tcnti.

( 10)

I .. AWlorita· Kompe:tenti tista' telltieg pe:rsuna malnura tabt

palllgra.fu (t ) tas-s ubartikolll (5) la' dan I-atlikolu sabicx ti sS<lttomeni

IlIpport rdak il -mod Ii tispetifika.

(1 1)

L-A Wlorita' Kompe:tenti ti sla' wk oll teter{ila s-setgnat

moghtija bis : ubartikoli (I) u (5) ta ' dan I-artikolu ...:Iattivamenl glial )!.i

persuna li Ikun Jew li r)!.i wicn relevanti kicncl _

holding compMy, kumpanija sus.sidjarja Jew

(I)

kumpanija li hija persuna kon nes.~ ma' dik l-istitu7.7.joni finanzjarja;

(b) sus.sidjarja jew kumpanija ti hija persuna konncssa la'

holding company ta' dik I-ist ituzzjoni finan~jll.rja;

holding ~YJmp;my ta' sussidjarja ta' dik l-istituzzjoni

(t)

finan zjarja;

kontrollur ta' dik l-i~li t uzzjoni finlnzjarj'; jcw

(d)

(e) pe:rsun. li gI\andha kapital aztjonarju kwal ifikanti

la' dik l-islitul"./joni finanlJalja,

u I-provvcdimcnt i la' dan I-artikolu ikunu jappl ikaw glial di k il-pcrsuna.

L-AWlorita' Kompclenli lista' wkoll te~cr{ ila is-selgnat

( 12)

taghha tahl dan I-artikolu mct8 u rejn gllandha ragunijiet v~l id i Ji tissuspctta

li pcrsuna ti sta' Ikun l'Laljft ta' reatlllhl dan I-All.

15, ( I)

L-Awtorita' Kompelenli tista', kull mctajidhrilhamelll ic1 H"n .. 'SjlCmori,

jcw xieT1lq, tal'Itar spe(l\lf jew spclturi bi~x jistbarrgu U j ilTll portlw dwar

l-afTarijiel la' istituzzjoni filUU1Zjarja,

(2)

Spettllr mahtut talIl is-subllrtikolu ( I) ta' dan I-artikolu -

(a)

jisla'

wkoll , jckk

jidhirlu mehtieg jew xiel1lq

ghali-finijiet 18' dak I-islharrig, jistbarreg l-afTarijicl la' !ruJl pc:rslll1B ohl1l

kifprovdul taIll is_subartikolu (1 1) la' I-artikolu 14 la' dan I-All;

(b) ikollu u jkun j isla' jetcr(-ila s-setghal koliha moghlij.

lill-Awtorita' Kompelenti b1-ar1iko lu 14 la' dan I-All, u kull 1\11& li

jehtie1 lilqies li tlrun u j kollha l-isless saI\ha u e!fell btJal h1ieta la'

I-AWlorila ' Kompctenli ;

(~)

jista', u jekk hckk ottinal mill-Awtorita' Kompelcnli

ghlndu, jag.hmel rapport; inu-rim u fuq iI- konklutjoni 18' l-istharrig

tieg.hujaghmcl nlpport finali IiU -Awtori \1l ' Kompc:lcllti.

L-Awtorita' Kompc:lcn li j kollha s-sctgha lonina Ii I-ispejjet

(3)

kollha ta' invesligaajolli, u I; ghandhom Il'jaqsmu maghha, li ssir bis-sahJ'la

\11' dan I·artiko lu ghamlhom jithaJlsu m;ll -pcrsuni jew mill-istitul'.zjonijict

finan 1jari invoJuti.

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 16 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I) Kul1 fUl12jonarju impjepl jew 11enl la' I-Awtorita' SclJ,hto' dtIuL

Kompc:tenli. ti j uri jekk millub, evidclll'Jl la' I·a wtorila· liegllu. jisla' j idh ol

rpnst okkupilu minn pc:rsuna li lilha jlrun nolilikal avvi~ tahl I-arti kolu 14

ta' dan I-Au jcw Ii l-afTarijict laghha jkunu qed jigu misllIRITga lahl

I-a rtikolu IS la' llan I-AIt_ sabiex minn hemm j ikscb il-Iaghrif jew

id-dokumcnli m~htiega b'dak I-avvit, jcw xort'olll1l ghall·linijicl la'

l-iMharrig, u SIIbiex je1.crtila dawk is-selghll moghtija bl·i rnsc:nunijl

ar1ikoli ,

(2) Meta pc:rsuna li tkun fun7jonarju, impjc:gal jcw agent ta'

l-Awtoo la' Kompetenli jko llha ragulli bi Ucjjed li lahseb li jckk dak l·avvi1.

kif imscnuni lis-subllrt ikolu ( I) \11' <lan I-artikolu kcll u jlrun Ilolifikal ma

jkunx se jilha",s ~w Ii xi dolrumcnli li ghalih j isll' jirrefcri j itnchhcw,

ikunu mhagh8bsa jew distntui, I-imscnunija pcrsuna, liSla', wara li tun

l_evidcnl'.8 laghha. jekk milluha, tidhol fkull post imsenuni fis oSubartikolu

(I) ta' dan I-anikolu sabie ... minn hcnun likscb kun taghrif jcw dokumcnli

s~ifikali f1 -~wtoriI8 ' , licma taghrifjew dokumenti 5CIghu kicnu mehllcg.

bis·sahh la' d8k I-!lwit li hemm imsemmi fis·suhllrti ko lu ( I) t~ ' dan

I-a rtikolu.

(3)

Ghall·finijiet ta'

kull

D22joni

li

tiltiched

IaI'II

id-di spotjzzjonijiel ta' dan l·al1ikolu, I-Awtorita' Kompelcnli lista' tillob

I·gb.ajnuna tal. Kummissarju lal.Pulizija, li j ista ghal dan I.g/'Ian jeteltita

dawk is-selg.hal I; hUIT\II ve5tili fih sabiex ihateS mill; jsiru reali U Ahiex

jio fol"Zllll .liji u I-Qrdni

1MB jckk xi fond ill1M:mmi fdan I·artikolu jkun Okkupal bhala resitieoza,

dak id·dhul gb.llIIdu jsir hiss fiI ·prdeDZll la' uffil:jll tal·Pulizija ta' grad ta'

mhux anqas minn Spetlur u ma jistax isi r bejn id-disgha ta' fil-glwdja u

J·bamsa ta' filgIIodu.

(I) Jckk, kemm minn xi nlppol1 magbmul tahll ·artiko lu 14 Jew

17,

I·artikolu IS ta' dan I·An jew xort'ohnl, ikun jidhc:r liIl·A wtorita·

Kompclcnli jew lilI·Bank Cenlcali ilh tkun tappliu XI wahda

miC-<:irkostanzi indiuli IiS' 5UbartikoJu (2) ta' l-artikolu 6 ta' dan I-An,

il· Bank Centnlli jista' .

jehticg lill ·i~titu1'Zjoni linam:jarja minnulih biu liebu

(I)

!law\( il· passi li 1· 9ftnk Cenlnll i jqi!i mehlieg.. biex t,rri medja jew

tim:lIifika I·materja;

(b)

jinnomina persuna kompelenli

biex taghli panr

lill. isti tu7.1Joni linan zj arja dwar it·tmexxija xierqa tal·kulTlrtlClt tagb.ha;

j innomina persuna kompelcnli bin tiebu r idejh.l 1'lIl1iv

(t)

ta ' j·isliluzzjoni finanzjalja Jew xi parti minnu sabie" jigu mhalw.

I· inlcn::ssi IJI' I·intcgrita' las·sistema finllllzjarja fM alta ;

(d)

jinnominll persuna kompctcnti mu liehu fidcjh.l kontroJl

tal·kummert IJI' j.islitu:ajoni linanzjarja u Jew li tkompli IffiCUi dale

il· kummert Jew li IJIghmcl dik il. fun zjoni Jew funzjonijic\ 01'1111 dwar daIc

il· kummcrt jew parti m innu. kifjordna 1· 9ftnk Ccntl1lli ;

(c)

jchticg lilI ·Awtorita' Kompc:tcnti bie" Ihassat jew

lil'TCSlringi li~~nzja skond id-dispotin.,ionijiclllo' l·arti kol u 6 lIo' dan I·AII;

(I)

jclllicg lill -istiti17Zjoni finllnzjarja biex liJl ikwidll

I· kummert laghha jcw bie" till ikwida l·kummert" IJIgbh~ fMallJl .

(2) Mcta jirt"icvi I1Ippor1 jew jirt"icvi taghrif b'xi mod ichor kif

ill1M:mmi Ii)·subartikol u (I) lIo' dan I·artikolu, il· Bank Ccn .... li ghandu

jin form/l Ii Il·AwtorilJl· Kompclcn li dwar jcklt ikun" ser j ichu a1.Zjoni fuq

daIc ir·rapf'Ort u dwar kull l1.Zjoni li jkun hi hsie bu jiehu fuqu.

tlDtTURI

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 18 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

(I) (a)

Kull iSlilu:ajoni finlUlzjlltjll ghndha linno min. kull ienll H.t", " dmirijic t 1.'

udilur jt:w udituri IIpproV.ti li d-dmir Uoghhnm ikun biu jilTllportaw I-lUihlri.

dwar ir-mokonlijiet finaMjarji Uo' l-istilu7.Zjoni finanzjaJja enminali

minnhom u dwar ir-retokontijiet filtloJ\1JIlIji kom.. prer-nti

mill. istitunjoni finlUllj.ry. ;

(b) GbaJ l-finijic t \.11' dan J-.rdkolu udi tur .pprovIII ghllndu

jkun pel'5un. li lkun kwalifikata bielt tkun udilur skond I-A n Ill' 1· 1994

dwar Kumpanij i

Itda li fil -kat. ... ' istiruujooi Ii~i mhwr. inkocpcMlta rM.Iu.

I· AWlori ... · Kompetenti lis ... • laghli ctcnl'!joni mill· pan!gnofu (b) I.' dan

is-5Ubartikol u wemm dik I-ctcnl'!joni ma lnaqqllSJl IIOsu.nl'!j'lmenl

l-iskopijRt prioopali la' dan I-artikolu_

(2)

Jckk istituzqoni Iinall2jarj' tonqos miJli linnomina uditur

skond is-subartikolu (t) ... ' dan 1-ar1ikolujew. l'lIi tmien lonqos milli limll

lti vabnll! lil -k.rig. ta' uditur, 1-AWlorita' Kompc:lenli jkolllll ' -5Clghl li

linnomi n. uditur glial di k l - ist ilu~yJoni finan~jArja u gbandha tiSlabbitiXlli

I· kumpcll$ li ghandu jitha.llas fIlinn dik l-istiluD!joni finanl'!jarjl 1iI dak

I-udi tu,.

(3)

ISliluujoni linanzjaq. gtulOdhl minnufih IIIvb bil-miktub

liII-AWlori,,' Kompclenli

jekk Ikun bi I'Isicbh. tavh liII -a..z:zjoni5ti laglllla biu

(b)

(i)

lirrimpj.ra J-udituri lagbhll

IlII1I1i jllghlHq

it-tmien la' -karip Ilgbhom

(ii )

tnc:l'lb i I-udilwi Ilgbhl qlbrl

;lgIIlaq

it-t.micn tal -brip ... ghhnm

(~)

jekk ' -udi luri jieqru milli j kunu udiluri 1II'I . i~lilUZ" .. jon;

finln1JIltjll ghal It; IlIguni li nv. tkullll WlIl\dJ mir-l"Igunijicl Ii j inSltbu

fiI .pNay.fu (b) ta' d&n iHubartikolu.

!.· Awtonta· Kompc:lenli listll' lehlieg lit iSliluvjoni

(4)

finan1jal)' tibdcl I·udi luri nominali tllgl'lhll ITIC'III. fiI-r<'hnv. It' I-Awton,, '

Komp"tcnli. dlwk ' -udiluri jilqiesu li !nil j kunult adalli g)'tll dik il -kRriga.

I'IruIl tmicn IIlIIlul it-tmien 1II1-karip IIIphom.

(S )

l/dilur &handu javb. minnufih liII·AWIOrila° Kompelalti jcldt

(a)

huwa jirretenja;

1Nl jkunwc bi tuicbu li jichu dlk il. kariga mill-gdid;jcw

(b)

(t )

jiddcticdi Ii j ikk_l ifika Napport IR' veri fih.

(6) lckk fil -kariga lieghu bf'IRla uditur la' iSliluajoni finanzjarja

Jew bIIala ritultal ta' lall;. dirella ta' I-Awtorila·· Kompclcnti skond I-artikolu

14 jcw skand I-artikolu IS la' dan I-An, udilur jsir jafb'xi mater;. 1i jkollha

xUqsam ma' u li j i,g' jkollhll effdl ,wen; Ktju fuq I-istat u H&hha g '

l-islituDjooli fin~ x.i fu&ha fMaha la' istilUnjoni filWUjalja mhwc

inkOlpo. .. la fMalta jew I-intcgrita' laHi slCml finaru:jarja fMalta.. huwa

minnufih

igllamaf liII -Awtorlg'

Kompctenti

ptthocn

g/'Iandu

tal -I7WI"S"lJlrn/la' l-i.stitlU2joni finanzjarja Jew, jcldt it-eirt05tanri jkunu

hekk ji&A;uslifikaw, direttament liII -A wtorita' Kompclcnli .

s.

(7)

Ill'

rejn

id-di spo:.l:injonij iel

dltn

I-RI1ikolu

huma

inkonsislenll IlUId -d i)pot.injon ij iel ta' I-All ta' 1- 1994 dwar il -Kumpaniji ,

dan

id-di)potinjonij icl

ta'

1-lll1ikolu

glIandhom

jipponalU

u

d-di)potittjonij ict ta' I-imscnvni An ma ,g1Iandhomx., $& fejn ikunu

inkoosiSlenti. jappl ibw &11*1 iSlitur.ljonijiet finan1jarji.

Ebd.. drnir (mag/'ldud id-dmir ta' seg.n:le:>n professjOlUlIi) li bih

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 19 K_"';~ — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

(a ) uditur 1ft' iSliluujoni finan7jarj8 j i5la' jkun marbul IlUI

g)"Iandu j ilqics bhMla li jkun gic mikl;ur ghar-raguni Ii huw~ jkun wIS5llI

in bon" kw liIl -Awlorilllo Kompclcnli, sew jckk ghax mitlub minnha

Jew le. xi tashrif Jew fchma fuq x.i hata li I-udilur $&r jdbiha minhlbba

fill-lIog1lol licgllu ta' udilur ta' dik l -i~ti lur4oni u li tkun relevanll

gl\l.1I -funljC!n ijict

ta'

I-Awtor1la'

Kompclenli

bis-$IIt\ha

tad-di.spot.i7.7jonijict la' dan I-All jcw li lenhtle& li li&i komunik.ata

bi~ .... hha ta' dan I-All;

(b) pc~una IlUIhlura biu laghmcl I1Ipport tah l artikolu 14 jcw

artikolu 1 S la' dan I-An ti$ta' tJrun 5088eUa, ma gh.ndu jilq ies Ii jkun pe

mibur minh.bbI li dik il -pcrsuna tkun b'boM f«k ikkomunlk.al

lill -Awlorita· Kompclcnli dwar malelj. n:1.tau. mal-kummcrt jcw

Iffari jiet ta' l-btituV'.;oni finan7Jalja li dwatha jkun Ar ir-rapport.

KOPfJlA13.JONI U SK.Ut8JU TA' lNFOll.o,v,u.lONI

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 20 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I) Fuq il· batj Ill' ftehim inlemll2Zjomdi, jew fuq Itchim Ill' Kopcraz4 oDl M

~6protita', I·A wtorita ' Kompclcnli lis lll' laqsam id·dmirijicl ta' sorvcljanza . k.tmhju 10'

taghha ma' l-awtorilajicl kompclcnli barT1Ulin o!'lnl lil· kat ta' iSlifuzzjoni iaformanJo,u.

linanzjarja jcw fcrgha li toPCIll rMalta li hi kollha kemm hi jew l'par1 i

minnha I·proprjeta· ta' p!lf'5una bIIrT1U1ija jcw fil · kat ta ' istituzzjoni

lirwu:jarja li tkun ghal kollox jcw rpmi minnha l·proPf.icta' ta' rcsidcnti

Mal tin li tlrun qcd lopclll bftmI mi nn Malta.

Pc:I'liUDa mahtullI ~kond 1·ll1ikolu 14 jcw 1·ar1ikOlu I S la'dan

(2)

I·At! gbandu j ingbatalha al!tess g)'Ial !cull kont, rendikonl jew infOlTl18.Z7.joni

ol'lnl dwar kull iSlituzzjoni finanljarja li jkunu liI·pusscss tal· Bank Cenlral i.

Ghandu jkun hcmm laqghal li jsiru bejn iSliluzzjoni

(3)

finanzjarja, I·udiluri mallllllll IIIg)'1ha u I-Awtorita ' Kompclcnli fuq ba.ti

trilalel1lli jew bilaterali skond kif ikunu jigguslifikaw il!-tiricostanzi. Dawn

il-Iaqgbat jislgbu jigu mscjjlla minn kwalunkwc wahda mill·partijiel

ikkonl!cmali itda g)'Iandhom dcjjcm ikunu preseduli mill·Awlorilll·

Kompclenli.

(4)

L-Awlorita'

Kompclenti

u I·Bank Cenlnll i g)'Iandhom

jiddiskutu materji ta' intcress komuni fuq istiluzzjon ijict finanlJarji talll

iI -Kumitat Bankarju Kongun t kif kostilwil bl·.r1ikolu 27 ta' 1, AII ta ' 1· 1994

dwar il-Kummert Bankarj u.

APPEl Ll , RIM EDJ t, SJ(WA.u~1KA U KONFIDI':N:t. JAl.1T A'

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 21 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I ) F'dan ]·ar1 ikolu. il·"Tribuna1 gIIa1 Scrvizzi Finanzjarji" iliMer Appclli.

it·Tribunal imwaqqaf skond il· provvcdimcnli ta' l·ar1 ikolu 10 'a' I·An I~ '

1· 1994. dwar il·Kummcrt Bankarju u ''Tribunal '' ghandh~ tiftichem rdan

is-se ns: u I·provvcdimcnt la' 1' 8rti kolu 10 t8' 1·1\11 dwar i[ · Kummcrt

13allkarju ghalldhom. hli ef mct/! III wallda minnh om Ikun inkomplllibOli ma'

lIi proYVcdi menl la' dan l·ar1iko lu. jappli[(aw glial Bppclli 1i jsi l'lJ quddiem

it·TribullBI ghAI Servizzi Finanlj.rji maghmu l~ laht dan I·AII ,

Kull per$IlDa li thossh~ agg,ntv.la b'd<;-I!i:l:joni ta' I·Awloril"

(2)

Kompc'",n' i

(~)

li timponi jcw Ivarja xi kond izzjoni fuq I·gholi ta '

(b)

li limpon i j"'w Ivarja lIi restri zzjon ij

1i m&ssll" litenzja;

(C)

li taghmel xi ordni skond l-artik olu 9 ta' din I-An,

(d)

tista' tappella konlra din id-detitjoni lit-Tribunal ghal Scrviw Fi nMzjarji.

(3) Appcll kontra detitjoni ta' l-Awtorita' Kompctcnti ma

gI'Iandux jis50s pcndi l-ctckuzzjoni ta' dik id-dctitjoni.

Kull persulIlI Ii •

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 22 Rc •• i. — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

(I)

thares

likset

wabd.a

(a)

Jew

IOnqOs

XI

mid-dispotizzjonijiel ta' (\.an I-An;

tikscr jew tonqos li thares id-dispot.izzjonij iet ta' xi

(b)

Direttivll. till- lsti lUzzjonijict Finanljarji, regolamcnt jew knndiuJon i

taL-litcnzja;

IOnqc.s li tosserva xi ordn i j(:w hlieS_ Icgittima ta'

(t)

J-Awtorlla Kompelcnti jcw tal -Bank Centrali;

(d)

lonqos li tosstrva xi ordni jeW lItiep legillima

tal-Trioo/Ul1 f!.~'1 S<:rvizzi Finanzpllj i;

lonqos li IoSSCI'V1 xi ordni jew I'IlieS_ Icgi llimll ta' xi

(c)

pcrliuna ohlll maghmula skond dan I-All;

minghajr skuta ragoncvo li libde! , lissopprimi. lahbi,

(r)

tiddistruggi jcw tirrifjuta li lipprodut i lI i dokumcn, li b'l igi ,kun

mchlie~lIli ,ipproduti li l IIi pcr:sunll skond dan I-AII_

,kun ha,ja la' 1'1:111.

(2)

Kul! ptrsu na li IIjen 'emc:n' lkun pari ; n ·ghemil , jcw li

,ipprokura jew Ighi n, jew 'l'Ia.ijar I-ghemi l la' II I 1'1:111 WI' is·subarl ikol u (1)

la ' dan I-artikolu ,kun l'Ia'jll '11' real u lkun IiOggellll ghl ll -isIcss pieni

bhllll-ha,i printipali.

2.1. (I) P~rsuna ha'ja la' reat laht id-dispo2iz:rJonij ic , ta' I-a rlikolu 22

la' dan I-A ll tehcl , me t. linsab halja, multa ta' mhull iZ;ed m inn mite;n elf

lira j~w glial prigunerijl ghal 1ftlien la' mhux i1jcd mi nn scntej n. jew dik

il-m ulta U priguncrija nimkien.

(2) Ma jinbdew "bda prOCedimenti ghal reat kontnl dan I·AII

minghajr il-kunsens ta' j-Avukat Cencrali.

ld-dispoti7.l'jonijiet ta' !!an I-Att m'gtl!mdhornx jolqlu Xl

(3)

prot:edimenti kriminal i li jistgbu jlrunu kompetenti taht xi ligi obra.

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 24 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

(1)

Ebda pcrsuna -

li t1run giel dikjamta fiUluta b'scntcnza jcw li !kun

(a)

ghamlct akkordju mal-kredituri tag.hha jew li kienel funxj onluju ta'

istituZ7Joni finanzjlllja li kcllha li ~cnzj8. tagh ha mhassra skond

is-subartikolu (2) ta' l-artikolu 6 ta' dan I-At! 11 li ma tkunx gicI e1;entata

bil-miktub mi ll -Awtorita' Kompetcnli mid-dispot.i12jonijict ta' dan

l-artikolu; jew

(b)

li tkun interdella jew inabilitata jew li kitne! involuta

rmoney launden"ng jew li t\run instabcll'tatj a ta' reatli jolqot il ·fidu~ja

pubblika, serq, qcrq, cstorsjoni jew Ialli xjentement tkun irteviet o&ten i

miksuba b'scrq jcw b'qerq,

ma ghandha tagi)lxi jew tkompli bhala funzjonarju la' isti luzzjoni

finanzjarja.

Ebda haga rdan I-A11 ma tawtorizza lill-Awtorita" KoDfide.,.jllill ".

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 25 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

( I)

Kompelenli biex tinvestiga jew iggicghcl li ssi r invcs tigvzjoni r

istituz:rjo ni finan:rjarja fl-afTarijict ta' xi klijcnl individwali ta' istituzzjoni

finanzjarja hlicf

(a)

sabiex M,i assigurat li timares kull dispotizzjoni ta'

dan I-All; jew

(b)

fejn l-exj.lQ$UI*' tal-kl ijen t tista' Ikun ta' Iheddida

ghal1 -integrita' tas-s istema finanzjarja lal-pajjit.

(2)

Ebda persuna inkluti funzjonarji jew agenti ta' l-i mghoddi

jew pretenti ta' istituzzjoni finanzjarja ma ghandha ti\ol:cf xi informazzjoni

dwar l-afTarijiet ta' isti tuzzjoni finanzjarja jew ta' klijent ta' l-istituzzjoni

fina nzjarja li hija Ikun ki sbel fil-qadi tad-dmirij iet taghha jew fl -etertizzju

tal-funzjonijiet taghha skond <\an I-All Mief

mcta tkun awtori7.Zata biel! tag.llmel bckk skond xi

(a)

dispotizzjoni ta'!lan I-All;

ghalJ-qadi lIId-dmirijiel tagllha jew glIall-eultivJu

(b)

tal-funz;oniji.:! taghha;

meta tkun mchtiel' h'ligi li taghmel hekk b'ocdni

(c)

lal-qorti jew skond xi dispotizzjoni la' lti Jigi.

(J)

Me ... funljonarju ta' istituajoni finan%jarja jkollu ghalfejn

jahscb li ~ni jew InI.n5al7joni proposla tisla' linvolvi l1JOIJCy

IlIundcring, huwa obbI igat j imJd skond ir-n:go lammti mahruga taMI-AIl la'

1994 konlnl M~y uutHkring u skond lrull tinj. ta' gwida maghmula

mill-Awtoria' I((lmpdenli.

It-tharis tad-dispotizzjonij iel ta' dan

is-subartikolu ma ghandux jikko.;lilwiui bur la' konfidenzj~ita'.

(4)

L-iskambju la' informazzjoni dwar klijenti komuni Jew

konncssi be;n l-istilu7J'joni finln zjlllja, il-holding CXNtIpany IAghha Jew

is-sussidjarji IlIghha mc: ta faCili t, " la' kredi,u tkun ingb.tal Jew liSUl' tinghata

lil dak il -klijcnt ma ghBndux jikkoslilwiui bur ta' kon fidenzjalita ' .

Mlx..XEI.I.ANJ I

Malta Government Gazette — Act 1994 22 — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji

Art. 26 — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji Open official source

Application of Act 10 the Cenual Bank

Malta Government Gazette — Act 1994 22 — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji

Art. 27 — XXII tal-1994 – Att tal-1994 dwar Istituzzjonijiet Finanzjarji Open official source

TransilOry proYision

21. Schedule

Actividcs of Financial lnstituti0n5

I lI55ent ,

Uoo M lfSUD BONNIO

(L'.)

President

13th Scptember, 1994

or 1994

ACT No. XXU

AN ACT 10 rrpiofc fM business o/fintmeial inslftwliOM.

BE IT ENACTED by !he: President. by and ... i th the ad-ic:c and eomcnt of the

House of Rcprcsc:ntativcs. in this present Parliament assembled. and by the

authoi it)" of the same. as follows: •

PJt!UM INARY

This Act may be cited u the Financial Institutions Act, 1994. and

I.

shall come irUo fOfCC on such date as the MiniJler responsible for finance may,

by notice in the Gucue, appoinI.

In this Act, unless the context otherwise requires·

2. (I)

"body corporate" means a body of persons ha~il18 a IcgaI

personality distinct from that of its members;

"branch" mclns premises of a financial institution, other than

iI5 head office. from .. hich the busincn of the institution is undertaken;

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

by the Central Bank of Malta Act;

"company" means a limited liability company or a commercial

partnerShip constituted in Malta in accordance with the Companies Act, 1994

Of any law which from lime to time: ma)" be in force, or a company or

cxmmcrciaJ partneTShip rqistcn:d or ~ted outside Malta under the

laws of any counuy pttMdc:d that such OOII"lpal1y or commercial partnel"$hip

has complied v.i th the plOVisions of any law .... itich may from lime to time be

in force in Malta relating tbet tto;

- Competent Authority" means the body " felled 10 m

subsection (2) ofscction 12 of this Act;

-control" is the power 10 detertnine the financial and operating

policies of a body corporate;

"controller" is a person who, alone or together with others,

exercises control in relation 10 a body corpocate;

"Court" means the ConunCTCial Court;

"c redit facility" means the lending of a sum of money by way

of an advance. overdraft or loan or any other line of credit including

di5(:OOnting of bills of exehange and promissory no(cs, guarantees,

indcmnilies, acceptances, bills of exchange endorsed "pour aval" and fmancial

IClUing;

"director" includes an individual occupying the POOltlOO of

dilllctor of a company, by whatever name: he may be called, empowered 10

calT)' out substantially the .same functions in relation 10 the direction of the

company as those carried oot by a director and in respect of a company

registered or incorporated ootsidc Malta includes a member ofa local board or

agent or tepn:sentative of thaI company;

"equity share" means a ncminaJ. slw'e in a company when the

sharcholding entitles the shareholder 10 a right 10 vote, to profits available 10

shareholders for distribution and 10 as$Cfs available for distribution on a

.... inding up of the company, and -equity shareholding" shall be construed

aa:onIingly;

"financial instirution" means any person .... nose regu lar

occupation or business is the carrying out of

any activity lisu:d in the Schedule 10 this Act

<a)

any Olher activity defined. by the Minister as such by an

(b)

order published in the Quem: amending the Schedule 10 this Act,

for the account and at the rid of lhat person carrying oot such business

Provided that these activities are not funded through the taking of deposits or

Olher repayable funds from the public as defined in the Banking Act, 1994;

Provided further that this Act shall not apply 10 any activity under <a) or (b)

above whieh is regulated under the Investment Services Act, 1994;

"Financial Institutions DirectiVe" means a Directive iuued by

a ConlpCICnt Authority ;

"gTOOp of companies" means companies having a conunon

hollling company, including the holding company;

-holding company" has the same meaning as is assigned 10 the

term "parent company· in the Companies Act, 1994;

"liw"""" in n:1llion 10 the business of a financial institution

means a lic:ence ~Iod unIb this Ad

meanin& as is as.sigocd to it

" UIOlle)' 1a\llWkrina" has the same

by the Prevention of Money LauJ'od .... q Act, 1994

"officer", in n:lalion 10. company, includes a director. partner,

manager or company ICCretary or any person effectively acting in sudt

capacity wbether formally appointed or not

"0\011\ funds" has the same mea n;ns as is as.signcd to it by •

Financial ln51itullons Diroctive

"person" includes. person or body of persons whether a body

corporate or not

"quali'}';", sbmhokling" means a direct or indiroct holdinS in

a body COfilOIatC which represents Im per cent or more of the share capital

ISSUed by such body. or of the votina: rights attaching to such share eapilal or

... 1UCh makes it pos.sibJc 10 exercise a significant influence over the

mana.gement of the body coopo,.alc and "qualifying shareholder" shall be

construed aa:ordingly

"rc:eon.nruClion" has the same: meaning as is assigned to il by

the Companies Act, 1994

"subsidiary" has the same meaning as ·subsidiary uncicrtaIUna"

in the Companies Act. 199<1

"trade bills· means bills of exchange: and promissory notes.

A pcrSOll shall oat be deemed 10 be a fiJWICial institution by

(2)

reason of the fact that that person either

belongs 10 a group of companies and manages the

(a)

fmandng of companies which are not banb or financial institutions and

whil;h belong to the same group of companies: 0(

draws and issllCS trade bills in the normal COUTSC of

(b)

busincu under hire purchase agreements, or under sales 011 credi t where

trade bills are dra"" in relpctI of the price due.

Any rdelol1C(; in this Act 10 a share 0( shan:holding of a

(3)

",ben

axnpany shall,

applied 10 a commercial partnerShip, include a refi:renee

10 the intaat of. partner iD such partnership.

U CI.NSING REQUIREMENTS

No business of a financial institution shall be transacted in or Licence.o for w.iness of

l.

(I )

from Malta except by a company which is in possession of a licence granted fmanda] irutituti"",,_

under this Act by the Competent Authority.

(2)

In the =1 of reasonable doubt as to whether an activity

constitutes the busloes.s of a financial institutiOrl, or whether the business of a

fmanciaJ institution is or is not being transacted in o r from Malta by any

person, the matter shall be conclusively detel'Tl'llllCld by the Competent

Authority.

n.e granting of a licence shall be subject to an annual rC(: as the

(3)

Competent Authority may dc:tenninc from tinlC to lime.

Any COITlpany desifO\ls of comnv:ncing the business of a AppliahQllr"la

4. (I)

financial .institution in Malta shalt. before eommencing any such busil\CSS. lKmCC

apply in ""Tiling 1.0 the Competent Authority for a liceoce under thi s Act.

(2) All applications for a liccnee shall be in such fonn and

accompanied by such information as shall be prescribed from lime 10 time by a

Financial Inst itutions Direct ive and an application may only be wiilidra"l1 by

wTinen nolicc to the Competent Authority a\ a time before it has been granted

or refused.

(3 ) The Competent Authority sha ll have the powe r to requ ire: any

person 10 provide such information as it shall deem necessary for the: purposes

o f determining an appl icalion for a licence or for the: purposes of determining

whether 10 reslria or TC\"OI<e a licence.

No company shall be granted a licence unless

S.

(I)

bsu"'A oh lice" .....

iu own funds. whether in ~laltese liri or in another

(a)

currency aeccplable 10 the Ccmpet~"T11 Authority are equal to such amounl

established by the Competent Authority as appropriale for the activit ies 10

be undertaken by the applicant

(b)

there are at least two individuals who will effectively

direct the busil1l:ss ortlw: financial inst itution in M alta ~

(c)

all qualifyi ng shareholders. controllers and all persons

woo will efTccti\'cly di rect the business of tlw financial institution are

suitable person s to ensure its prudent management .

The Competent Authority shall determine each application for

(2)

a licence \\'ithin three months of roteipt of the application or. if the application

does not comply "'ith subsect ion (2) of soctioo 4 of this Act or additional

information is required, v.ithin three months of compliano: with the said

subsection or the furnishing of the information as the case may be.. whichever

be the later. In any event an application shall be determined within six months

of its receipt.

The Competent Authority may grant or refuse to grant a

(3)

licence applied for under this Act.

In granting a licence the Competent Authority may subject an

(4)

institution to such COIidilions as it may deem appropriate and having granted a

Ik.en<:e it may. from time to time , vary or revoke any condition so imposo;! or

impose new conditions.

the

WbeRl

Competent Authority for any reason fails to

(S)

determine an applieation for a lio:nce within the time prescribed under

subsoction (2) of this section, such (act shal l be deemed to constitute a refusal

\0 gJWlt a licence.

A licence shall automatically erase 10 ha\'e any effect if the

6. (I)

holder

liCCIICC; or

(a)

rcrJI,ItInCC$ the

does no! commence business pursuant to the liccna

(b)

within six months of its issue, or within such other period of time as may

be specified in the licena:; or

is declared bankrupt or goes into liquidation or makes a

(c)

composition with its creditors or is otherwise dissolved ; or

Cd)

has .... ased to operate as a result of a merger with

anothcr financial institution ; or

(c)

is a braJK:h of an institution incorporated outside Malta

and the compeU:nt authorities in the country ofinrorporation withdraw the

authorisation to the institution.

(2) The Competent Authority may impose restrictions on a

liccncc or may revoke a liccncc in any of the foll""'ing circumstances

Ca)

if any document Ol" infonnalion accompanying an

application for a liocncc or any information given in connoction therewith

is false in any material particular or if the holder of a licence conceals

from, or fails to notify to the Competent Authority any document or

information or change tbcrein .... hlch il was il$ duty to reveal or notify

under this Act; Ol"

if the holder rases to caoy 00 the business of a

(b)

financial institution in Malta for more than three nlOtlths; or

if lbe bolder fails to oomply V;lth any oflbe provisions of

(e)

this Ace or \\;th Ibe eooditioos under whlc:b Ibe Iicellce is granled; or

iflbe bolder 110 longer p ....... 'ses sufficient Clv;n funds: or

(d)

(e)

if Ibe holder is likely to bec"c ... e unable 10 meet its

obligations; or

ir the holder has insufficient 3.l15ets to eever its

(t)

liabilities; or

(a) if Ibe Competent Authority ccnsidcrs that. by reason of

the manner in which the fmaneial institution is ccoducting or plO!J05CS to

c:cnduct its affairs, or for any other reason. the inkglity of the tcuntry's

financial system is threaterled.

Restrictions imposed by the Competef1t Au thori ty pursuant to

(3)

subSQC;tion (2) of this section shall be such restrictions as the Compctt'tlt

Authority shall ccnsidcr appropriale rOf the proper oompliaru:e by the financial

institution with the provisions of this Act and the ccnditions, if any, of its

licence and for the protection of the intc:grity of me country's financial SYIICm

and may include (\\;thout p~udioe to the generality hcrcot)

Ca) the n:movaI of any officcr of the financial institution or

the replaccment of any offic:cr by such person 1.$ the Competent Authority

may designate;

the requi,unu,t for any person who directly or indirectly

(b)

possesses a qualifying sharchoIding in the financial instilUtlCln 10 divest

himself of all or part of that hoIdin8.

(c) the requII(ment for the fmancial insotuoon to take or

n:m.in from taking any action;

the requirement that the financial mSlilUtion be

(d)

prohibited from undertaking any transa.etlon Of transactions or any

activity listed in the Schedule to this Act Of be ptf1TIined to undertake any

transao::tion or transactions Of any activity Itsled in the Schedule 10 the Act

only upon such terms as the Competent Authority may prescribe.

The Competenl Authorily shall have the power to vary or

(4)

remove any restrictions imposed under this $CCtion.

A licence granted to a branch of an institution incorporated

(~)

outside Malta may only be revoked after consultation with the oompctcnt

authorities of the country of incorporation, unless the Competent Authority

da:idcs that the matter is urgent Of that then: !If'e circumstances wtoich make

such poor consultauon Inappropriate.

(6)

Upon the restriction or n.'vocation of a licence of a financ ial

institution incorporated in Malta. the Competent Authority shall inform the

ccmpetent authorities of the country of any foreign states in wbich the financial

institution 01" iu subsidiaries arc canying on any activity under the Schedule to

this Act or any other activity as the Competent Authority may deem

complementary to the institution's activities in Malta .

Whc:rc the Competent Authority intends

7. (I )

(a)

10 VoIr)' 3Dy condition 10 which the licence is subjcct or to

impose a condition !hereon: or

to restrict or revoke a licence 01" to \l3ry any rcstrictioo

(b)

it shaH SCf\ie .... rillen notice ofiu intention on !he financial institution and shaH

specify the grounds upon which it intends to take such action .

Evcry notice gi,~n urv;\cr sub!ICCtioo (I) of this section shaH

(2)

specify a period In ,,·hich !he financial institution shall be entitled to make

representations to the Competent Authority as to why such acuon should not

be wen and !he Compell:nt Authority shall consider any rcpre5C1ltations so

made before arriving 011 a final decisioo.

(3)

Unl ess the Competent Authority 1kx:ides that thc mlmcr is

urgent. it shaH not impose or ,·ary any restriction or condition or revoke a

hccncc before the c::<pi ry of the period as set under sub!ICCtion (2) of this

5CCIion.

The Competent Authority shall notify hs final decision in

(4)

wriling to the finallCiaJ institution to whom notice nnder subsection (I) of this

$<.'C tion was scrved.

OBLlCAnONs or LICENCE !lOLDERS ",,"D OTII ERS

8. ( I)

A financial institution sha H inform the Compet cnt Authority U1

()peJIIllg ofilnlnchc:. .

writing before opening a new branch in Malta.

(2)

Unless with the written consent of !he Competent Authority, no

financial institulion incorporated in ~l alta may open a bnnch agency or offICe.

or set up or acquire any subsidiary In any place O\Itside Malta .

9. any person takes or intends to take any action to acquire or 'viaIion In

(a)

or dispose of a qualifying shareholding in a financial institution or 10

inc~ or reduce such qualifying shareholding so that the propon ion of

we voting rights or of the share capital IIcld by him in that fmancial

institution reaches, cxn:etls or falls below 20 per CI.'IIt , 33 per cent or 50

per cent Of so that the financial institution becomes or ceases to be the

subsidiary of such person: or

(b) any financial instirution takes or intends to take action to

sell or dispose of its business or any significant pan thereof, merge with

any other company, undergo any reoonstruo;;tion or vary its nominal or

issued share capital Of effect any material change in vtM1ng rights.

without obta ining the prior consent of the Competent Authority. then. ",ilhout

prejudice to any other penalty which may be imposed under wis Act. the

Competent Authority shall have the power to make an order

restraining the person or financial institu tion from taking

(i)

the action

declaring the action to be void and of no effect

(ii)

requiring the person or fmancial institution to take such

steps as may be IlC(:C5saty 10 restore the position existing

immediately before w c action was taken

restraining the pclIDll Of financial institution from

(iv)

exercising any rights whicll the action would. if lawful.

have conferred upon them. including the right 10 rea:ivc

any payment

restraining the pcrson or financial institu tion from taking

(v)

any simi lar action or any other action ",ithin the

categories set oot in paragraph (a) and (b) of Ihis

subsection.

(2)

Subscaion ( I) of this section shal l apply whether or not an)' of

the relevant shares are sha res listed on the Malta Stock E.-.;change.

(3) Where a person intcoos to take any action as set 00\ in

paragraphs (a) and (b) of subsection ( I) hereof. he shall before taking such

action notify the Competent Authority . The Competent Authority shall within

two months of receiving such notif1C3tion gi \'C its consent oJ. othc ..... ise and if

that period elapses without the Competent Authority having given its decision

such ract shall be du; ... ed 10 be a refusal.

If the Competent Authority is of the opinion that any person

(4)

who is or is proposed to become a conlroller of a financial institution without

being or becomiflS a qualifYing shareholder is !lOt a suitable: person to be a

Q.)f1troller, the Competent Authority may make an order requi ring such a

person to 'Tase to be a contro\lcr or restrainiDg such a person from ""~OIning I

10. A financial institution shaJlroot

<a) 8f2II1 any credit fadl ity against the security of its

O\Oon shares or against any other sccu1'itiC$ issued by the rmancia.l institution

itself Of against any shares or any other sccurities of another body

corporate in which the financial institu tion has control

grant or permit to be outstanding, unsecured credit

(b)

facilities ""hid in the ameg31e exceed the sum of fi~ thousand Maltese

to any onc of its dirt:(:lol1; or their spou!ICS whclhcr

(i)

joindy or sevtrally as wdl as with third parties

to any person in whom or in which the financial

institution or any onc or more of its directors is

interested as a director, partncf", manager. agent fJi(

member (other than as a shareholder in a company li stcd

00 the Malta Stock ElIchange), or to any person of

whom or of which any onc or more of the financial

institution's directors is a guarantor;

10 any body of persons in which the financial institution

(iii)

or any one or more of its directors jointly or severally

maintains control, not being itself a financial institution

or the parcnt undertak ing of the fin:mcial institution, a

subs idiary of thi s paTent undertaking o r a subsidiary of

the financial institution

grant to or permu 10 be outstanding in respect of any

offio.:r. Olhcr than a di rector, or any cmploya:, uns«ured credit facilities

"ihich in the aggn:gate exceed twelve months' emoluments of such offiC(lr

(2) In paragraphs (b) and (c) ofsubsectioo (I) of this section the

cxpressioo "unsecured credit faci lities" shall mean credit racll ities made

without security or, in respecl of any credit raci lity made ... ·ith securit}·. any

part the reof which at any lime cxcct::ds the market value of the assets

constituti ng that security. or when: lbe Competent Authority is satisfied that

there is no established market value, on the basis of a valuat ion approved by

the Competent Authority itself.

11 ,

N(I(\I.ithstanding any investigation provided for in thi s Act,

wbere a financial institution mnsidc:B that it IS hkdy to 0lil' .........

(a)

I». ... h .. umbk to mcc:l its obI igatioru; it shall fortb\Ooith Inform !he

Competent Authoi il)' and !he: Ccmral Bank in writing

where the Competent Authority beeomcs aware that a

(b)

financial instirution is likely to beeomc unable to mcc:l ils obl igations it

shall forth",ith inform !he: Central Bank in wrili",

(e) wncre!he: CmuaJ Bank bocomes aware that a financial

U1Jmution is likely to become unable to mI),,"l its obl igations it shall

forthwith inform the Conlpetcnt Authority in wriling.

R1!CULATORV AND l)'ovtsTI CATORV POWERS

(I) It sball be the duly of !he: Minister 10 exercise the powers

11. conferred upon him by thi, Acl 10 ensure compli:mce ,by fmancial institut ions orlbe Mm,S! ...

with !he: provisions of this Aa and conditions of their licences.

(2) The Minister shall by orocr in !he: Gazr:Ue nominate: a body 10

be the Competent Authonty for the purposes of dus Aa 10 carry out the

functions of the Compc:lent Authoril)' under Ihls Ad and 10 perform such other

functions as the Minister may cunsidc:r approprUte in relation to the opcr.lIion

of this Aa Such body $hall be nominated ror such period as lhe MInister 1T13)'

determine and the Minister shall haw Jhe power nt an)' time to prolong, rellC\\'

or te:rminatc: such nomination by Order in the Gazc:tte

(3) The Miruster 1nl)' make rqu latlOllS as may be reqUIn:d ror

carrymg Into effect any of the provISions ofm.s Ad and may amend or l"C\'oke

such regu lations

13. (I) It shal l be the duty orthe Competent Authority 10 carry out the """'..,., MId duucs

functions preseribed by this Ad and to ensure that financial Ulslltutions oflho: CompeIaII

earT)'1113 on bus1ncss in Malta comply \Oollh th is Act. RegulatIOnS and AIIIhonI)'

Dired i\'C$ ISSued under thiS Act and \\ith the cond itIOnS of thei r hcences , In

pursuance of that duty the Competent Authority sh311 at all t1lllt:S afford such

oo-opcrntion 10 the Centrnl Bank as the Central Bank may rcqUIn,l In the

disch3rgc of ,1S duties.

(2) The Compc:lcnt Authority may make Financial InstitutlO!lS

Dirocti\"e! as nlll)' be requ ired for eanying into effcc:t any or the proVISIOnS of

this Ad The Competent Aulhonty may amend or re"oke such FlIlaoclal

Institullons DIn:ctives.

Finaocial Institutions Diroctl\'CS and any amendment or

(3)

m'QCalion thereof shall be officlIlIy communicated 10 all fmanciaJ inllitutions

and the Competent Authonty sh311 make copies thereoraV3Jlable 10 the public.

Financial Institutions Directives made under this Act may

(4)

provide for different regulatory roqUitUliCollS to be applicable to different

classes of financial instirutions. licensed under this Act , 10 ensure that business

is conducted in a prudent manner.

A financial institution sllall submit such information and

14. (1)

Authority to fC<Iuin: statements relating to its branches in or ootsidc Malta as the Competent

Authority may require in the discharge of its duties under this Act or any other

law.

All statemcnts required under sub5cction (I) of this section

(2)

shall be submitted in suell form and at such periods the Competent Authority

may from time 10 lime prescribe by Financial Institutions Directives.

1nc provisions of this section shal l also apply to all branches

(3)

in Malta oh finan<:ial institution which is not incorporated in Malta.

All statements and other information furnished by any

(4)

financial institution under sub5oction (I) of this section shall be regarded as

secret and confidential except as between that financial in$titution and the

Competent Authority save that;

(a)

the Competent Authority shall furnish such

infomuihon under ~ . .his Section as may be required by the ~tinister or the

Centr .. 1 Bank and shall inform the Minister and the Central Bank if al any

time in its opi nion there is concern regarding the stale or affairs or that

financial institution

It,)

the Central Bank shall prepan.: and publ ish

collsolidated statements aggrcgatillg the inrormation furnished under

paragraph (a) orlhis subsection.

11Ie Competent Authority may, by 1lO(K:e ill writins, require a

(5 )

filWl(;ial institution Of any or its o fficers 10 do all or any or !he rollowing

to furnish to the Competent Authority, at such time and

(a)

place and ill such form as it may specity, such info rmation and

documentation as it may requ ire and or such description as may be so

specified in thc Il()(icc

to furnish to the Competent Authority any inronnation

(b)

Of documentation aforesaid verirled in such manner as it may specil'y

(c)

to attend berore the Competctlt Authority, or before a

person appointed by it. at such time and place: as it may specity, to ansv .. cr

questions and provide information and documentation as the Competent

Authority may reasonably rcquin.: ror the performance of its funclions

under this Ad.

(6) 1lIC Competent Authority may take copies o f any documents

fumisllcd or provided under this sccIion.

(7)

Where lhe person required 10 provide information or

documcn"lim UDder this section dots not have the rcievant information or

doc"mcn'a'im , be shall disclose to the Compcrcnr Authority wbcre. to the best

of his kDow~ that infonn.alioo or documentation is, and the Competent

pe''''''-''

Vo'bcthcr indicated as aforesaid 1)1" not, ",iIo

Authority may require any

appears to it to be in possession of that informatiOll Of documentation, to

provide it.

(I) A Wuti""V,1 made and documc:n"'~ provided in pursuance of

any rCQ\ma .. eut under lhlI SCChon may be used in C\idc:nce against the person

making the statement or providina the Ooc\Imc:ntaUon as well as against any

person to whom they relatc.

Where the Competent Authority has appointod a person under

(9)

paragraph (c) of subsection (S) of this section. such person shall. for the

PU'llJl!ct of carrying out his functions under his appointment. ha~~ all the

powcrs confcu ed on the Compdent Authoe ity by this section and a

requhCi.1m1 made by him shall be dc:cmcd to be 3I1d ha\"C the same forc:c and

effect as a rcquin;:mcnt ofthc Competent Authority.

(10) The Competent Authority may require a person it has

appointed under paragraph (c) of subsection (S) of this sctIion 10 submit a

report in such fonn as it may Si'Uify.

(I t) The Competenl Authority may also excrcise the powers

coofcrrod by subsectiON (I) 3I1d (S) of Ihis seclion in relallOll 10 any JXrsort

who is or has al any relevant lime been -

(a)

a hoIdina company, $ubsidiaf)' or a company which is a

U)I.lCCtcd person of that financial instiluUon

(b)

a subsidiary or a comp:uly which is a cooncclod person

ofa holding company of that fmanci:r.1 institution

(c)

a holding company of a subsidiary of that financial

instituljon

(d)

a controller of th:r.t financial institution: or

(c)

a qualifying shareholder of that financial institution

and the provislOi1S of Ih,s soction shall apply to Ih:r.t person.

112) Thc Comp..1enl Authority may :r.lso exercise its po\\"~rs under

this IOCIion where it haa re:uon:r.ble grounds for suspecting Ih:r.t a person is

SU ilt)" of cornmittina ~y offenc:c UDder this Act.

I S. (I) The Competent Authority may, whenever it deems it IIO"qqry

o r expedient. appoint an inspector Of inspectors 10 in\'CSllgalc and report on the

affairs of a financial institution.

An inspector appointed under subsection (I) of this section -

(2)

may also, if he thinks it ",......sary or expedient for the

(a)

purposes of that investigation, investigate the affairs of any other person

as prescribed under subsection (J I) ofsectiOll .l 4 of this Act ;

shall have and may exercise all !he powers eonfemd on

(b)

the Competent Authority by section 14 o(this Act., and any rcqui ' (!Ill(lIlt

made by him shall be dcuntd to be and have the $alT1e fora: and effoct as

a requirement of the COnlpelcnl Autho rity;

may, and if so direclC:d by the Competent Authority lI'Iall.

(c)

make inlcnm reports and 01\ the conclusion arms inYC5ligalion shall make

a final report 10 the Competent Authority .

(3) The Competent Authority shall haVt the power to order that all

expenses of, and incidental to, an investigation pursuant to this section be paid

by the persons or financial institution concerned.

16. (I) Any CffiCCl , emplO)'CC or agent of the Competent Authority. on

producing.. if required.. evidence of his authority. may enter premises occu pied

by a person on .... <horn a notice has been scrYC:d under SOClion 14 o f this Act or

whose affairs are being investigated under section I S of this Act. for the

purpose of obtaining there tile infonn:uion or dOCUIllCflts requ ired hy that

notice. or othcrni se for the purpose of the investigation . alld of exercising any

of thc powers conferred by the said sections.

(2) Where any officer. employee or agCflt of the Competent

Authority has reasonable cause to believe that if such notice as is re ferred to in

subse<:tion (I) of this section were served it would not be complied with or that

any documents to which it CQ\J1d relate would be removed. tampered with or

destroyed. such person rna)'. on producing. if required. evidence of his

authority. enter any premIses referred to in subse<:tion (I) of this section for the

purpose of obtaining there any infomlation or documents speci fied in the

authority. being information or documents that could have been requ ired ulldcr

such notice as is referred 10 in subsection ( I) orlhis S\.'Ction.

For the purposes of any 3Clion taken under the provi sions of this

(3)

section. the Competent Authority may request the assistance of the

Commissioner of Police. who may for such purpose exe rcise such pol'<'Crs as

arc \ll;Stcd in him for the prevt:ntioo of offcncc:s and the \.11 forcemcn\ of law and

order

Provided that where an entry as is mentioned In this section involves premises

that are occupied for the purpose of habitation, such entry shall be ca rried Olll

in the presence of an officer of the Police of a rank !lOt below that of Inspc<:lor

and shall moreover no( lake place between nine in the evening and five in the

mommg.

17. (I) If, whether from any lC;port made under sectioo 14 Of' section 15 Po ... "tf oftlw

of this Act or otherwise, it appears 10 the Competent Authority or the Cenll1l.l Central Bank

Bank, that 3IIy of the circllll1Stances indicated in subsection (2) of se<:lion 6 of ~~~;rol

this Act apply, the Central Bank may ·

require the financial insti lUlion fortll\\'ith to take such steps

(a)

as theCCI'Ilral Bank may OOI\$idcr l"'('('S'uy 10 .tI,itdyor recli fy the

mancr;

(b) appoint a competent person

advise the financial

institution in the proper conduct of its business

(c)

appoint a competent person to take charge of the assets of

the financial institution or any port ion of them for the purpose of

safC&Ual\1ina the interests of the int/:irily oflhe financial system in Malta

(d) appoint a competent person to assume control of the

busines.s of lhc financial instilulion and either to carry on that business or

to carry oot such other function or functions in respect of such business.

or par1!hcroof, as the Central Bank may dir<:cl

(c)

require !he Compelcnt Au!hority to revoke or restriet a

licence according to the provisioos of section 6 of this Act

(f)

require the finaneial institulioo to wi nd up its business or

to wind up 115 business in Ma lta.

(2) Upon receipt of a rcpor1 or informaciOl1 otherwise received as is

mentioned in subsecti Ol1 (I) of !his scetioo . the Central Bank shall inform the

Competcnt Authority on whether it intcMS to take any actiOl1 pu rs uant to such

repor1 and ofany action it intends to take thercoo .

AUDITORS

18. (1)

(a)

E\'ery financial institution shall each year appoint an Appomlmall ... 1d

approved auditor or auditors ",!lose duty shall be to repor1 on the !inanei..! dUli .. of AuditOfS.

statements of the financial institution e.~mincd by them and on all financial

statements prepared by the financial institution

For the purpose of this section an appl"O\'Dd auditor

(b)

shall be a person who is quaJifMXI 10 be an auditor in accordance ... i!h the

Comparues Act. 1994

i>ToYidcd that in the caK of a finaociaI instirution no!. incorporaud in Malta the

Competent Authonty may gram exemption from paragraph (b) of this

subsection subject that the same does no!: materially dettacI: from the main

objects of this section.

(2) If a financial institution fai ls to appoint an auditor under

subsc:ction (I) of this sa:tion or, at any tunc (ails to fill any vacancy in the

office oran auditOr. the CompetaU Authority shall ba~ the p<J\'I'ef 10 appoint

an auditor for that institution and shall fi.~ the remuneration to be paid by that

financial institution \0 such auditor.

(3) A financial institution shall forthwith give written nocice 10 the

Competent Authority'

on the appouwncnt of its uditors

(a)

(b)

if it proposes to give notice to ils shareholders to

replace: its auditors at the expiration of their ICtm

(i)

o(office;

(ii) ,UhOve its auditors

before the c:xpirotion of their

tefm ofofficc;

(e) if the auditors cease 10 be auditors of the financial

inSli(ulion for any rtason other than tbosc in paragraph (b) of this

subsection.

(4) The Competent Authority may rtquirc a financial institution to

change its appoinfCd auditors where. in the Competent Authority's opiruon.

such auditors are eonstde«d unfit for this appo!nlmCnL at any ume dun",

Ihc.r ICnn of offlCC.

An auditor shall immediately inform the Competent Authority

(5)

in writing if

Ca)

he resigns;

he does not sed to be re-appoimc:d, or

(b)

he decides 10 qualIfy the audit report.

(e)

(6) If, in IUs capacity as an auditor of a financial institution or due

to a diro;t request by the Competent Authority under section 14 or under

section 15 of this Act, an auditor becomes aware of any matter which n: lates

to and may haV\'i a serious adverse effec:t upon the stability and soundness of

the fmancial institution or 11 branch in Malta of a financial institution 00(

incorporalCd in Malta or the integrity of the financial system in Malta he dial!

imrnediat.:ly infonn the Competent Aulhority through the fmancial institution's

management or, if circwnstancc:s so wanant, directly 10 the Compecenl

Authority.

In so far as the provisi011.'l of this section are inconsistent with

(7)

the provisions of the Companies Act 1994, the provisions of this section sllaU

prevail and the provisions of the said Act shall, to the cxlall of the

inoonsislenCy, 00( apply to financial institutions.

No duty (including the duty of professional secrecy) to whi ch

1\1.

Communication by

Au.dilOn, tIC. ",i!h the

(a) an auditor of a financial institution may be subject, shall be Competent Authority.

regarded as contra\iuocd by reason of his communicating in good faith to

the Competent Authority, whether or not in respoosc 10 a request from it,

any information or opinion on a mauer of .... -bieh the auditor has bu;o,nc

aware in his capacity as auditor ofthal institution and which is relevant to

any functions of the Competent Authority under the provisions or this Act

or is rtquin;d to be communicated by vinuc of this Act;

(b) a person appointed 10 make a report under SOCIion 14 or section

15 of this Act may be subjOCl., shall be: regarded as contr'llvcnod by reason

of communicating in good faith 10 the Competent Authority any matter

which relates 10 the business or affai~ of the financial instilUtion in

relation 10 which the report is made.

C().OPERATION AND SHARINC OF INFORMATION

20. (I) 00 the basis of international agreements. or upon reciprocity Co-opentIOa Md

3&' oemenlS. the Competent Authority may share its supervisory duties .... ith sbariDa~

other foreign compdcnt authorities in the ease: of a financial institution or mfonnallOll..

branch oper:uing in Malta which is fully or panly owned by a foreign pcrson

or in the case of a financial institution fully or partly owned by Maltese

residents which is operating abroad.

A person appointed under IOCtion 14 or section ] 5 of this Acl

(2)

shall be given access 10 any acrounlS. returns, or other information I'oi th regard

10 any financial instilUlion ..... hich arc in the possession of the Cenlral Bank.

(l) There IIhalI be mcctin&s held lKtvoect a financiaJ iNtitution, jg

appoinlcd auditon: and the COIIII" 'mt Authority 00 a lrilatenJ Of bilateral

basis as eiTtUD1SlallDC5 may wananl. These I1'IOCting1: may be called by any of

the pat1ies concerned but dIall always be wind by the Compdm! Authority.

Competent Authority and the CenuaJ Bank shall

(4)

The

diseuss matten of mutual interesl: on finmciaI institutions under the Joint

Banking Committee as eonstihJIcd uncIcr section 27 of the Banking Act, 1994.

APPtALS, UMEDI r.s, DISQUAUP'lCATIOH

AHO CONf'IO£NTlAUTV

1 1. ( I) In this scclicn, the "Financial Scrvices TribunaJ" mea/IlI the

Tribunal established in terms of section 10 of the Banking Act, 1994, and

"Tribunal" shall be 00Il$lIlKXl accordingly: and the provisions of section 10 of

the Banking Act shall except in so far as any of them is im:ompatihle with the

provisionJ of this ICCtion. apply to appeals made to tbc Financial Servic:a

T ribunal under this Act.

Any penon who is aggrieved by a decision of the Competent

(2)

Authority

Ca>

10 impose or \'af)' any oondilion 0(100 licence

to impose or vary any rc$trid:ion;

(b)

(c)

to revoke a licence;

Cd)

to make llII)' order under SCdion 9 ofthU; Act.

may appeal against the decision to the Financial ScrviCC$ Tribunal.

An appeal against a decision of the Compelent Authority shall

(3 )

not 1"Sf""1d the operation oftlw @ision.

22. (I)

Any person woo-

contravenes or fail s 10 comply with any of IlK: provisions

<a)

of this Act;

contraVCllCS o r fails to comply with the provisions of any

(b)

Financial Institutions Directive, regulations or licence condition;

(c) fails to comply with any lawful order or reqUiltii.e.lt of

the ComptlCnl Authority or the Central Bank;

(d) fails to comply with any lawful order or n:qUi IC ...... li of

the Financial Services Tribunal;

fails to comply with any lawfu l order or requirement of

(e)

any other pel'$Ol1 made under this Act;

(f)

without reasonabl e excuse alters. suppresses, conceals,

destroys or refuses to produce any document which he is lawfully required

10 produce by any person under this Act.

shall be gui lly oran offence.

Any person who is knowingly a pany to, Of procun;s or aids.

(2)

and abets the ccmmission of any offence under subsection (J) of this section

shall be guilty of an offence and shall be liable to the same penalties as the

principal offender.

A person gui lty of an offence under the provisions of section P"",Il;co.

2J. ( I)

22 of this Act shall be li able on conviction to a fin.: (rnli/la) not exceeding two

hundred thousand !iri or to a \enn of imprisonment not exceeding two years, or

to both such fille and imprisorunent.

No proceedings for an offence under this Act shal l be

(2)

commenced .... ithout the consent of the Attorney General.

()

The provisions of this Act shall 110( affect any criminal

proo:ccdings that may be competent under any other law.

24. ( I)

No person-

.... ho has been adjudged bankrupt or has made a

(a)

composi tion with his creditors or has been an officcr of a financial

institution which has had ilS liccroce revoked under subsectioo (2) of

section 6 of this Act and .... -bo has not been exempted in ..... Tiling by the

Cornpefenl Authority from the provision of this section: 0(

... no is interdictod or incapacitatod or wno has been

(b)

involved in money launderina or found guilty of a crime affecting public

UU$l, theft, (11100, extortion or of knowingly receiving property obt·i .......

by theft or fraud,

shal l act or continue to act as an officer of a financial institution.

25. (I) Nothing in this Act shall authorise the Competent Authority to

enquire or cause an enquiry 10 be made in a financial institution into the affairs

of any individual customer of a financial institution except

for the purpo!lC of CllSUring compliance .... ith any of the

(a)

provisions Or lM Act; or

whe~ it is believed that the customer's exposure could

(b)

contribute a thrclI to !he integrity of the country's financial syst£m.

(2) No ""SOlI, including past and present officers or agenu oh.

financial institulion. shall diselose any informatioo relating to the affairs of

thal institution or of a customer of that institution which he has acquired in the

performance o rllis duties or the e.'(crcise ofhis functions under this Act cxcept

whcl'l authorised to do so under any of the provisions

(a)

of this Act;

for the purpose of the performanc.c of hi s duties or the

(b)

exercise orhis functions ;

when lawfully required 10 do so by any court o r under a

(c)

provision orany law.

(3) When an ofIiocT of a fmaneial institu tion has reaS()f\ 10

belie\.'C thal a transaction or a proposed Ir1lnsaction could involve money

laundering, he shall act in ac.oordance with the rqutaliom laid 00\0.11 under the

Prevention of Money Laundering Act. 1994 and any guidclillCS provided by

the Competent Authority. Compliance ~ith the provisions of this subsection

shall not constitute a breach of confidentiality.

Exchange of informalion on mutual 0( connected customers

(4)

between the financial institution, its holding company or its subsidiaries where

a crodit facility has been or may be granted 10 that custorrocf shall not

constitute a breach of confidentiality.

IUSCI I...l.A/'lIOUS

The CmtnII Bank may exclude the Application of the Exchange

16. CootroI. Ael 10 lnnSadions carried out by liocna:: boldcrs .... ith pcrXIIlS not ~=.:, Cap. m

residc:nI in Malta for the pul'JiO" i ofthc said Act.

Tbc provisions of this Act shail not apply to the Cenlr'al Bank, save "ppl ication of ~I 10

27. where and 10 the extent that the Central Bank is referred to by name.

lhe Cen\J'l.I Hank.

Financial institulion$ that were operating immediately prior to the Tnntllory pr1IVi_.

18. coming into force of this Act. may continue to opaate for a pca iod of three

IOOIIlhs after the comina into rOt a: of this Act, v .. ithout the occd of a h ..........

under this M .

A

Gazzetta tal-Gvern ta' Malta — Att 1994 22 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Art. 28 — ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl . Open official source

JSlilu17.jonijiel linlnzjlrji li kienu joperaw minnufih qabcl il ·bidu

lis·sei'ltlla' dan I·AII , jiSlghu ikomplu hekk joperaw sa Ilctt xhur want. J·bidu

fis·sehh ta' dan I· AIl, minghljr il· hli cga ta' litcnzja tahl dan I·An.

ACT No. XXII or 199-1 AlT tmlhrug b'ligi mill-Parl.mcntla' AN ACT enlle ted by the P.rl il ment of Maltl .

Table of Provisions (22)

Statutory Text (22 Articles)

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