ACT No. III of 2009 AN ACT to amend financial provisions in various laws.

I assent.

E DWARD F ENECH A DAMI

President

24th March, 2009

ACT No. III of 2009

AN ACT to amend financial provisions in various laws.

BE IT ENACTED by the President, by and with the advice

and consent of the House of Representatives, in this present

Parliament assembled, and by the authority of the same, as follows:-

The short title of this Act is the Various Laws (Amendment Short title.

of Financial Provisions) Act, 2009.

PART I

AMENDMENT OF THE CIVIL CODE

This Part amends the Civil Code, and it shall be read and Amendment of

construed as one with the Civil Code, hereinafter in this Part referred the

Civil Code.

to as "the Code".

Sub-articles (4) and (5) of article 1852 of the Code shall be Amendment of

article 1852 of

the Code.

For article 1855A of the Code, there shall be substituted Substitution of

article 1855A of

the Code.

the following

" Regulations.

1855A. The Minister responsible for justice

in conjunction with the Minister responsible

for finance may make regulations prescribing

the conditions under which debts and

obligations as designated by the same

regulations may be exempted from any of the

provisions of Title IV and Title XVII of Part II

of Book Second subject to such conditions as

he may in such regulations establish, and

further regulating the charging of interests, the

compounding of interests in all respects and

the maximum amount of interest that may

become payable.".

PART II

AMENDMENT OF THE ACCOUNTANCY PROFESSION ACT

This Part amends the Accountancy Profession Act, and

shall be read and construed as one with the Accountancy Profession

Act, hereinafter referred to in this Part as "the principal Act".

In the Maltese version of subarticle (1) of article 2 of the

principal Act, the definition "prinċipji u l-prattika ta’ accounting

ġeneralment aċċettati", shall be substituted by the following

" "prinċipji u l-prattika ta’ kontijiet ġeneralment aċċettati"

tfisser il-prinċipji u prattika ta’ kontijiet ġeneralment aċċettati

hekk kif imfissra fir-regolamenti magħmulin mill-Ministru

skond l-artikolu 8;".

Paragraph (a) of subarticle (1) of article 15 of the principal

Act shall be amended as follows:-

(a)

subparagraph (ii) thereof shall be renumbered as

subparagraph (iii), and immediately after the words "of

regulations" therein there shall be added the words "or

directives";

(b) immediately after subparagraph (i) thereof, there

shall be added the following new subparagraph

"(ii) a contravention of any regulation made or

directive issued in terms of this Act where the regulation or

directive provides for the suspension, cancellation,

withdrawal or subjection to conditions of a warrant or

practising certificate as a consequence of such

contravention;"; and

(c) subparagraphs (iii) and (iv) thereof shall be

renumbered as subparagraphs (iv) and (v) respectively.

PART III

AMENDMENT OF THE MALTA FINANCIAL SERVICES

AUTHORITY ACT

This Part amends the Malta Financial Services Authority Amendment of

Act and it shall be read and construed as one with the Malta Financial the

Financial

Services Authority Act, hereinafter in this Part referred to as "the Services

Authority Act.

principal Act".

Article 16 of the principal Act shall be amended as Amendment of

article 16 of the

principal Act.

(a) for paragraph (b) of sub-article (2) thereof, there

shall be substituted the following new paragraph

"(b) issue a directive in writing requiring a holder

of a licence or other authorisation, and, or any official

thereof, to do or to refrain from doing any act, including

such prohibitions, restrictions and conditions as may be

specified in the directive; and any such directive may be

issued in respect of specific cases or classes of cases; any

holder of the licence or other authorisation and, or the

official to whom the notice is addressed shall obey, comply

with and give effect to any such directive within the time

and manner stated in the directive."; and

(b) in sub-article (3) thereof, for the words "or any

orders or Rules", there shall be substituted the words "or any

directives or Rules".

PART IV

AMENDMENT OF THE TRUSTS AND TRUSTEES ACT

This Part amends the Trusts and Trustees Act and it shall Amendment of

be read and construed as one with the Trusts and Trustees Act, the

Trustees Act.

hereinafter in this Part referred to as "the principal Act".

Article 2 of the principal Act shall be amended as follows

Amendment of

article 2 of the

principal Act.

(a) the definition "recognised investment exchange"

shall be deleted; and

(b) immediately after the definition "register" there

shall be added the following new definition

" "regulated market" shall have the same

meaning assigned to it by the Financial

Markets Act;".

Article 43 of the principal Act shall be amended as

follows

(a)

in paragraph (a) of sub-article (6) thereof

(i) in sub-paragraph (iv) thereof, for the words

"approved jurisdiction." there shall be substituted the

words "approved jurisdiction; or"; and

(ii) immediately after sub-paragraph (iv) thereof,

there shall be inserted the following

"(v) a person who is in possession of an

authorisation to operate a central securities

depository in terms of the Financial Markets

Act."; and

(b) in sub-paragraph (i) of paragraph (a) of sub-article

(9) thereof, for the words "securities which are listed on the

Malta Stock Exchange or other recognised investment

exchange" there shall be substituted the words "securities which

are listed on a regulated market in Malta".

PART V

AMENDMENT OF THE FINANCIAL MARKETS ACT

This Part amends the Financial Markets Act and it shall be

read and construed as one with the Financial Markets Act, hereinafter

in this Part referred to as "the principal Act".

In article 2 of the principal Act, in the definition "quoted

company" for the words "trading on a recognised exchange in" there

shall be substituted the words "trading on a regulated market in".

In sub-article (4) of article 37C of the principal Act, for the

words "listed in article 37(11) of the Investment Services Act", there

shall be substituted the words "listed in article 17(11) of the

Investment Services Act".

PART VI

AMENDMENT OF THE BANKING ACT

This Part amends the Banking Act and it shall be read and Amendment of

construed as one with the Banking Act, hereinafter in this Part the

Act.

referred to as "the principal Act".

In the English text of the proviso to sub-article (2) of Amendment of

article 5 of the principal Act, for the words "entitled to exercise their article

principal Act.

rights under European Community Law.", there shall be substituted

the words "entitled to exercise its rights under European Community

Law.".

In subarticle (3) of article 13 of the principal Act, for the Amendment of

words "on a recognised investment exchange in terms of", there shall article

principal Act.

be substituted the words "on a regulated market in terms of".

Subarticle (3) of article 17 of the principal Act shall be Amendment of

article 17 of the

deleted.

principal Act.

In subarticle (1) of article 17B of the principal Act, for the Amendment of

words "including sound and administrative and accounting article

the principal

procedures.", there shall be substituted the words "including sound Act.

administrative and accounting procedures.".

PART VII

AMENDMENT OF THE COMPANIES ACT

This Part amends the Companies Act and it shall be read Amendment of

and construed as one with the Companies Act, hereinafter in this Act the

Act.

referred to as "the principal Act".

Subarticle (6) of article 156 of the principal Act shall be Amendment of

article 156 of

amended as follows

the principal

Act.

(a)

for paragraph (b) thereof, there shall be substituted

the following

"(b) to a company which on its balance sheet

date does not exceed the limits of two out of the three

criteria set out in article 185(1)(a). Notwithstanding the

provisions of this paragraph, the Accountancy Board

established in terms of the Accountancy Profession Act

may request the information specified in subarticle (5) to

be delivered to it within such period as it may establish for

that purpose."; and

(b)

paragraph (c) thereof shall be deleted.

For article 175 of the principal Act there shall be

substituted the following

" Disclosure

175. (1) Individual accounts prepared in

required in

terms of article 167 shall, in the notes to the

notes to

accounts, disclose the information required by

accounts.

generally accepted accounting principles and

practice together with such other information

required to be disclosed therein by this Act.

(2) Consolidated accounts prepared in

terms of article 170 shall, in the notes to the

accounts, disclose the information required by

generally accepted accounting principles and

practice together with such other information

required to be disclosed therein by this Act.".

PART VIII

AMENDMENT OF THE INSURANCE BUSINESS ACT

This Part amends the Insurance Business Act and it shall

be read and construed as one with the Insurance Business Act,

hereinafter in this Part referred to as "the principal Act".

In paragraph (a) of subarticle (5) of article 22 of the

principal Act, immediately after the words "recognised for such

purposes by the competent authority" there shall be added the words

"and holds appropriate practical experience as an actuary".

In subarticle (3) of article 38 of the principal Act, for the

words "listed on any recognised investment exchange", there shall be

substituted the words "listed on any regulated market within the

meaning of the Financial Markets Act or on an equivalent market in a

non-Member State or non-EEA State".

PART IX

AMENDMENT OF THE PREVENTION OF FINANCIAL

MARKETS ABUSE ACT

This Part amends the Prevention of Financial Markets

Abuse Act and it shall be read and construed as one with the

Prevention of Financial Markets Abuse Act, hereinafter in this Part

referred to as "the principal Act".

Article 2 of the principal Act shall be amended as follows

(a) the definition "Investment Services Directive" shall

be deleted;

(b) the definition "recognized investment exchange"

shall be deleted; and

(c)

for the definition "regulated market", there shall be

substituted the following

" "regulated market" means

(a) in the case of Malta, a regulated

market which has been granted

authorisation in terms of the Financial

Markets Act and which appears on the list

of regulated markets prepared and

published by the European Commission

in terms of Directive 2004/39/EC;

(b) in the case of any other Member

State or EEA State, any entity which

appears on the list of regulated markets

prepared and published by the European

Commission in terms of Directive 2004/

39/EC;".

In subarticle (1) of article 4 of the principal Act, for the Amendment of

words "or constitutes an off-exchange deal in terms of the Off- article

principal Act.

Exchange Trading Regulations", there shall be substituted the words

"or constitutes an off-market deal in terms of the Financial Markets

Act (Off-Market Deals) Regulations, 2007".

In paragraph (a) of article 5 of the principal Act, the words Amendment of

"including admission to a recognized investment exchange situated or article

principal Act.

operating in Malta" shall be deleted.

Passed by the House of Representatives at Sitting No. 94 of the

18th March, 2009.

L OUIS G ALEA

Speaker

P AULINE A BELA

Clerk to the House of Representatives