ACT No. VI of 2018 AN ACT to amend the Malta Financial Services Authority Act, 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:–

I assent.

(L.S.)

MARIE-LOUISE

COLEIRO PRECA

President

20th March, 2018

ACT No. VI of 2018

AN ACT to amend the Malta Financial Services Authority Act,

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:–

(1) The short title of this Act is the Malta Financial Services Short title.

(Amendment) Act, 2018, and this Act shall be read and construed as

one with the Malta Financial Services Authority Act, hereinafter Cap. 330.

referred to as the "principal Act".

(2) Sub-article (2) of article 2 of this Act shall come into force on Coming into

such date as the Minister or the Parliamentary Secretary responsible for force.

financial services shall by order in the Gazette establish and different

dates and transitory provisions may be established in respect of different

purposes of the said coming into force.

(1) In article 2 of the principal Act immediately after the Amendment of

definition "Chief Operations Officer" there shall be added the article

principal Act.

following new definition

" "Chief Executive Officer" means the Officer responsible

for the overall performance of the Authority and the

implementation of its objectives, strategy, and of policies as set

by the Board of Governors. The Chief Executive Officer shall be

appointed by the Board of Governors. The Chief Executive

Officer shall be a non-voting member of the Board of

Governors;".

(2) In the definition "Registrar of Companies" in article 2 of the

principal Act, the words "and who shall be a senior official of the

Authority" shall be deleted.

Paragraphs (a) and (b) of sub-article (2) of article 6 of the

principal Act shall be substituted by the following

"(a) a Chairman, appointed by the Prime Minister;

(b) the Chief Executive Officer;

(c) five members or more, appointed by the Prime

Minister from among persons who have distinguished

themselves in business, financial activities, the professions, the

public services or academic affairs and who in his opinion are

able to represent the points of view of the industry and

consumers of financial services.

The Board of Governors shall choose a deputy Chairman

from amongst its members.".

(1) Sub-article (3) of article 7 of the principal Act shall be

substituted by the following

"(3) The meetings of the Board of Governors shall be

chaired by the Chairman or in his absence by the deputy

Chairman, or by a member elected for the particular meeting by

the other members present at the meeting.".

(2) In paragraph (a) of sub-article (5) of article 7 of the principal

Act the words "one of the officers of the Authority" shall be substituted

with the words "a person".

In the first paragraph of article 8 of the principal Act the words

"in the Chairman of the Board of Governors" shall be substituted with

the words "in the Chief Executive Officer".

Sub-article (2) of article 9 of the principal Act, shall be Amendment of

article 9 of the

substituted by the following

principal Act.

"(2) The Co-ordination Committee shall consist of the

Chief Executive Officer, who shall preside thereat, the Director-

General, the Chief Operations Officer of the Authority, and the

Director of the Legal Office. The Chairman and the deputy

Chairman have the discretion to attend the meetings of the

Committee.".

Paragraph (c) of article 22 of the principal Act shall be Amendment of

renumbered as paragraph (d) and immediately after paragraph (b) there article

principal Act.

shall be added the following new paragraph

"(c) any sums required by the Authority for carrying out

any of its functions under this Act shall be paid to the Authority

out of the Consolidated Fund and shall be a charge on such Fund

by virtue of this Act and without further appropriation;".

Article 23 of the principal Act shall be amended as follows

Amendment of

article 23 of the

principal Act.

(a) sub-article (2) thereof shall be substituted by the

following

"(2) In the preparation of such estimates the

Authority shall take account of any funds and other

moneys that may be due to be paid to it out of the

Consolidated Fund during the relevant financial year by

virtue of this Act, and shall endeavour to ensure that the

total revenues of the Authority are at least sufficient to

meet all sums properly chargeable to its income and

expenditure account, including, but, without prejudice to

the generality of that expression, depreciation.";

(b) sub-article (4) thereof shall be substituted by the

following

"(4) Notwithstanding the provisions of sub-article

(1), if in respect of any financial year, it is found that the

amount approved by the Board of Governors is not

sufficient or a need has arisen for expenditure for a purpose

not provided for in the estimates, the Co-ordination

Committee may adopt supplementary estimates for

approval by the Board of Governors and for the

consideration by the House after examination by the

committee as aforesaid in sub-article (5).";

(c)

immediately

after

sub-article

(4)

thereof

as

substituted there shall be added the following new sub-articles

"(5) Such estimates shall be examined by a

committee of the House appointed for this purpose, which

shall report thereon for consideration to the House.

(6) The sum or sums referred to in the previous

sub-articles shall be determined by resolution of the House

after considering the estimates prepared by the Authority

and the report thereon by the committee to the House.".

Passed by the House of Representatives at Sitting No. 94 of the 14th

March, 2018.

ANĠLU FARRUGIA

Speaker

RAYMOND SCICLUNA

Clerk of the House of Representatives

€0.54