ACT No. XI of 2025 AN ACT to amend various financial services laws.

I assent.

(L.S.)

MYRIAM SPITERI DEBONO

President

16th May, 2025

ACT No. XI of 2025

AN ACT to amend various financial services 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:-

(1) The short title of this Act is the Various Financial

Services Laws (Amendment) Act, 2025.

(2) Articles 5(f), 9(a)(i) and 9(b) (but only with respect to

paragraph (j)), 11, 13, 18(c) and 19, shall come into force on such

date or dates as the Minister responsible for the regulation of financial

services may, by notice in the Gazette, establish and different dates

may be so established for different provisions and, or purposes of this

Act.

PART I

AMENDMENTS TO THE TRUSTS AND TRUSTEES ACT

This Part amends the Trusts and Trustees Act and shall be

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

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

In sub-article (3) of article 52 of the principal Act the Amendment of

words "a code of conduct, payment of fees and any other matter as the article

principal Act.

Authority may consider appropriate" shall be substituted by the words

"a code of conduct and any other matter as the Authority may

consider appropriate".

PART II

AMENDMENTS TO THE FINANCIAL MARKETS ACT

This Part amends the Financial Markets Act and shall be Amendments to

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

Markets Act.

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

Sub-article (1) of article 2 of the principal Act shall be Amendment of

article 2 of the

amended as follows

principal Act.

(a)

immediately after the definition ""ARM" or

"approved reporting mechanism"" there shall be added the

following new definition

" "binding legal instrument" means any directly

applicable measures, including but not limited to, any

implementing technical standards, any regulatory technical

standards or similar measures, issued under European

Union legislation;";

(b) immediately after the definition "DLT Pilot Regime

Regulation" there shall be added the following new definition

" "DORA Regulation" means Regulation (EU)

2022/2554 of the European Parliament and of the Council

of 14 December 2022 on digital operational resilience for

the financial sector and amending Regulations (EC) No.

1060/2009, (EU) No. 648/2012, (EU) No. 600/2014, (EU)

No. 909/2014 and (EU) 2016/1011, as amended from time

to time, and includes any binding legal instruments,

guidelines and other measures that have been or may be

issued thereunder;";

(c)

immediately after the definition "frequent issuer"

there shall be added the following new definition

" "Gender Balance Directive" means Directive

(EU) 2022/2381 of the European Parliament and of the

Council of 23 November 2022 on improving the gender

balance among directors of listed companies and related

measures, as amended from time to time, and includes any

binding legal instruments, guidelines and other measures

that have been or may be issued thereunder;";

(d) immediately after the definition "Gender Balance

Directive", as added, there shall be added the following new

definition

" "Green Bonds Regulation" means Regulation

(EU) 2023/2631 of the European Parliament and of the

Council of 22 November 2023 on European Green Bonds

and optional disclosures for bonds marketed as

environmentally sustainable and for sustainability-linked

bonds, as may be amended from time to time, and includes

any implementing measures that have been or may be

issued thereunder;";

(e)

immediately after the definition "recognised list"

there shall be added the following new definition

" "regulated information" shall have the same

meaning as that assigned to it in the Capital Market

Rules;"; and

(f)

immediately

after

the

definition

"special

administrator" there shall be added the following new

definition

" "sponsor" means a person registered with the

competent authority in terms of article 12B, to provide

advice, guidance and expertise to issuers applying, or

intending to apply, for admissibility to listing of securities

on a local regulated market under this Act, and as may be

prescribed;".

Article 2A of the principal Act shall be amended as

(a)

in sub-article (2) thereof the words "for all purposes

of the" shall be substituted by the words "for all purposes of the

relevant provisions of" and the words "EMIR," shall be

substituted by the words "EMIR, the Gender Balance Directive,

the Green Bonds Regulation,"; and

(b) in sub-article (3) thereof the words "EMIR," shall be

substituted by the words "EMIR, the Gender Balance Directive,

the Green Bonds Regulation,".

Immediately after paragraph (i) of sub-article (1) of article

3 of the principal Act there shall be added the following new

paragraph

"(ia) fees and charges in respect of any request,

application or other matter that may be submitted to the

Authority under this Act, including the fees and charges in

respect of any permission, licence, authorisation, registration,

exemption or any other benefit, as well as any fees and charges

in respect of the Authority’s regulatory, supervisory or

investigative functions in accordance with this Act and any

regulations made or Rules issued thereunder;".

Article 4F of the principal Act shall be amended as Amendment of

article 4F of the

principal Act.

(a)

sub-article (1) thereof shall be substituted by the

following new sub-article

"(1) A regulated market shall establish and

maintain its operational resilience in accordance with the

requirements laid down in Chapter II of the DORA

Regulation to ensure its trading systems are resilient, have

sufficient capacity to deal with peak order and message

volumes, are able to ensure orderly trading under

conditions of severe market stress, are fully tested to

ensure such conditions are met and are subject to effective

business continuity arrangements, including ICT business

continuity policy and plans and ICT response and recovery

plans established in accordance with Article 11 of the

DORA Regulation, to ensure continuity of its services if

there is any failure of its trading systems."; and

(b) sub-article (9) thereof shall be substituted by the

following new sub-article

"(9) A regulated market shall have in place

effective systems, procedures and arrangements, including

(a) such systems that require members or

participants to carry out appropriate testing of

algorithms and providing environments to facilitate

such testing in accordance with the requirements

laid down in Chapters II and IV of the DORA

Regulation, in order to

(i)

ensure that algorithmic trading

systems cannot create or contribute to

disorderly trading conditions on the market;

and

(ii) manage any disorderly trading

conditions which do arise from such

algorithmic trading systems; and

(b) systems to limit the ratio of unexecuted

orders to transactions that may be entered into the

system by a member or participant, in order to

(i)

be able to slow down the flow of

orders if there is a risk of its system capacity

being reached; and

(ii) limit and enforce the minimum

tick size that may be executed on the

market.".

Article 11 of the principal Act shall be amended as

(a)

sub-article (1) thereof shall be amended as follows

(i) immediately after paragraph (b) thereof there

shall be added the following new paragraph

"(ba) to approve, or otherwise, the registration of

a sponsor, as may be prescribed;";

(ii) immediately after paragraph (d) thereof there

shall be added the following new paragraph

"(da) to examine whether, and ensure that, an

issuer’s regulated information is in accordance with

the requirements established in the Capital Markets

Rules;";

(b) in sub-paragraph (ii) of paragraph (h) of sub-article

(2) thereof the words "Capital Markets Rules issued

thereunder." shall be substituted by the words "Capital Markets

Rules issued thereunder;" and immediately thereafter there shall

be added the following new paragraphs

"(i) to request an issuer to re-issue regulated

information, to issue a corrective note and, or to reflect a

correction in any future regulated information;

(j) to cancel or suspend the registration of a

sponsor in such circumstances as may be prescribed.".

Article 12 of the principal Act shall be amended as Amendment of

(a)

sub-article (2) thereof shall be deleted; and

(b) in paragraph (a) of sub-article (3) thereof the words

"in any regulation made by the Minister under sub-article (2)"

shall be substituted by the words "in any regulations made in

accordance with article 14A".

Immediately after article 12A of the principal Act there Addition of new

shall be added the following new articles

(1) Any person intending to act as a

sponsor in Malta, or to hold itself out to act as such,

shall apply with the competent authority for registration

to do so. To this effect, no person shall provide, or hold

itself out as providing the services of a sponsor in Malta

unless duly registered with the competent authority in

accordance with this Act in the manner prescribed and

as may be provided for in Capital Markets Rules.

(2) An application for registration as a sponsor

shall be made to the competent authority in the manner

prescribed and as may be provided for in Capital

Markets Rules.

(3) Any person who, on the date of the coming

into force of this article, is already providing or holding

himself out as providing the services of a sponsor, may

only continue to offer such services for ten (10) months

from such date of the coming into force of this article, if

the following two (2) conditions are satisfied

(a)

they shall have submitted to the

competent authority a duly completed application

for registration, in accordance with the provisions

of this article and any regulations and rules issued

under the Act, by not later than two (2) months

from the said date of coming into force; and

(b) they shall have been registered by the

competent authority before the lapse of the said ten

(10) months from such date of coming into force

Provided that the competent authority shall

either register such person applying for registration

or shall otherwise refuse an application for

registration made in accordance with this sub-

article, before the lapse of such ten (10) months

provided that a duly completed application shall

have been submitted to the competent authority in

accordance with the provisions of this Act and any

regulations and Rules made thereunder. A "duly

completed application" shall include any

additional

or

missing

information

or

documentation which may subsequently be

requested by the competent authority. Registration

or refusal, as the case may be, shall be made by the

competent authority in accordance with the

provisions of this Act and any regulations or rules

issued thereunder.

(1) The competent authority may register

or refuse an application for registration made in

accordance with article 12B, in the manner and the

circumstances prescribed.

(2) In granting a registration the competent

authority may subject the applicant to such conditions as

it may deem appropriate. After having granted

registration, the competent authority may, from time to

time, vary or revoke any condition so imposed or

otherwise impose new conditions.

(3) A register of all sponsors to whom

registration has been granted in terms of this Act shall be

established by the competent authority. The register

shall be publicly available on the competent authority’s

website and shall indicate the names of the persons to

whom such registration has been granted, and it shall be

updated on a regular basis.

The competent authority may, at any time, in

the circumstances prescribed, cancel or suspend the

registration of a sponsor granted in terms of this Act.".

12. Immediately after article 14 of the principal Act there shall

be added the following new article

The Minister, acting on the advice of the

competent authority, may make regulations to give effect

to the provisions of this Part and, without prejudice to

the generality of the foregoing, may, by such regulations,

in particular do any of the following

(a)

provide that any securities which fall

within a description or category as may be

specified in such regulations, shall not be

admissible to listing on any local regulated market;

(b) regulate any fees and, or other charges

payable to the competent authority in respect of

any application for the approval of a prospectus

and the admissibility to listing of securities on a

local regulated market, as well as any fees and

charges in respect of the competent authority’s

regulatory, supervisory or investigative functions

under this Part, under any regulations made or

Capital Markets Rules issued hereunder, as may be

prescribed; and

(c)

provide for any matter incidental to or

connected with any of the above.".

13. Paragraph (vA) of sub-article (1) of article 32 of the Amendment of

principal Act shall be re-numbered as paragraph (va) and immediately article

thereafter there shall be added the following new paragraph

"(vb) any sponsor or any person who is or was an officer,

employee or agent of such sponsor;".

14. Sub-article (5) of article 33 of the principal Act shall be Amendment of

substituted by the following new sub-article

"(5) The competent authority shall have power to order

that all expenses of, and incidental to, an investigation pursuant

to this article be paid by the persons concerned.".

In sub-article (2) of article 39A of the principal Act the Amendment of

words "or both." shall be substituted by the words "or both:" and article

immediately thereafter there shall be added the following new Act.

"Provided that the administrative penalties imposed by the

competent authority in accordance with this article shall be

effective, proportionate and dissuasive.".

Paragraph (a) of sub-article (1) of article 39B of the

principal Act shall be substituted by the following new paragraph

"(a) an issuer has failed to make public, in a correct and

complete manner and within the required time limit, any

regulated information as required in this Act and the Capital

Market Rules; or".

In sub-article (5) of article 39G of the principal Act the

words "Any decision annulling a decision subject to appeal shall also

be published." shall be substituted by the words "Any decision

annulling a decision of the competent authority to impose an

administrative penalty or any other administrative measure shall also

be published.".

Sub-article (1) of article 42 of the principal Act shall be

amended as follows

(a)

in paragraph (i) thereof the words "administrative

measures; or" shall be substituted by the words "administrative

measures;";

(b) in paragraph (j) thereof the words "a covered bond

programme," shall be substituted by the words "a covered bond

programme;";

(c)

immediately after paragraph (j) thereof, as amended,

there shall be added the following new paragraphs

"(k) to refuse an application for registration of a

sponsor; or

(l)

to cancel or suspend the registration of a

sponsor,".

Immediately after paragraph (c) of sub-article (1) of article

49 of the principal Act there shall be added the following new

paragraph

"(ca) to regulate the activities of sponsors appointed with

respect to applications for admissibility to listing of securities on

a local regulated market, including the appointment and

registration of such sponsors, the cancellation or suspension of

such registration, and any requirements, restrictions and

conditions in relation thereto, and to regulate anything that is

incidental to, or connected with any such matters;".

PART III

AMENDMENTS TO THE INVESTMENT SERVICES ACT

This Part amends the Investment Services Act and shall be Amendments to

read and construed as one with the Investment Services Act, the

Services Act.

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

Article 7 of the principal Act shall be amended as follows

Amendment of

article 7 of the

principal Act.

(a)

sub-article (2) thereof shall be amended as follows

(i) in paragraph (g) thereof the words "to refuse

the grant of such licence:" shall be substituted by the words

"to refuse the grant of such licence; or";

(ii) the proviso to paragraph (g) thereof shall be

deleted;

(iii) immediately after paragraph (g) thereof, as

amended, there shall be added the following new

paragraph

"(h) if the licence holder is declared

bankrupt, or goes into liquidation, or makes a

composition with its creditors, or is otherwise

dissolved.";

(b)

sub-article (3) thereof shall be amended as follows

(i) in paragraph (f) thereof the words "or their

equivalent:" shall be substituted by the words "or their

equivalent; or";

(ii) the proviso to paragraph (f) thereof shall be

deleted;

(iii) immediately after paragraph (f) thereof, as

amended, there shall be added the following new

paragraph

"(g) if the scheme is declared bankrupt, or goes

into liquidation, or makes a composition with its

creditors, or is otherwise dissolved.".

In paragraph (h) of sub-article (1) of article 12 of the Amendment of

principal Act the words "or any regulations made under this article, article

principal Act.

as may be prescribed." shall be substituted by the words "or any

regulations made under this article, including the fees and charges in

respect of any permission, licence, authorisation, registration,

exemption or other benefit, as well as any fees and charges in respect

of the competent authority’s regulatory, supervisory or investigative

functions under this Act and any regulations made or Rules issued

thereunder, as may be prescribed.".

PART IV

AMENDMENTS TO THE BANKING ACT

This Part amends the Banking Act and shall be read and

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

referred to as the "principal Act".

Sub-article (1) of article 2 of the principal Act shall be

amended as follows

(a)

the definition "director" shall be inserted

immediately thereafter the definition "Directive (EU) 2019/

2034"; and

(b) immediately after the definition "director" there

shall be added the following new definition

" "DORA Regulation" means Regulation (EU)

2022/2554 of the European Parliament and of the Council

of 14 December 2022 on digital operational resilience for

the financial sector and amending Regulations (EC) No.

1060/2009, (EU) No. 648/2012, (EU) No. 600/2014, (EU)

No. 909/2014 and (EU) 2016/1011, as may be amended

from time to time, and includes any binding legal

instruments, guidelines and other measures that have been

or may be issued thereunder;".

In paragraph (i) of sub-article (1) of article 3 of the

principal Act the words "the ECB." shall be substituted by the words

"the ECB;" and immediately after there shall be added the following

new paragraph

"(j) impose such fees and charges in respect of any

request, application or other matter that may be submitted to the

competent authority under this Act, including the fees and

charges in respect of any permission, licence, authorisation,

exemption or other benefit, as well as any fees and charges in

respect of the competent authority’s regulatory, supervisory or

investigative functions under this Act or any regulations made

or Rules issued thereunder.".

In sub-article (1) of article 4B of the principal Act the

words "and any made and Banking Rules and Conduct of regulations

Business Rules issued thereunder," shall be substituted by the words

"and by any regulations made and Banking Rules and Conduct of

Business Rules issued thereunder,".

In sub-article (4) of article 5 of the principal Act the words Amendment of

"to an annual fee as the competent authority may determine from time article

principal Act.

to time." shall be substituted by the words "to fees as may be

prescribed in accordance with article 3.".

In sub-article (8) of article 8 of the principal Act the words Amendment of

"from them and may impose on such companies such annual fee as article

principal Act.

may be determined from time to time." shall be substituted by the

words "from them.".

Immediately after article 8 of the principal Act there shall Addition of new

article to the

be added the following new article

principal Act.

" Companies

8A. Companies which have established, or which

may be required

intend to establish representative offices in Malta may be

to pay fees.

required to pay fees as may be prescribed in accordance

with the provisions of article 3.".

In sub-article (1) of article 11C of the principal Act the Amendment of

words "provided for in article 38(5)" shall be substituted by the words article

the principal

"provided for in article 38(3)".

Act.

In sub-article (1) of article 17B of the principal Act Amendment of

immediately after the words "sound administrative and accounting article

the principal

procedures," there shall be added the words "network and information Act.

systems that are established and managed in accordance with the

DORA Regulation,".

Article 19C of the principal Act shall be amended as Amendment of

article 19C of

follows

the principal

Act.

(a)

in the Maltese version only, the words "19C" thereof

shall be substituted by the words "19Ċ";

(b) in sub-article (1) thereof the words "Credit

institutions shall establish a framework" shall be substituted by

the words "Without prejudice to the application of Chapter II of

the DORA Regulation, credit institutions shall establish a

framework".

Sub-articles (1), (2), (3), (4), (5) and (8) of article 19D of Amendment of

article 19D of

the principal Act shall be deleted.

the principal

Act.

Article 29 of the principal Act shall be amended as

(a)

sub-article (3) thereof shall be amended as follows

(i) in paragraph (d) thereof the words "as if any

declaration of bankruptcy had not been made;" shall be

substituted by the words "as if any declaration of

bankruptcy had not been made."; and

(ii)

paragraph (e) thereof shall be deleted;

(b) immediately after sub-article (3) thereof there shall

be added the following new sub-article

"(3a) Any person appointed by the competent

authority under paragraphs (c), (d), (f) or (h) of sub-article

(1) shall submit six-monthly reports of his activities and

annual accounts of all transactions carried out by him in

the performance of his functions, audited by an

independent auditor, to the Minister who shall place such

reports and accounts on the Table of the House within

fifteen (15) days.".

PART V

AMENDMENTS TO THE FINANCIAL INSTITUTIONS ACT

This Part amends the Financial Institutions Act and shall

be read and construed as one with the Financial Institutions Act,

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

Sub-article (1) of article 2 of the principal Act shall be

amended as follows

(a)

immediately after the definition "agent" there shall

be added the following new definitions

" "alternative investment fund" shall have the same

meaning as assigned to it in the Investment Services Act

(Notified CISs) Regulations;

"alternative investment fund manager" shall have

the same meaning as assigned to it in the Investment

Services Act (Notified CISs) Regulations;";

(b) immediately after the definition "direct debit" there

shall be added the following new definition

" "DORA Regulation" means Regulation (EU)

2022/2554 of the European Parliament and of the Council

of 14 December 2022 on digital operational resilience for

the financial sector and amending Regulations (EC) No.

1060/2009, (EU) No. 648/2012, (EU) No. 600/2014, (EU)

No. 909/2014 and (EU) 2016/1011, as may be amended

from time to time, and includes any binding legal

instruments, guidelines and other measures that have been

or may be issued thereunder;";

(c)

immediately after the definition "European right"

there shall be added the following new definitions

" "EuSEF Regulation" means Regulation (EU) No.

346/2013 of the European Parliament and of the Council of

17 April 2013 on European social entrepreneurship funds,

as may be amended from time to time, and includes any

implementing

measures,

implementing

technical

standards, regulatory technical standards, guidelines and

similar measures that have been or may be issued

thereunder;

"EuVECA Regulation" means Regulation (EU)

No. 345/2013 of the European Parliament and of the

Council of 17 April 2013 on European venture capital

funds, as may be amended from time to time, and includes

any implementing measures, implementing technical

standards, regulatory technical standards, guidelines and

similar measures that have been or may be issued

thereunder;";

(d) immediately after the definition "framework

contract" there shall be added the following new definition

" "fund manager" shall have the same meaning as

assigned to it in the Investment Services Act (Notified

CISs) Regulations;";

(e)

immediately after the definition "licence" there shall

be added the following new definition

" "loan acquisition" means the acquisition of one

(1) or more loans or portfolios of loans which give rise to a

direct legal relationship between the acquirer as lender and

the borrower or borrowers;";

(f)

immediately after the definition "personalised

security credentials" there shall be added the following new

definition

" "professional investor fund" shall have the same

meaning as assigned to it in the Investment Services Act

(Notified CISs) Regulations;";

(g) immediately after the definition "qualifying

shareholding" there shall be added the following new definition

" "receivables financing" means factoring, with or

without recourse and, or forfaiting;".

Article 3 of the principal Act shall be amended as follows

(a)

in paragraph (j) of sub-article (2A) thereof the words

"information technology (IT)" shall be substituted by the words

"information and communication technology (ICT)";

(b) in sub-article (4) thereof for the words "to an annual

fee as the competent authority may determine from time to

time." shall be substituted by the words "to fees as may be

prescribed in accordance with the provisions of article 12.";

(c)

immediately after sub-article (6) thereof there shall

be added the following new sub-articles

"(7) An alternative investment fund notified by an

alternative investment fund manager in accordance with

the provisions of the Investment Services Act (Notified

CISs) Regulations, in so far that such alternative

investment fund is performing the activity of

(a)

lending by virtue of loan acquisition as

specified in Investment Services Rules issued in

accordance with the Investment Services Act; or

(b) receivables financing,

shall not require a licence for such an activity under this

Act.

(8) When performing the activities of loan

origination, loan acquisition and, or receivables financing

as part of its exposure to those assets that fall within the

definition "qualifying investments" in the EuSEF

Regulation or the EuVECA Regulation, as the case may

be, an alternative investment fund or a professional

investor fund notified to the competent authority in

accordance with the Investment Services Act (Notified

CISs) Regulations, shall not require a licence under this

Act in those circumstances where the alternative

investment fund manager of such alternative investment

fund or the fund manager of the said professional investor

fund, chooses

(a)

to establish the alternative investment

fund or the professional investor fund as a

European social entrepreneurship fund in

accordance with the EuSEF Regulation, and

therefore uses the designation "EuSEF" in relation

to the marketing of the qualifying social

entrepreneurship fund in the European Union; or

(b) to establish the alternative investment

fund or the professional investor fund as a

European venture capital fund in terms of the

EuVECA Regulation, and therefore uses the

designation "EuVECA" in relation to the marketing

of the qualifying venture capital fund in the

European Union

Provided that for purposes of this sub-article "loan

origination" shall be deemed to be referring to the direct

origination of loans.".

In the proviso to sub-article (1) of article 8B of the Amendment of

principal Act the words "including IT systems" shall be substituted article

by the words "including ICT systems".

In sub-article (1) of article 11A of the principal Act the Amendment of

words "Payment institutions, electronic money institutions" shall be article

substituted by the words "Without prejudice to the application of Act.

Chapter II of the DORA Regulation, payment institutions, electronic

money institutions".

Sub-articles (1), (2), (3), (4) and (5) of article 11B of the Amendment of

principal Act shall be deleted.

In paragraph (i) of sub-article (1) of article 12 of the Amendment of

principal Act the words "financial institutions." shall be substituted article

by the words "financial institutions;" and immediately thereafter there

shall be added the following new paragraph

"(j) impose such fees and charges in respect of any

request, application or other matter that may be submitted to the

competent authority under this Act, including the fees and

charges in respect of any permission, licence, authorisation,

exemption or other benefit, as well as any fees and charges in

respect of the competent authority’s regulatory, supervisory or

investigative functions under this Act or any regulations made

or Rules issued thereunder.".

PART VI

AMENDMENTS TO THE VIRTUAL FINANCIAL ASSETS

ACT

This Part amends the Virtual Financial Assets Act and

shall be read and construed as one with the Virtual Financial Assets

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

Article 58 of the principal Act shall be deleted.

PART VII

AMENDMENTS TO THE CROWDFUNDING SERVICE

PROVIDERS ACT

This Part amends the Crowdfunding Service Providers Act

and shall be read and construed as one with the Crowdfunding

Service Providers Act, hereinafter in this Part referred to as the

"principal Act".

In article 3 of the principal Act the words "this Act and any

regulations or Rules issued thereunder" shall be substituted by the

words "this Act and any regulations made and Rules issued

thereunder".

In paragraph (i) of sub-article (1) of article 16 of the

principal Act the words "this Act and any regulations or Rules issued

thereunder", wherever they occur, shall be substituted by the words

"this Act or any regulations made or Rules issued thereunder".

Sub-article (1) of article 18 of the principal Act shall be

amended as follows

(a)

in paragraph (c) thereof the words "this Act and any

regulations or Rules issued thereunder" shall be substituted by

the words "this Act or any regulations made or Rules issued

thereunder"; and

(b) in paragraph (d) thereof the words "this Act and any

regulations or Rules issued thereunder" shall be substituted by

the words "this Act or any regulations made or Rules issued

thereunder".

In sub-article (5) of article 26 of the principal Act the Amendment of

words "Any decision annulling a decision subject to appeal shall also article

be published." shall be substituted by the words "Any decision

annulling a decision of the competent authority to impose an

administrative penalty or any other administrative measure shall also

Immediately after sub-article (6) of article 32 of the Amendment of

principal Act there shall be added the following new sub-article

"(7) The competent authority shall have the power

(a)

liaise with the Commissioner of Police

to receive specific information related to criminal

investigations or proceedings commenced for

breaches of the ECSP Regulation, this Act or any

regulations made or Rules issued thereunder. The

Commissioner of Police shall cooperate with the

competent authority, thereby providing such

specific information related to any criminal

investigations or proceedings commenced in

relation to such breaches; and

(b) provide such information received in

accordance with paragraph (a), and transmit copies

of acts and documents of the courts of criminal

justice in accordance with the second proviso to

article 518 of the Criminal Code, to other

authorities which are deemed competent

authorities for the purposes of Article 29 of the

ECSP Regulation, as well as to ESMA, for the

purpose of fulfilling its obligations to cooperate for

the purposes of the ECSP Regulation, this Act and

any regulations made and Rules issued

thereunder.".

PART VIII

AMENDMENTS TO THE CREDIT SERVICERS AND CREDIT

PURCHASERS ACT

This Part amends the Credit Servicers and Credit

Purchasers Act and shall be read and construed as one with the Credit

Servicers and Credit Purchasers Act, hereinafter in this Part referred

to as the "principal Act".

Immediately after sub-article (5) of article 14 of the

principal Act there shall be added the following new sub-articles

"(6) Credit institutions shall use the data templates

referred to in Article 16(1) of the NPL Directive to provide

information to credit purchasers in accordance with sub-article

(1) with respect to transactions relating to credits issued on or

after 1st July 2018, that become non-performing after 28th

December 2021

Provided that for credits that originate between 1st

July 2018 and the date of entry into force of the implementing

technical standards referred to in Article 16(1) of the NPL

Directive, credit institutions shall complete the data template

with the information already available to them.

(7) Without prejudice to the provisions of Article 16(1)

of the NPL Directive and sub-article (6), credit institutions shall

also apply the implementing technical standards referred to in

Article 16(6) of the said Directive to the transfer of a creditor’s

rights under a non-performing credit agreement, or of the non-

performing credit agreement itself, to other credit institutions,

and shall use the data templates referred to in Article 16(1) of

the NPL Directive for the provision of information between

credit institutions in cases where there is only a transfer of a

creditor’s rights under a non-performing credit agreement, or of

the non-performing credit agreement itself.".

Article 26 of the principal Act shall be amended as follows

(a) in sub-article (4) thereof the words "in terms of this

article shall be effectively implemented" shall be substituted by

the words "in terms of this article shall be effective,

proportionate and dissuasive, and they shall be effectively

implemented";

(b) in sub-article (6) thereof the words "the competent

authority shall" shall be substituted by the words "the competent

authority, when determining the type of administrative penalty or

other administrative measure and, where applicable, the amount

of the administrative penalty, shall".

In sub-article (1) of article 31 of the principal Act the Amendment of

words "or for any third party" shall be substituted by the words "or by article

any third party".

PART IX

AMENDMENTS TO THE MARKETS IN CRYPTO-ASSETS

ACT

This Part amends the Markets in Crypto-Assets Act and Amendments to

shall be read and construed as one with the Markets in Crypto-Assets the

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

Immediately after sub-article (3) of article 51 of the Amendment of

principal Act there shall be added the following new sub-articles

"(4) The provisions of this Act or of any

regulations made thereunder shall not affect any criminal

proceedings that may be initiated under any other law.

(5) The competent authority shall have the power

to

(a) liaise with the Commissioner of Police to

receive specific information related to criminal

investigations or proceedings commenced for breaches

of the MiCA Regulation, this Act or any regulations

made, and Rules issued thereunder. The Commissioner

of Police shall cooperate with the competent authority,

thereby providing such specific information related to

any criminal investigations or proceedings commenced

in relation to such breaches; and

(b) provide the same information received in

accordance with paragraph (a), and transmit copies of

acts and documents of the courts of criminal justice in

accordance with the second proviso to article 518 of the

Criminal Code, to other authorities which are deemed

competent authorities for the purposes of Article 93 of

the MiCA Regulation, as well as to the EBA and ESMA,

for the purpose of fulfilling its obligations to cooperate

for the purposes of the MiCA Regulation, this Act or any

regulations made, and Rules issued thereunder.".

Passed by the House of Representatives at Sitting No. 340 of the

12th May, 2025.

ANĠLU FARRUGIA

Speaker

ELEANOR SCERRI

Clerk of the House of Representatives

€1.98