CREDIT REVIEW OFFICE ACT

CHAPTER 656

CREDIT REVIEW OFFICE ACT

AN ACT to set-up the Credit Review Office and to provide for

any matter ancillary and consequential thereto.

28th April, 2026

ACT VI of 2026.

The short title of this Act is the Credit Review Office Act.

(article 17)

Charter

1. Customers or potential customers who intend to apply for a

credit facility are to submit an application in writing in the form and

substance determined by the lending institution.

2. Following receipt of the application referred to in item 1, the

lending institution shall review the application and revert with a list of

documentation and information required to process the application, by

not later than seven (7) days from receipt of the said application.

3. (1)

The type and level of the information required shall

vary on a case-by-case basis depending on the nature of the customer

or potential customer’s activity and the specific conditions associated

with each credit application. The lending institution shall generally

require the following information

(a)

identification documents where the applicant is a

natural person;

(b)

statements of income where the applicant is a

natural person;

(c)

up-to-date financial and management accounts;

(d)

a comprehensive and detailed business or activity

plan;

(e)

information on the customer’s or potential

customer’s experience, understanding of the market and

understanding of risks and of opportunities which may arise in

the short and medium term in connection with the customer’s or

potential customer’s business;

(f)

information on the customer’s or potential

customer’s credit history; and

(g)

information with respect to the customer’s or

potential customer’s lending needs, including the amount which

the customer or potential customer intends to borrow and the

purpose for which the funds are being requested.

(2)

Any personal data processed by the lending institution shall

fully comply with the provisions of Regulation (EU) 2016/679 and the

Data Protection Act, including the regulations made thereunder, and

the fundamental rights and freedoms of the data subjects.

4. The lending institution may require collateral from the

customer or potential customer for the purposes of securing the credit

facility being requested or in connection with any request to

restructure an existing credit facility. The specific collateral

requirements shall be considered by the lending institution in the

course of assessing the application submitted by the customer or

potential customer and shall be communicated by the lending

institution in the notice of confirmation.

5. Where an existing customer requests the restructuring of an

existing facility with the lending institution, such request is to clearly

explain why such restructuring is necessary and whether the customer

is experiencing any difficulty in keeping up with its existing

commitments and, or repayments.

6. The lending institution shall be required to acknowledge

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receipt of the application and accompanying documentation within

seven (7) days of receipt of a completed application.

7. The lending institution shall notify the customer or potential

customer of the outcome of its assessment in writing. This notice shall

be communicated by the lending institution by not later than sixty (60)

days from the date of submission of a complete application, duly

supported by all documents and information requested by the lending

institution, provided that a lending institution shall, at least one (1)

week prior to the expiry of the said period, inform the customer or

potential customer that the lending institution requires an additional

timeframe, to be indicated therein, to revert with its assessment.

8. The lending institution shall use the information provided

by the applicant to carry out an assessment of the application. In its

assessment, the lending institution shall adopt a reasonable but

commercial approach, proportionate to the level of credit being

requested, the term of the facility and the overall risk profile of the

applicant.

9. Where an application is approved, the notice of

confirmation shall be communicated on a durable medium and shall

include all applicable terms and conditions associated with the facility,

including all fees or charges.

10. In the case that an application is declined or partially

declined, the lending institution shall notify the customer or potential

customer on a durable medium, whilst clearly providing the reasons on

the basis of which the lending institution is unable to accommodate the

request, except where to do so would result in a breach of any anti-

money laundering and combating the funding of terrorism legislation,

any implementing procedures, guidelines and any international

agreements binding on the lending institutions, and informing the

customer or potential customer about the lending institution’s

complaints procedure, to the extent applicable.

11. In the case that

(a)

a customer or potential customer has received

formal refusal following a request for a credit facility;

(b)

a lending institution has withdrawn or reduced an

existing credit facility;

(c)

a customer or potential customer has received

formal refusal by a lending institution following a request for a

restructuring of an existing credit facility; or

(d)

a customer or potential customer has not received

a final decision by a lending institution within the time period

provided by the lending institution in accordance with item 7

following a request for a credit facility or for the restructuring

of an existing credit facility by the customer or potential

customer,

the customer or potential customer may file a complaint with the

lending institution requesting that its decision be reviewed.

12. Complaints shall be submitted in writing to the lending

institution at its registered address, which complaint shall explain the

grounds on the basis of which the complainant wants to have the

lending institution’s decision reviewed.

13. Complaints shall be submitted within one (1) month from

the date of service of the decision, in the form and contents determined

by the lending institution. The lending institution shall acknowledge

receipt of the submission within two (2) days.

14. The complaint shall be considered by an independent

official, or a team of officials, who were not involved in the original

decision communicated by the lending institution.

15. If the assessment of the complaint requires submission of

further information from the complainant, the lending institution shall

indicate a reasonable timeframe by when such information shall be

submitted.

16. The lending institution shall review the complaint submitted

by the complainant and shall inform the complainant of the outcome of

the complaint by not later than fifteen (15) days from receipt of the

complaint and documentation requested by the lending institution. If

the investigation of the complaint is not completed within fifteen (15)

days as aforesaid, the lending institution shall inform the complainant

of such fact before the expiry of such period.

17. Items 11 to 16, both inclusive, of this charter shall not apply

to lending institutions which are not required to have in place a

complaints management policy and a complaints management

function in terms of law.

The Credit Review Office

18. A customer or potential customer may, within ninety (90)

days after having exhausted all remedies available to him in

accordance with this charter, if his application is considered to be an

eligible application in accordance with the Act, submit an application

in writing to the credit reviewer within the Credit Review Office.

19. The application shall be in the form and language

determined by the Credit Review Office and accompanied by the

documentation requested therein, including all documentation

provided by the eligible applicant to the lending institution and the

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feedback provided by the lending institution, to the extent that these

are available.

20. Any application submitted in accordance with item 19 shall

(a)

identify the details of the lending institution

against which the application is made;

(b)

identify the reasons for submission of the

application; and

(c)

request the credit reviewer to establish, to the

extent permitted by law, whether the decision communicated by

the lending institution in respect of the application submitted by

the eligible applicant is in accordance with the credit policies of

the lending institution and in the case of failure by the lending

institution to make a final decision within the timeframe

established by the lending institution in accordance with its

charter following a request for a credit facility by the eligible

applicant, to establish the reason for such a delay in making

such decision, and whether such delay is justified.

21. The findings and conclusions of the Office shall take the

form of a recommendation which shall not be binding on the parties

thereto.

(1)

In this Act, unless the context otherwise requires

"charter" means the document to be drawn up by each

lending institution in accordance with article 17;

"credit application" means an application submitted by a

customer or potential customer of a lending institution for the

purpose of obtaining a credit facility;

"credit facility" means the lending of a sum of money by

way of an advance, overdraft or loan, or any other line of credit

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required by the eligible applicant for working capital

requirements or other general business purposes but excludes

discounting of bills of exchange and promissory notes,

guarantees, indemnities, acceptances, bills of exchange

endorsed pour aval and financial leasing;

"credit reviewer" means any body or other person

designated for this purpose by the Minister, by notice in the

Gazzette made in accordance with this Act, which shall be

responsible for overseeing the implementation of the Office and

shall have the functions established in this Act or any

regulations made thereunder;

"customer" and, or "potential customer" means a

customer or a potential customer of a lending institution;

"durable medium" means any instrument which enables

the storage of information addressed personally to a particular

person in a way accessible for future reference and for a period

of time adequate for the purposes of the information contained

therein and allows the unchanged reproduction of the

information stored;

"eligible applicant" means

(a)

a trader who is not a member in a

commercial partnership and who resides in Malta;

(b)

a commercial partnership constituted in

Malta in accordance with the Companies Act, or any law

which may from time to time be applicable; or

(c)

any other person as the Minister may from

time to time prescribe by regulations made under this

Act;

"eligible application" means an application submitted by

an eligible applicant who

(a)

has received a formal refusal by a lending

institution following a request for a credit facility;

(b)

has not received a final decision by a

lending institution within the time period stipulated by

the lending institution in accordance with its charter

following a request for a credit facility by the eligible

applicant;

(c)

has been formally notified, through a

durable medium, by a lending institution that an existing

credit facility has been withdrawn or reduced; or

(d)

has received formal refusal, through a

durable medium, by a lending institution following a

request for the restructuring of an existing credit facility;

(e)

has not received a final decision by a

lending institution within the time period stipulated by the

lending institution in accordance with its charter

following a request for the restructuring of an existing

credit facility

Provided that "eligible application" shall not

include

(a)

decisions by lending institutions to refuse

applications for credit facilities due to restrictions

emanating from the European Union state aid rules;

(b)

decisions by lending institutions relating to

non-performing credit facilities;

(c)

decisions by lending institutions refusing,

withdrawing, reducing or refusing to restructure credit

facilities in excess of two million euro (€2,000,000);

(d)

applications

refusing,

withdrawing,

reducing or refusing to restructure credit facilities of less

than five thousand euro (€5,000); and

(e)

decisions by lending institutions to refuse

applications for credit facilities on the basis that granting

such facilities would breach anti-money laundering and

combating the funding of terrorism legislation, any

implementing procedures, guidelines and any

international agreements binding on the lending

institutions;

"lending institution" means any entity licensed by the

Malta Financial Services Authority to carry out the business of

banking in terms of the Banking Act or to grant credit facilities

in terms of the Financial Institutions Act;

"Malta Financial Services Authority" means the

authority established in terms of the Malta Financial Services

Authority Act;

"Minister" means the Minister responsible for the

economy;

"non-performing facility" means any credit facility that

is classified as a non-performing exposure in accordance with

the Commission Implementing Regulation (EU) 2021/451 of 17

December 2020 laying down implementing technical standards

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for the application of Regulation (EU) No. 575/2013 of the

European Parliament and of the Council with regard to

supervisory reporting of institutions and repealing

Implementing Regulation (EU) No. 680/2014;

"Office" means the Credit Review Office established in

accordance with article 3;

"Regulation (EU) 2016/679" means Regulation (EU)

2016/679 of the European Parliament and of the Council of 27

April 2016 on the protection of natural persons with regard to

the processing of personal data and on the free movement of

such data, and repealing Directive 95/46/EC (General Data

Protection Regulation).

(2)

Words and expressions used in this Act and in any

regulations made thereunder with reference to any other law shall, so

far as necessary, have the same meaning as assigned to them in the

respective law.

(3)

If there is any conflict between the English and Maltese

texts in this Act and in any regulations made thereunder, the English

text shall prevail.

PART II

Establishment of the Credit Review Office

(1)

There shall be established the Credit Review Office.

(2)

The Office shall be made up of the credit reviewer and of

such officers and staff members appointed or employed with the

Office.

(1)

The Office shall have the following functions

(a)

to ascertain that a customer or potential customer

making a complaint in accordance with article 9 qualifies as an

eligible applicant;

(b)

to ascertain that an application submitted by an

eligible applicant is an eligible application in accordance with

this Act;

(c)

to review and investigate eligible applications

submitted by eligible applicants, including by the means of

mediation in accordance with article 10 and, where necessary,

by issuing a recommendation in accordance with article 14;

(d)

to inform the public through electronic means

and, where possible, by means of written guidelines with regard

to the functions carried out by the Office, the role of the credit

reviewer, the contact details of the Office, the procedure

followed by the credit reviewer and, or the Office in relation to

eligible applications, and other information concerning the

Office with the purpose of informing the public on the services

offered by the Office;

(e)

to provide the means to enable an eligible

applicant to submit a complaint electronically or by recorded

delivery through the post or courier service;

(f)

to provide the means to enable the exchange of

information between an eligible applicant and a lending

institution electronically or by recorded delivery through the

post or courier service;

(g)

to ensure that any personal data processed by the

Office in the course of proceedings fully complies with

Regulation (EU) 2016/679 and the Data Protection Act,

including any regulations made thereunder;

(h)

to establish rules and guidelines in relation to the

implementation of the regulations made in terms of article 19;

(i)

to publish a yearly report of official statistics; and

(j)

to carry out such other functions as are assigned

to it under this Act or any other law.

(2)

In carrying out his functions under this Act, the credit

reviewer shall

(a)

act independently and impartially and shall not be

subject to the direction or control of any other person or

authority;

(b)

determine complaints submitted in accordance

with article 9 by reference to what in his opinion is fair,

equitable and reasonable in the particular circumstances and

substantive merits of the case;

(c)

consider and have due regard, in such manner as

he deems appropriate to applicable and relevant laws, rules and

regulations, in particular those governing the conduct of a

lending institution, including guidelines issued by national and

European Union supervisory authorities, good industry practice

and reasonable and legitimate expectations of eligible

applicants and this with reference to the time when it is alleged

that the facts giving rise to the complaints occurred;

(d)

deal with a complaint in a procedurally fair,

informal, economical and expeditious manner.

(3)

The credit reviewer may delegate in writing to any person

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engaged with the Office any of its functions under this Act.

(4)

The credit reviewer shall employ sufficient communication

media for the purposes of its obligations arising from sub-article (1).

The yearly report shall contain

(a)

summarised reports establishing the main terms

of each complaint received by the Office and the resolution

thereof, without including personal data of natural persons and

the details of the lending institution;

(b)

statistical data, both in absolute terms and in

terms relative to the size of the lending institution including

therein the number of complaints filed against each individual

lending institution and their resolution, where applicable, and

the lending institution shall be identified for the purpose of this

paragraph; and

(c)

data emanating from any surveys conducted or

commissioned by the Office on the state of accessibility of

finance by eligible applicants.

The credit reviewer shall draw up a yearly report and a copy

of the said yearly report is to be laid on the Table of the House of

Representatives by the Minister within six (6) months from the end of

each calendar year and shall be made accessible to the public in such a

manner as the Minister may determine.

The Office shall be accountable to the Minister for the

discharge of its duties.

PART III

Proceedings

(1)

An eligible applicant who may submit an eligible

application in accordance with this Act, shall first submit a complaint

with the relevant lending institution.

(2)

The lending institution shall investigate the complaint made

by the eligible applicant in accordance with and subject to the time-

limits established in its charter.

(3)

The lending institution shall communicate its decision on a

durable medium to the eligible applicant within the time-limits

established in its charter.

(4)

Where following its internal review process the lending

institution confirms its decision to

(a)

refuse to grant a credit facility to the eligible

applicant;

(b)

withdraw or reduce an existing credit facility; or

(c)

refuse an application requesting the restructuring

of an existing credit facility

(i)

it shall, to the extent permitted by law,

specify its reasons for the refusal, withdrawal or

reduction; and

(ii)

it shall, include clear information about the

eligible applicant’s right to refer a complaint to the

Office, together with the contact details of the Office,

and the applicable time-limits for doing so in accordance

with article 9.

(5)

The provisions of this article shall not apply to lending

institutions which are not required to have in place a complaints

management policy and a complaints management function in terms of

law.

(1)

An eligible applicant who is entitled to submit an

eligible application in accordance with this Act may, within ninety

(90) days after having exhausted all remedies available to him in the

charter of the relevant lending institution, submit an application in

writing to the credit reviewer, which application shall

(a)

identify the lending institution against which the

eligible application is made;

(b)

identify the reasons for submission of the eligible

application; and

(c)

request the credit reviewer to establish, to the

extent permitted by law, whether the decision communicated by

the lending institution in respect of the eligible application

submitted by the eligible applicant was in accordance with the

credit policies of the lending institution and in the case of a

failure by the lending institution to make a final decision within

the time period provided by the lending institution in

accordance with its charter following a request for a credit

facility by the eligible applicant, to establish the reason for such

a delay in making such a decision, and whether such delay was

justified.

(2)

Upon receipt of an eligible application the credit reviewer

shall determine whether the eligible application falls within his

competence.

(3)

Where the credit reviewer determines that the eligible

application does not fall within his competence, the credit reviewer

shall promptly inform the eligible applicant in writing and provide the

decision and the reasons for such decision, either electronically or by

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recorded delivery through the post or courier service.

(4)

The application submitted shall be in the form and language

determine d by the Offic e a nd s hall be accompanie d by t he

documentation requested therein, including all documentation

provided by the eligible applicant to the lending institution and the

feedback received from the lending institution, to the extent that these

are available.

(5)

On submitting a complaint with the Office the eligible

applicant may be required to pay a fee as the Minister, in consultation

with the Minister responsible for finance, may prescribe, from time to

time, by regulations made under this Act.

(6)

The credit reviewer shall issue an order for the termination

of the proceedings if

(a)

before the credit reviewer shall have reached a

decision, the eligible applicant shall notify the credit reviewer

in writing either electronically or by recorded delivery through

the post or courier service of the withdrawal of his application;

or

(b)

if the continuation of the proceedings initiated by

the eligible applicant become unnecessary or impossible for any

reason.

(7)

Where the credit reviewer determines that an eligible

application falls within his competence, he shall transmit a copy of the

eligible application, including supporting documents as applicable, to

the lending institution electronically or by recorded delivery through

the post or courier service.

(8)

The lending institution shall, within twenty days (20) from

service of the eligible application to the said lending institution by the

credit reviewer, or any other period determined by the credit reviewer

and communicated by him to the lending institution through a durable

medium, submit a reply to the credit reviewer.

(1)

An eligible application shall, as far as possible, be

primarily dealt with by mediation.

(2)

Participation in mediation by the eligible applicant and the

lending institution shall be voluntary, and any party may withdraw

from participation at any time.

(3)

The mediation proceedings shall be carried out by officers

appointed by the Office, whose function shall be to act as mediators

between the eligible applicant and the lending institution

Provided that the mediator may, on forming the view that a

mediation attempt is not likely to succeed, abandon such attempt to

resolve the complaint by mediation. The mediator shall communicate

such decision to the eligible applicant and the lending institution.

(4)

Subject to the provisions of this Act and to any regulations

made under article 19, the mediator may regulate his own procedure.

(5)

The mediation proceedings shall proceed in private and any

resolution of a complaint as a result of mediation shall not have the

resolution thereof published in any format.

(6)

No appeal shall lie from anything done by an officer acting

in his capacity as mediator.

Where the mediation proceedings under article 10 prove to

be unsuccessful, or where either the eligible applicant or the lending

institution refuse to undergo voluntary mediation, the credit reviewer

shall proceed to review the complaint raised by the eligible applicant

in its application.

(1)

The credit reviewer has discretion to determine

whether, for the purposes of the issuance of the recommendation, any

additional oral and, or written submissions are required, in addition to

the written submissions stipulated in article 9. Where the credit

reviewer determines that any additional oral and, or written

submissions are required, he shall provide the parties with an

opportunity to make such additional oral and, or written submissions.

(2)

The eligible applicant and the lending institution shall have

the right to be represented and assisted by a person or persons of their

trust. Neither party shall be required to be represented or assisted for

any oral hearings which are required by the credit reviewer. If only one

(1) party is represented or assisted, the credit reviewer shall ensure that

the hearing remains fair for both parties.

(3)

The credit reviewer may request the production of

information or documentation from either of the parties or from a third

party, as the case may be, which he considers necessary or relevant for

the determination of the complaint raised by the eligible applicant,

which information or documentation is to be provided before the

expiry of such reasonable period as the credit reviewer shall specify,

and in the case of information, in such manner or form as may be

specified by the credit reviewer

Provided that any documentation requested by the credit

reviewer from a lending institution and which relates to the said

lending institution’s internal policies or strategies or any other

document which, at the request of the lending institution shall be

deemed by the credit reviewer as containing sensitive information in

relation to the lending institution, shall be made available by the

lending institution to the credit reviewer only, to the exclusion of the

eligible applicant or any other third party.

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(4)

Any personal data processed by the Office shall fully

comply with the provisions of Regulation (EU) 2016/679 and the Data

Protection Act, including any regulations made thereunder and the

fundamental rights and freedoms of the data subjects.

(5)

When the Office acts in its capacity of a controller within the

meaning of Article 4(7) of Regulation (EU) 2016/679 it shall perform

the relevant data processing operations which are strictly limited to the

extent necessary and proportionate to enable the Office to exercise its

functions under article 4(1).

(6)

The language of the proceedings before the credit reviewer

shall be either Maltese or English as the credit reviewer may determine

in accordance with the particular circumstances of each case, in

agreement with the parties.

(7)

Subject to the provisions of this Act and of any regulations

made thereunder, the credit reviewer shall regulate the proceedings as

he deems appropriate.

Proceedings undertaken before the credit reviewer shall be

conducted in private.

The findings and conclusions reached by the credit reviewer

following the submission of an eligible application in terms of this Act

shall take the form of a recommendation which shall not be binding on

the parties thereto.

(1)

The recommendation issued by the credit reviewer

shall

(a)

support the lending institutions’

decision

complained of by the eligible applicant;

(b)

recommend that a credit facility should be

granted;

(c)

recommend that an existing credit facility ought

not be withdrawn or reduced;

(d)

recommend that an existing credit facility is

restructured; or

(e)

make such other recommendation as the credit

reviewer deems appropriate in the circumstances.

(2)

No monetary compensation may be awarded by the credit

reviewer in respect of eligible applications submitted.

(3)

The findings, conclusions and recommendations reached by

the credit reviewer shall be drawn up in writing, giving the credit

reviewer’s reasons therefor and shall be read out in private on a day duly

notified to the parties.

(4)

The recommendation shall be made available to the parties

to the proceedings only and shall not be made available to third

p a r t i e s , e x c e p t a s m a y b e r e q u i r e d i n t e r m s o f l a w. T h e

recommendation shall be treated as strictly confidential to the parties

to the proceedings, who shall not disclose, divulge, reproduce or

c o m m u ni c a t e an y i n fo r m a ti o n o r m a t e r i a l c on t a i n e d in th e

recommendation, in whole or in part, to any third party, except as may

be required in terms of law.

(5)

The lending institution may comply with the

recommendation issued by the credit reviewer or, where it elects not to

comply with such recommendation, it shall provide the credit

reviewer, to the extent allowed by law and permitted in terms of any

document disclosed by the lending institution to the credit reviewer,

with its reasons for not doing so, and in such case, the credit reviewer

may elect to share those reasons with the eligible applicant.

PART IV

Miscellaneous

Unless expressly provided otherwise in this Act, the Holders

of Public Office and Public Entities (Responsibility) Act shall be

applicable in the case of any civil or criminal proceedings against the

Office including the credit reviewer, unless it is shown that the person

concerned acted in bad faith.

(1)

Each lending institution shall draw up a charter

which shall be aimed at providing

(a)

guidance on the process which is to be undertaken

in connection with the credit application process, including

applicable timelines;

(b)

an indicative list of initial documentation and data

which is expected from the customer or potential customer in

support of his credit application, together with a reference to

the fact that further information may be required by the lending

institution in order to process an application for a credit facility;

(c)

to the extent applicable, the lending institutions’

requirements regarding security and, or collateral required in

connection with a credit facility;

(d)

without prejudice to article 8(5), information on

the lending institution’s complaint handling mechanisms in

relation to internal appeals or reviews where

(i)

an eligible applicant has received a formal

refusal following a request for a credit facility;

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(ii)

a lending institution has withdrawn or

reduced an existing credit facility;

(iii) an eligible applicant has received formal

refusal by a lending institution following a request for

the restructuring of an existing credit facility; or

(iv) the eligible applicant has not received a

final decision by a lending institution within the time

period provided by the lending institution in accordance

with its charter, following a request for a credit facility

or for the restructuring of an existing credit facility by

the eligible applicant,

regarding the manner how such internal review or

appeal process may be undertaken, together with any relevant

timings; and

(e)

information on the remedy available in certain

instances to have a refusal by a lending institution reviewed by

the credit reviewer.

(2)

Without prejudice to sub-article (1), a lending institution

shall include in its charter the time-period within which it shall be

required to inform a customer or potential customer of the timeframe

within which the lending institution shall revert with its decision

following an application made for a credit facility or an application for

a restructuring of an existing credit facility.

(3)

The information established in the charter shall be made

available on the lending institutions’ website and, if so requested by a

customer or potential customer of a lending institution, on a durable

medium, free of charge. It shall be the duty of the lending institution to

keep such information updated at all times.

(4)

In cases where a charter is not drawn up and made publicly

available by the lending institution in accordance with the provisions

of this Act, the Charter established in the Schedule shall apply.

(5)

The Malta Financial Services Authority shall be responsible

for the supervision and enforcement of the requirements relating to the

charter as established in this article. For this purpose, the powers

assigned to the Malta Financial Services Authority in accordance with

the Malta Financial Services Authority Act and the Banking Act shall

apply mutatis mutandis.

(1)

The credit reviewer may appoint such officers and

consultants to assist in the fulfilment of its functions. The engagement

of such officers and consultants shall be at such appropriate terms and

conditions as commensurate with their appointment and professional

standing and experience. Such appointment may be on full-time or

part-time basis, or related to specific eligible applications that require

special skills for proper analysis.

(2)

Any person appointed in accordance with sub-article (1)

shall

(a)

be independent and impartial of the parties to the

application or applications in respect of which they shall have

been engaged;

(b)

carry out their duties free from any interference

from any person except for the direction given by the credit

reviewer; and

(c)

maintain ongoing confidentiality regarding any

information acquired during the course of their duties, even

after their engagement has ended.

(3)

The Office shall have the power to conduct surveys on the

state of accessibility of finance by eligible applicants and to request

information from lending institutions on the number of credit

applications received by them by eligible applicants, including

(a)

the value of credit requested;

(b)

the number of credit applications which have

been approved and declined by lending institutions; and

(c)

the reasons for refusal, to the extent permitted by

law.

The Minister may, in consultation with the Office, and

where applicable with the Malta Financial Services Authority, make

regulations for the better implementation of the provisions of this Act

and, without prejudice to the generality of the aforesaid, by such

regulations, in particular

(a)

establish the charges payable in accordance with

this Act, in consultation with the Minister responsible for

finance;

(b)

establish the procedure to be followed by the

officer in his capacity as mediator in the context of any

mediation proceedings conducted in terms of this Act;

(c)

prescribe the procedure to be followed in the

formulation of a report by the officer in the context of any

mediation proceedings conducted in terms of this Act;

(d)

regulate the drawing up, approval, publication

and distribution in Malta of the charter to be published by

lending institutions in terms of this Act;

CREDIT REVIEW OFFICE

(e)

amend, substitute or revoke Schedules.

(1)

For the proper discharge of their respective duties,

the Office and the Malta Financial Services Authority shall cooperate

and exchange information about the efficient complaint handling of

lending institutions and issues that are likely to have wider regulatory

implications arising from eligible applications, including issues that

appear to affect multiple applicants of one (1) or more lending

institutions.

(2)

The Office may enter into a memorandum of understanding

with the Malta Financial Services Authority establishing the terms

under which they agree to comply with sub-article (1). Such agreement

shall be publicly available electronically or as requested.

(3)

Any information divulged or exchanged pursuant to this

article shall be treated as strictly confidential by the respective parties,

and its disclosure may only be permitted if prior consent of the

respective parties is obtained in writing.

This Act shall regulate any decision by lending institutions

which relates to

(a)

an application for a credit facility made by an

eligible applicant, and which is submitted to a lending

institution following the date of the coming into force of this

Act;

(b)

a withdrawal or reduction of an existing credit

facility, which withdrawal or reduction is effected following the

date of the coming into force of this Act; and

(c)

a refusal of an application requesting a

restructuring of an existing credit facility, which application is

submitted to the lending institution following the date of the

coming into force of this Act.