Credit Institutions (Fees) Regulations, 2003

L.N. 218 of 2003

BANKING ACT

(CAP. 371)

Credit Institutions (Fees) Regulations, 2003

In exercise of the powers conferred by subarticle (2) of article 3 of

the Banking Act, the Minister of Finance and Economic Affairs has

made the following regulations:-

(1) These regulations may be cited as the Credit Institutions Citation

commencement

(Fees) Regulations, 2003.

date.

(2) These regulations shall come into force on the 1 st

January, 2004.

(1)

In these regulations, unless the context otherwise Interpretation.

requires:-

“the Act” means the Banking Act;

“deposit liabilities” shall mean deposit liabilities as reported

in terms of Banking Directive BD/06 issued by the competent

authority in accordance with the provisions of the Act;

(2) Words and expressions which are also used in the Act

shall have the same meaning as in the Act.

A credit institution applying to the competent authority for a Application and

processing fee.

licence under the Act shall, upon submission of the application,

irrespective of whether the licence is eventually granted or not, pay to

the competent authority the sum of Lm3,000 as an application and

processing fee.

A credit institution which has been granted a licence in terms Licensing fee.

of the Act shall pay a licensing fee of Lm 5,000 to the competent authority

upon the granting of such licence.

A credit institution licensed under the Act shall pay to the Supervision fee.

competent authority an annual supervision fee equivalent to 0.000142

of its deposit liabilities as reported at the end of the year preceding the

year immediately before the year in which the fee is payable

Provided that the annual amount payable by a credit institution by

way of supervision fee shall in no case be less than Lm6,750

Provided further that the first supervision fee payable by a credit

institution licensed after 1 st January, 2004 shall be equal to a proportion

of such fee that would have been otherwise payable in respect of the

whole calendar year in which the licence was granted. The fee payable

shall be proportionate to the period remaining between the date of the

granting of the licence and the end of that calendar year.

The annual supervision fee due in terms of regulation 5 shall

be payable to the competent authority in two instalments of equal amount

on the 1st January and 1 st July of each year.

In calculating the supervision fee due in the first year, the

competent authority shall credit the credit institution with a proportion

of the annual licence fee already paid by the credit institution in 2003

under the regulations as in force during that year. The proportion of the

fee to be credited shall be the proportion of the fee so paid in relation to

the period from 1 st January to 31 st August, 2004.

Any company incorporated outside Malta which has

established a representative office in Malta shall pay to the competent

authority a fee of Lm1,000 upon such establishment and in each

subsequent year, upon the anniversary of such date.

None of the fees established in terms of regulations 3, 4, 5 and

8 shall, once paid, be refundable under any circumstances.

The Representative Offices (Fees) Regulations, 1995 are

hereby repealed.

1995. Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press