Regulations, 2005

L.N. 66 of 2005

BANKING ACT

(CAP. 371)

European Passport Rights for Credit Institutions (Amendment)

Regulations, 2005

IN exercise of the powers conferred by subarticle (6) of article 5

of the Banking Act, the Prime Minister and Minister of Finance, after

consulting the Malta Financial Services Authority, has made the

following regulations>-

(1) These regulations may be cited as the European Passport Citation.

Rights for Credit Institutions (Amendment) Regulations, 2005 and they

shall be read and construed as one with the European Passport Rights

for Credit Institutions Regulations, 2004, hereinafter referred to as “the L.N. 88 of 2004.

principal regulations”.

(2) The purpose of these regulations is to extend the

application of the provisions of the principal regulations to electronic

money institutions and, for this purpose, to transpose the provisions of

Directive 2000#28#EC of the European Parliament and of the Council

of 18 September, 2000 amending Directive 2000#12#EC relating to the

taking up and pursuit of the business of credit institutions.

Amends regulation

In regulation 2 of the principal regulations>

2 of the principal

regulations.

(a) the definition “credit institution ” shall be substituted

by the following>

“ “credit institution” means an undertaking whose

business is to receive deposits or other repayable funds from

the public and to grant credits for its own account and shall

also include an electronic money institution<”<

(b) immediately after the definition “EEA State” there shall

be inserted the following new definitions>

“ “electronic money” means the monetary value, as

represented by a claim on the issuer issuing such money,

which value is>

(i)

stored on an electronic device<

(ii) issued on receipt of funds of an amount not

less in value than the monetary value issued< and

(iii) accepted as means of payment by

undertakings other than the issuer<

“electronic money institution” means any person, other

than a credit institution, which issues means of payment in

the form of electronic money<”<

(c) for the definition “Tribunal” there shall be substituted

the following>

“ “Tribunal” means the Financial Services Tribunal

established under the Malta Financial Services Authority Act<

and words and expressions which are also used in the Act and are

not defined herein, shall have the same meaning as in the Act.”.

Regulation 3 of the principle regulations shall be amended as

(a) sub-regulations (5) and (6) thereof shall be renumbered

as sub-regulations (6) and (7) respectively< and

(b) immediately after sub-regulation (4) thereof, there shall

be inserted the following new sub-regulation>

“(5) The competent authority shall, within the two

month period stipulated in sub-regulation (4), prepare for the

supervision of the European credit institution.”.

For sub-regulation (3) of regulation 4 of the principal

regulations there shall be substituted the following>

“(3) When the competent authority has received such a

notice and has been informed of the intention of the European

credit institution to provide services in Malta, the competent

authority shall, where appropriate, notify the European credit

institution of any applicable provisions.”.

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