Distance Selling (Retail Financial Services)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 17,926, 26 ta’ Mejju, 2006

L.N. 116 of 2006

MALTA FINANCIAL SERVICES AUTHORITY ACT

(CAP. 330)

Distance Selling (Retail Financial Services)

(Amendment) Regulations, 2006

IN exercise of the powers conferred by article 20A of the Malta

Financial Services Authority, the Prime Minister and Minister of

Finance, after consultation with the Malta Financial Services Authority,

has made the following regulations.

(1) The title of these regulations is the Distance Selling Citation.

(Retail Financial Services) (Amendment) Regulations, 2006, and shall

be read and construed as one with the Distance Selling (Retail Financial

Services) Regulations, 2005, hereinafter referred to as “the principal L.N. 36 of 2005.

regulations” .

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

2006.

Immediately after sub-regulation (2) of regulation 3 of the Amends

principal regulations, there shall be added the following new sub- regulation

of the principal

regulation >

regulations.

“(3) In relation to the Distance Marketing Directive, the

Malta Financial Services Authority shall be the competent authority

for all the purposes of Regulation (EC) No 2006#2004 of the

European Parliament and of the Council of 27 October 2004 on

cooperation between national authorities responsible for the

enforcement of consumer protection laws.”.

Regulation 5 of the principal regulations shall be amended as Amends regulation

5 of the principal

follows>

regulations.

(a) in sub-regulation (1) thereof, for the words, “A supplier

shall, in a clear and comprehensible manner appropriate to the

means of distance communication used, and in reasonable time

before the consumer is bound by a distance contract or offer,” there

shall be substituted the words “Where a supplier and a consumer

are in communication regarding the conclusion of a distance

contract and in reasonable time before the consumer is bound by a

distance contract or offer, the supplier shall, in a clear and

comprehensible manner appropriate to the means of distance

communication used,”<

(b) sub-regulations (3) and (4) thereof shall be deleted< and

(c) sub-regulations (5), (6) and (7) shall be renumbered as

sub-regulations (3), (4) and (5) thereof respectively.

Regulation 7 of the principal regulations shall be amended as

follows>

(a) for the proviso to subregulation (1) thereof, there shall

be substituted the following>

“Provided that this period shall be extended to thirty

calendar days where the distance contract relates to long term

business contracts of insurance covered by Directive

2002#83#EC and to personal pension arrangements.”< and

(b) in paragraph (a) of sub-regulation (2) thereof, for the

words “in the case of life assurance contracts covered by Directive

90#619#EEC,” there shall be substituted the words “in the case of

long term business contracts of insurance covered by Directive

2002#83#EC, ”.

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