Regulations, 2008

L.N. 352 of 2008

BANKING ACT

(CAP. 371)

European Passport Rights for Credit Institutions(Amendment)

Regulations, 2008

IN exercise of the powers conferred by article 3 (2) (b) of the

Banking Act, the Minister of Finance, the Economy and Investment,

after consultation with the Malta Financial Services Authority, has made

the following regulations>

(1) The title of these regulations is the European Passport

Rights for Credit Institutions (Amendment) Regulations, 2008 and they

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

for Credit Institutions Regulations, hereinafter to as the “the principal

regulations”.

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

January, 2009.

Immediately after regulation 7 of the principal regulations there

shall be added the following new regulation>

A European credit institution which has

“Renewal Fee.

established a branch in Malta in terms of these regulations,

shall be subject to a yearly renewal fee equivalent to 0.000175

of the branch’s 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 the branch

of a European credit institution established in Malta by way

of renewal fee shall in no case be less than €21,250 and more

than €500,000>

Provided further that the first renewal fee payable by

the branch of a European credit institution established in Malta

after 1st January of any calendar year 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 branch was

established.”.

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

€0.09