Banking Act (Capital Adequacy) Regulations, 2008

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,192, 19 ta’ Frar, 2008

L.N. 76 of 2008

BANKING ACT

(CAP. 371)

Banking Act (Capital Adequacy) Regulations, 2008

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

Act, the Prime Minister and Minister of Finance, on the advice of the

Malta Financial Services Authority, has made the following regulations>-

(1) The title of these regulations is the Banking Act (Capital Title and scope.

Adequacy) Regulations, 2008.

(2) The objective of these regulations is to implement

articles 36 and 38 of the Capital Adequacy Directive and shall be

interpreted and applied accordingly.

(1) In this Act unless the context otherwise requires>

Interpretation.

“the Act” means the Banking Act<

“Capital Adequacy Directive” means Directive 2006#49#EC

of the European Parliament and of the Council of 14 June 2006 on

the capital adequacy of investment firms and credit institutions, as

may be amended from time to time, and includes any implementing

measures that have been issued or may be issued thereunder<

“the Directive” means Council Directive 2006#48#EC of 14

June 2006, relating to the taking up and pursuit of the business of

credit institutions (recast), as may be amended or updated from

time to time, and includes any implementing measures that have

been issued or may be issued thereunder<

“European regulatory authority” means the body or bodies

designated by a Member State or EEA State>

(a) to act as a supervisory authority in relation to the

European credit institution concerned in that Member State

or EEA State within the meaning of the Directive, or

(b) to carry out the duties provided for in the Directive

in relation to a Maltese credit institution exercising or

proposing to exercise a European right<

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

shall have the same meaning as in the Act.

The competent authority may from time to time issue Banking

Rules in terms of article 4 (2) of the Act for the better carrying out of

the provisions of these regulations and for the purposes of further

implementing the Capital Adequacy Directive.

For the purposes of implementing the provisions of the Capital

Adequacy Directive, the authority competent to carry out the duties

provided for in this Directive and the authority responsible for carrying

out the obligations provided for therein shall be the Malta Financial

Services Authority established by the Malta Financial Services Authority

Act.

(1) The competent authority shall>

(a) cooperate closely with other European regulatory

authorities in the performance of their respective duties provided

for in the Capital Adequacy Directive, in particular where

investment services are provided on the basis of the freedom to

provide services or through the establishment of branches< and

(b) supply, on request, other European regulatory authorities

with all the information that is likely to facilitate the supervision

of the capital adequacy of credit institutions, in particular the

verification of their compliance with the rules laid down in this

Directive.

(2) Any exchange of information between the competent

authority and other European regulatory authorities provided for in the

Capital Adequacy Directive shall be subject to the obligations of

professional secrecy as set out in articles 44 to 52 of the Directive.

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