Investment Services Act (Capital Adequacy) Regulations, 2008

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,199, 29 ta’ Frar, 2008

L.N. 87 of 2008

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Capital Adequacy) Regulations, 2008

IN exercise of the powers conferred by article 12 of the Investment

Services 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 Investment Services Title and scope.

Act (Capital 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 Investment Services 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

(recast), as amended from time to time, and includes any

implementing measures that may be issued thereunder<

“the Directive” means Directive 2004#39#EC of the European

Parliament and of the Council of 21 April 2004 on markets in

financial instruments amending Council Directives 85#611#EEC

and 93#6#EEC and Directive 2000#12#EC of the European

Parliament and of the Council and repealing Council Directive

93#22#EEC, as amended from time to time, and includes any

implementing measures that have been or may be issued thereunder<

(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

Investment Services

Investment Services Rules in terms of article 6 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 investment firms, 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 54 and 58 of the Directive.

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