European Passport Rights for Credit Institutions

VER|JONI ELETTRONIKA

L.N. 355 of 2009

BANKING ACT

(CAP. 371)

European Passport Rights for Credit Institutions

(Amendment) Regulations, 2009

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:-

The title of these regulations is the European Passport

Rights for Credit Institutions (Amendment) Regulations, 2009 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".

Immediately after regulation 4 of the principal regulations,

there shall be added the following new regulation

" Exercise of

A European credit institution which is

passport rights

seeking to appoint tied agents in Malta in

by European

exercise of a European right and in terms of

credit

institutions -

Council Directive 2004/39/EC of the

tied agents.

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, shall be subject to the requirements

of the Investment Services Act (Tied Agents)

Regulations.".

3. In sub-regulation (1) of regulation 13 of the principal

regulations, for the words "A company, other than a credit institution,

the principal activity of which is to acquire holdings or to carry on

one or more of the activities listed in points 2 to 12 of Annex I to the

Directive, incorporated in the Schedule to these regulations," there

shall be substituted the words "A company, other than a credit

institution, the principal activity of which is to acquire holdings or to

carry on one or more of the activities listed in points 2, 3 and 5 to 12

of Annex I to the Directive, incorporated in the Schedule to these

regulations,".

VER|JONI ELETTRONIKA

4. For the Schedule to the principal regulations there shall be Substitutes the

Schedule to the

substituted the following

principal

regulations.

"SCHEDULE

Annex I to the Directive

LIST OF ACTIVITIES SUBJECT TO MUTUAL RECOGNITION

1. Acceptance of deposits and other repayable funds;

2. Lending including, inter alia: consumer credit, mortgage

credit, factoring, with or without recourse, financing of commercial

transactions (including forfeiting);

3. Financial Leasing;

4. Payment services as defined in Article 4(3) of Directive

2007/64/EC of the European Parliament and of the Council of 13

November 2007 on payment services in the internal market amending

Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and

repealing Directive 97/5/EC;

Issuing and administering other means of payment (e.g.

travellers cheques and bankers’ drafts) in so far as this activity is not

covered by activity 4 above;

Guarantees and commitments;

Trading for own account or for account of customers in

(a)

money market

instruments

(cheques,

bills,

certificates of deposit, etc.);

(b)

foreign exchange;

(c)

financial futures and options;

(d)

exchange and interest-rate instruments;

(e)

transferable securities;

Participation in securities issues and the provision of

services related to such issues;

Advice to undertakings on capital structure, industrial

strategy and related questions and advice as well as services relating

to mergers and the purchase of undertakings;

VER|JONI ELETTRONIKA

Money broking;

Portfolio management and advice;

Safekeeping and administration of securities;

Credit reference services;

Safe custody services.

The services and activities provided for in Section A and

Section B of Schedule I to the European Passport Rights for

Investment Firms Regulations (S.L. 370.10) when referring to the

instruments provided for in Section C of the said Schedule are subject

to mutual recognition.".

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