Depositor Compensation Scheme (Amendment) Regulations, 2010

BANKING ACT

(CAP. 371)

Depositor Compensation Scheme (Amendment) Regulations, 2010

IN exercise of the powers conferred by articles 3 and 28A of the

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

acting on the advice of the Malta Financial Services Authority, has

made the following regulations

The title of these regulations is the Depositor Citation.

Compensation Scheme (Amendment) Regulations, 2010, and they

shall be read and construed as one with the Depositor Compensation S.L. 371.09.

Scheme Regulations, hereinafter referred to as "the principal

Regulation 11 of the principal regulations shall be Amends

regulation 11 of

amended as follows

the principal

regulations.

(a)

for sub-regulation (5) thereof, there shall be

substituted by the following

"(5) The funds constituting the Reserve shall

become payable to the Scheme upon the happening of any

of the following events

(a) where the competent authority makes a

determination in terms of regulation 13(1);

(b) where a participant ceases to be licensed

under the Act for any reason whatsoever;

(c) whenever the Management Committee directs

that all or part of the funds constituting the Reserve be paid

to the Scheme in terms of regulation 16."; and

(b)

immediately after sub-regulation (5) thereof, there

shall be added the following new sub-regulation

"(6) In the cases referred to in sub-regulations (1)

to (4), the Scheme shall cooperate with similar schemes set

up in any other country.".

The Second Schedule to the principal regulations shall be

amended as follows

(a)

for paragraph 3(b) thereof,

there shall

be

substituted the following

"(b) In every calendar year (hereinafter referred to

as "the year of assessment"), the accumulated

supplementary contributions for each participant shall be

equivalent to the value arrived at by multiplying the

amount of the eligible deposits of that participant as at the

end of the year immediately preceding the year of

assessment with the percentage rate of 0.1%."; and

(b)

for paragraph 5(b) thereof,

there shall

be

substituted the following

"(b) In every year of assessment, the Reserve of

each participant shall consist of funds, the accumulated

value of which shall be not less than the value arrived at by

multiplying the amount of the eligible deposits of that

participant as at the end of the year immediately preceding

the year of assessment with the percentage rate of 0.67%.".

€0.19