Financial Conglomerates (Amendment) Regulations, 2011

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 18,817, 14 ta’ Ottubru, 2011

Taqsima B

L.N. 408 of 2011

MALTA FINANCIAL SERVICES AUTHORITY ACT

(CAP. 330)

Financial Conglomerates (Amendment) Regulations, 2011

IN exercise of the powers conferred by article 20C of the Malta

Financial Services Authority 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 Financial Citation,

Conglomerates (Amendment) Regulations, 2011, and these commencement

and scope.

regulations shall be read and construed as one with the Financial S.L. 330.06

Conglomerates Regulations, hereinafter referred to as "the principal

regulations".

(2) These regulations shall come into force on the 31st

December, 2011.

(3) The objective of these regulations is to implement Article

2 of Directive 2010/78/EU of the European Parliament and of the

Council of 24 November 2010, amending Directives 98/26/EC, 2002/

87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/

EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect

of the powers of the European Supervisory Authority (European

Banking Authority), the European Supervisory Authority (European

Insurance and Occupational Pensions Authority) and the European

Supervisory Authority (European Securities and Markets Authority).

Regulation 2 of the principal regulations shall be amended Amends

regulation 2 of

as follows

the principal

regulations.

(a) in the definition "insurance undertaking", the words

"and within the meaning of the Insurance Business Act and the

Insurance Brokers and Other Intermediaries Act" shall be

deleted;

(b) immediately after the definition "investment firm",

there shall be added the following new definition

" "Joint Committee" means the Committee of the

European Supervisory Authorities (ESA) established by

Article 54 of Regulation (EU) No 1093/2010 of the

European Parliament and of the Council of 24 November

2010, of Regulation (EU) No 1094/2010 of the European

Parliament and of the Council of 24 November 2010 and of

Regulation (EU) No 1095/2010 of the European

Parliament and of the Council of 24 November 2010;"; and

(c)

in the definition "reinsurance undertaking", the

words "and within the meaning of the Insurance Business Act"

shall be deleted.

Sub-regulation (2) of regulation 9 of the principal

regulations shall be amended as follows

(a)

in paragraph (b) thereof, for the words "First

Schedule; and", there shall be substituted the words "First

Schedule;";

(b) in paragraph (c) thereof, for the words "the financial

conglomerate." there shall be substituted the words "the

financial conglomerate; and"; and

(c)

immediately after paragraph (c) thereof, there shall

be added the following new paragraph

"(d) arrangements in place to contribute to and

develop, if required, adequate recovery and resolution

arrangements and plans. Such arrangements shall be

updated regularly.".

In sub-regulation (2) of regulation 11 of the principal

regulations, for the words "as well as the Commission", there shall be

substituted the words "and the Joint Committee".

In sub-regulation (4) of regulation 12 of the principal

regulation for the words "the European Central Bank.", there shall be

substituted the words "the European Central Bank and the European

Systemic Risk Board in accordance with Article 15 of Regulation

(EU) No 1092/2010 of the European Parliament and of the Council of

24 November 2010 on European Union macro-prudential oversight of

the financial system and establishing a European Systemic Risk

Board.".

Immediately after regulation 12 of the principal

regulations, there shall be inserted the following new regulation

" Cooperation

(1)

The

Authority

shall

cooperate with the Joint Committee for the

and exchange

of information

purposes of these regulations, in accordance

with the Joint

Committee.

with Regulation (EU) No 1093/2010,

Regulation (EU) No 1094/2010, and

Regulation (EU) No 1095/2010.

(2) The Authority shall without delay

provide the Joint Committee with all

information necessary to carry out its duties

in accordance with Article 35 of Regulation

(EU) No 1093/2010, of Regulation (EU) No

1094/2010, and of Regulation (EU) No 1095/

2010, respectively.".

7. In sub-regulation (1) of regulation 14 of the principal Amends

regulations, immediately after the words "for the purposes of regulation

the principal

supplementary information", there shall be added the words "and regulations.

shall exchange such information in accordance with these regulations

and with the European Supervisory Authorities in accordance with

Article 35 of Regulation (EU) No 1093/2010, of Regulation (EU) No

1094/2010, and of Regulation (EU) No 1095/2010, respectively,

where necessary through the Joint Committee".

8. Regulation 20 of the principal regulations shall be Amends

regulation 20 of

amended as follows

the principal

regulations.

(a)

in sub-regulation (2) thereof

(i) in paragraph (c) thereof, for the words "own

initiative:", there shall be substituted the words "own

initiative."; and

(ii) the two provisos thereof shall be deleted;

(b) sub-regulations (3) and (4) thereof shall be

renumbered as sub-regulations (5) and (6) respectively;

(c)

immediately after sub-regulation (2) thereof, there

shall be added the following new sub-regulations

"(3) The Authority shall consult the other relevant

competent authorities, and shall make every effort to

comply with any applicable guidelines prepared through

the Joint Committee in accordance with Articles 16 and 56

of Regulation (EU) No 1093/2010, of Regulation (EU) No

1094/2010 and of Regulation (EU) No 1095/2010

respectively.

(4) Where the Authority disagrees with the

decision taken by another relevant competent authority

under sub-regulation (2), Article 19 of Regulation (EU) No

1093/2010 of Regulation (EU) No 1094/2010 and of

Regulation No 1095/2010 respectively shall apply."; and

(d) in sub-regulation (6) thereof, as renumbered, for the

words "in terms of subregulation (3)", there shall be substituted

the words "in terms of subregulation (5)".

€0.18