Financial Institutions (Fees) (Amendment) Regulations, 2014

L.N. 10 of 2014

FINANCIAL INSTITUTIONS ACT

(CAP. 376)

Financial Institutions (Fees) (Amendment) Regulations, 2014

IN exercise of the powers conferred by article 12 of the

Financial Institutions Act, the Minister for Finance, acting on the

advice of the Malta Financial Services Authority, has made the

following regulations:-

(1)

The title of these regulations is the Financial Citation, scope

Institutions (Fees) (Amendment) Regulations, 2014 and these and

commencement.

regulations shall be read and construed as one with the Financial S.L. 376.3

Institutions (Fees) Regulations, hereinafter referred to as "the

principal regulations".

(2) These regulations shall apply to fees falling due on or after

the 1st January, 2014. Nothing in these regulations shall be deemed to

affect the liability in respect of any fees due under the principal

regulations, prior to the 1st January, 2014.

(3) These regulations shall be deemed to have come into force

on the 1st January, 2014.

In regulation 3 of the principal regulations, for the words Amends

"the sum of €1,200", there shall be substituted the words "the sum of regulation

the principal

€3,500".

regulations.

Regulation 4 of the principal regulations shall be deleted.

Deletes

regulation 4 of

the principal

regulations.

Regulation 5 of the principal regulations shall be Renumbers and

renumbered as regulation 4 thereof, and shall be amended as follows: amends

regulation 5 of

the principal

regulations.

(a)

for the words "an annual supervision fee equivalent

to 0.000175 of the total of the items in the balance sheet as

reported to the competent authority in terms of Banking

Directives BD/06 at the end of the year preceding the year

immediately before the year in which the fee is payable:", there

shall be substituted the words "an annual supervision fee

equivalent to 0.0002 of the total assets as reported in the

statutory schedules under Banking Directives BD/06 or Banking

Rule BR/06 of the year immediately before the year when the

fee is payable:";

(b)

in the first proviso thereof, for the words "and more

than €50,000" shall be deleted; and

(c)

the second proviso thereof shall be substituted by

the following

"Provided further that the first supervision fee

payable by a financial institution licensed after 1st January

of any calendar year shall be due immediately once a

licence is granted, and shall be equal to a proportion of the

minimum fee. The fee payable shall be proportionate to the

period remaining between the date of the granting of the

licence and the end of that calendar year.".

Regulation 6 of the principal regulations shall be

renumbered as regulation 5 thereof, and shall be substituted by the

following

"5.

The annual supervision fees due by a financial

institution subsequent to the first supervision fee in terms of

regulation 4 shall be payable to the competent authority on the

1st January of each year based on the supervision fee paid the

previous year, whilst any resulting difference being equivalent

to the balance of the annual supervision fee due in terms of

regulation 4 shall be paid on the 1st July of each year.".

Regulation 7 of the principal regulations shall be

renumbered as regulation 6 thereof.

€0.18