Credit Institutions (Fees) (Amendment) Regulations, 2014

L.N. 11 of 2014

BANKING ACT

(CAP. 371)

Credit Institutions (Fees) (Amendment) Regulations, 2014

IN exercise of the powers conferred by article 3 of the Banking

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 Credit Citation, scope

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

commencement.

regulations shall be read and construed as one with the Credit S.L. 371.10

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 €12,500", there shall be substituted the words "the sum of regulation

the principal

€35,000".

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 its deposit liabilities as reported 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 its deposit

liabilities as reported at the end of the year immediately before

the year in which the fee is payable:";

(b)

in the first proviso thereof, for the words "shall in

no case be less than €21,250 and not more than €500,000:",

there shall be substituted the words "shall in no case be less than

€25,000 and not more than €1,200,000:"; and

(c)

the second proviso thereof shall be substituted by

the following

"Provided further that the first supervision fee

payable by a credit 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 credit

institution subsequent to the first supervision fee in terms of

regulation 4 shall be payable to the competent authority in two

instalments on the 1st January and 1st July of each year. The

instalment due on the 1st January shall be equal to 50% of the

annual supervision fee paid the previous year, whilst the 1st July

instalment shall be equivalent to the balance of the annual

supervision fee due in terms of regulation 4.".

Regulations 7 and 8 of the principal regulations shall be

renumbered as regulation 6 and 7 respectively.

€0.18