Regulations, 2014

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,362, 30 ta’ Diċembru, 2014

L.N. 479 of 2014

FINANCIAL MARKETS ACT

(CAP. 345)

Financial Markets Act (Credit Rating Agencies)

Regulations, 2014

IN exercise of the powers conferred by article 49 of the

Financial Markets 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 and

scope.

Markets Act (Credit Rating Agencies) Regulations, 2014.

(2) The purpose of these regulations is to implement the

relevant provisions of the EU Regulation on credit rating agencies as

herein defined, and they shall be interpreted and applied accordingly.

(1)

In these regulations, unless the context otherwise Interpretation.

requires -

"the Act" means the Financial Markets Act;

"EU Regulation" means Regulation (EC) No 1060/2009 of the

European Parliament and of the Council of the 16 September 2009 on

credit rating agencies, as amended from time to time, and words and

expressions used in these regulations shall have the same meaning as

is given to them in the said EU Regulation unless otherwise defined

herein.

(2) Words and expressions used in these regulations shall have

the same meaning as is assigned to them in the Act unless otherwise

defined herein.

The Malta Financial Services Authority established by the Competent

Malta Financial Services Authority Act shall be the designated authority.

competent authority in Malta for the purposes of implementing the

relevant provisions of the EU Regulation, and any reference in these

regulations to the competent authority shall be deemed and construed

accordingly.

(1) The competent authority shall exercise all the Applicability of

functions, obligations and powers and shall satisfy all the the

Regulations to

requirements imposed on competent authorities by the EU the

authority.

Regulation.

(2) Without prejudice to sub-regulation (1), the competent

authority may, for the better implementation of the EU Regulation,

exercise any of the powers assigned to it under the Act in relation to

credit rating agencies, persons involved in credit rating activities,

rated entities and related third parties, third parties to whom the credit

rating agencies have outsourced certain functions or activities, and

persons otherwise related or connected to credit rating agencies or

credit rating activities.

For the better carrying out of the provisions of the EU

Regulation or these regulations, the competent authority may, from

time to time, issue and publish Financial Market Rules which shall be

binding on all credit rating agencies and others as may be specified

therein and as the competent authority may consider appropriate

including

(a) the operation of the EU Regulation or these

regulations;

(b) any matter relating to the functions, obligations and

powers of the competent authority under the EU Regulation;

and

(c)

any other matter arising in connection with the EU

Regulation or these regulations.

The provisions of the EU Regulation shall apply to credit

rating agencies based in or operating from Malta and such credit

rating agencies shall exercise all the obligations and satisfy all the

requirements imposed on credit rating agencies by the said EU

Regulation.

The provisions of article 38 of the Act shall apply mutatis

mutandis to credit rating agencies.

The Financial Markets Act (Credit Rating Agencies)

Regulations, 2010 are hereby revoked.

2010.

2010. €0.09