European Passport Rights for Credit Institutions

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,194, 14 ta’ Jannar, 2014 B 13

L.N. 5 of 2014

BANKING ACT

(CAP. 371)

European Passport Rights for Credit Institutions

(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 European Citation, scope

Passport Rights for Credit Institutions (Amendment) Regulations, and

commencement.

2014 and these regulations shall be read and construed as one with the

European Passport Rights for Credit Institutions Regulations, S.L. 371.11.

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 coming into force of these regulations.

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

on the 1st January 2014.

Regulation 9 of the principal regulations shall be Substitutes

regulation 9 of

substituted by the following

the principal

regulations.

" Annual

A European credit institution

supervision fee.

which has established a branch in Malta in

terms of these regulations shall be subject to

an annual supervision fee equivalent to zero

point zero zero zero two (0.0002) of the

branch’s deposit liabilities as reported at the

end of the year immediately before the year in

which the fee is payable

Provided that the annual amount payable

by the branch of a European credit institution

established in Malta by way of annual

supervision fee shall in no case be less than

twenty-five thousand euro (€25,000) and not

more than one million two hundred thousand

euro (€1,200,000)

Provided further that the first annual

supervision fee payable by the branch of a

European credit institution established in

Malta after 1st January of any calendar year

shall be due immediately once a branch is

established in Malta, and shall be equal to a

proportion of the minimum fee established in

the first proviso. The fee payable shall be

proportionate to the period remaining

between the date of establishment of a branch

and the end of that calendar year.".

€0.09