Recovery and Resolution (Amendment) Regulations, 2017

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 19,742, 17 ta’ Marzu, 2017

L.N. 89 of 2017

Malta Financial Services Authority Act

(Cap. 330)

Recovery and Resolution (Amendment) Regulations, 2017

IN exercise of the powers conferred by articles 20A and 20D of

the Malta Financial Services Authority Act, the Minister of Finance,

acting on the advice of the Malta Financial Services Authority and of

the Resolution Authority respectively, has made the following

regulations

The title of these regulations is the Recovery and Citation.

Resolution (Amendment) Regulations, 2017, and these regulations

shall be read and construed as one with the Recovery and Resolution S.L. 330.09.

Regulations, 2015, hereinafter referred to as "the principal

regulations".

Regulation 4 of the principal regulations shall be amended Amends

regulation 4 of

as follows

the principal

regulations.

(a)

in paragraph (c) of sub-regulation (1) thereof, for

the words "as provided for regulation 5(5)", there shall be

substituted the words "as provided for in regulation 5(5)"; and

(b)

in sub-regulation (7) thereof, for the words "and

shall be the subject to individual resolution plans", there shall be

substituted the words "and shall be subject to individual

resolution plans".

In sub-regulation (8) of regulation 38 of the principal Amends

regulations, for the words "shall carry out the assessment required regulation

the principal

under those Articles (and articles) in a timely manner", there shall be regulations.

substituted the words "shall carry out the assessment required under

those Articles in a timely manner".

In the proviso to sub-regulation (3) of regulation 43 of the Amends

principal regulations, for the words "and the bail-in tool referred to in regulation

the principal

paragraph of sub-regulation (2) (b).", there shall be substituted the regulations.

words "and the bail-in tool referred to in sub-regulation (2) (b).".

Regulation 108 of the principal regulations shall be Amends

regulation 108

substituted as follows

of the principal

regulations.

"108. When a credit institution is insolvent and is being

wound up, the creditors shall rank in accordance with the

creditor ranking laid down in article 29A of the Banking Act.".

B

In regulation 117 of the principal regulations, for the

Amends

regulation 117

marginal note thereof, there shall be substituted the following

of the principal

regulations.

"Effective application of penalties and measures and

exercise of powers to impose penalties and measures.".

€0.09