Recovery and Resolution (Amendment) Regulations, 2019

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,290, 5 ta’ Novembru, 2019

L.N. 279 of 2019

MALTA FINANCIAL SERVICES AUTHORITY ACT

(CAP. 330)

Recovery and Resolution (Amendment) Regulations, 2019

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

of the Malta Financial Services Authority Act, the Minister

responsible for the regulation of financial services, acting on the

advice of the Malta Financial Services Authority and of the Resolution

Authority, has made the following regulations:-

The title of these regulations is the Recovery and Citation.

Resolution (Amendment) Regulations, 2019 and these regulations

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

Regulations, hereinafter referred to as the "principal regulations".

Sub-regulation (4) of regulation 1 shall be deleted and the Amends

provisions of sub-article (5) of regulation 32 shall come into force on regulation

the 5th November, 2019.

In the definition "Resolution Committee" the words, "the Amends

committee responsible for recovery and resolution,", shall be regulation

substituted by the words "the committee responsible for resolution,". regulations.

In sub-regulation (5) of regulation 32 of the principal Amends

regulations, the words "where it is precautionary, and as prescribed in regulation

the Banking Act (State Aid Rules and Support Measures) Regulations, regulations.

2015.", shall be substituted by the words "where it is precautionary.".

Immediately after regulation 33 of the principal Adds new

regulations, there shall be added the following new regulation

" Non-

(1) Notwithstanding the provision of any

applicability.

other law, the provisions of Directive 2011/35/EU shall

not apply to company or companies in relation to which a

resolution action may be taken in accordance with

regulations 32 and 33.

(2) Notwithstanding the provision of any other

law, Article 10, Article 19(1), Article 29(1), (2) and (3),

the first sub-paragraph of Article 31(2), Articles 33 to 36

and Articles 40, 41 and 42 of Directive 2012/30/EU shall

not apply in the case of use of a resolution action which

may be taken in accordance with regulations 32 and 33.".

6. In sub-regulation (11) of regulation 44 of the principal

regulations, the words, "the Resolution Committee shall notify the

European Commission.", shall be substituted by the words, "the

Resolution Committee shall notify the European Commission and

shall give due consideration to any recommendation that it may

receive from the European Commission following such notification.".

7. In sub-regulation (4) of regulation 63 of the principal

regulations, the words "Where the Resolution Committee exercises it

powers pursuant to sub-regulation (3),", shall be substituted by the

words "Where the Resolution Committee exercises its powers pursuant

to sub-regulation (3),".

8. Sub-regulation (6) of regulation 84 of the principal

regulations, shall be amended as follows

(a) in paragraph (d) thereof, the words "the Central Bank

of Malta; and", shall be substituted by the words "the Central

Bank of Malta;";

(b) in paragraph (e) thereof, the words "the Ministry

responsible for Finance.", shall be substituted by the words "the

Ministry responsible for finance;" and immediately after

paragraph (e) there shall be added the following new paragraphs

"(f) the management committee administering the

depositor compensation scheme; and

(g) the management committee administering the

investor compensation scheme.".

9. In sub-regulation (3) of regulation 86 of the principal

regulations, the words "the Resolution Committee may request the

First Hall of the Civil Court", shall be substituted by the words "the

Resolution Committee may request the First Hall of the Civil Court or

the Civil Court (Commercial Section)".

€0.09