Supervisory Consolidation (Amendment) Regulations, 2019

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,171, 16 ta’ April, 2019

Taqsima B

L.N. 75 of 2019

BANKING ACT

(CAP. 371)

INVESTMENT SERVICES ACT

(CAP. 370)

Supervisory Consolidation (Amendment) Regulations, 2019

IN EXERCISE of the powers conferred by article 3 of the

Banking Act and article 12 of the Investment Services Act, the

Minister responsible for the regulation of Financial Services, acting on

the advice of the Malta Financial Services Authority, has made the

following regulations:-

The title of these regulations is the Supervisory Citation.

Consolidation (Amendment) Regulations, 2019 and these regulations

shall be read and construed as one with the Supervisory Consolidation S.L. 371.15.

Regulations, hereinafter referred as ''the principal regulations''.

In sub-regulation (1) of regulation 2 of the principal Amends

regulations, the definition ''parent institution'' shall be substituted by regulation

the principal

the following definition

regulations.

'' ''parent institution in Malta” means an institution in Malta

which has an institution or a financial institution as a subsidiary

or which holds a participation in such an institution or financial

institution, and which is not itself a subsidiary of another

institution authorised in Malta, or of a financial holding

company or mixed financial holding company set up in Malta;''.

In sub-regulation (1)(a) of regulation 3 of the principal Amends

regulations, for the words ''is a parent institution or an EU parent regulation

the principal

institution,'' there shall be substituted the words ''is a parent institution regulations.

in Malta or an EU parent institution,''.

In sub-regulation (1) of regulation 5 of the principal Amends

regulations, for the words ''and the Acts, alert as soon as is regulation

the principal

practicable:'' there shall be substituted the words, ''and any other regulations.

applicable law, alert as soon as is practicable the EBA and the

authorities referred to in Articles 58(4) and 59 of the CRD and it

shall communicate to the said authorities all the information that is

essential for the pursuance of their tasks.'' and paragraphs (a) (b) and

(c) thereof shall be deleted.

Immediately after sub-regulation (2) of regulation 8 of the

principal regulations there shall be added the following new sub-

regulations

''(2A) The joint decision referred to in sub-regulation

(1)(a) shall be reached within four (4) months after submission

of the report referred to in sub-regulation (2)(a).

(2B) The joint decision referred to in sub-regulation (1)(b)

shall be reached within one (1) month after submission of the

report referred to in sub-regulation (2)(b).''.

Sub-regulation (1) of regulation 11 of the principal

regulations shall be substituted by the following

''(1) Where an investment firm, financial holding

company, mixed financial holding company or mixed-activity

holding company is situated in Malta and controls one or more

subsidiaries authorised in another Member State which are

insurance undertakings or other undertakings providing

investment services, the competent authority shall cooperate

closely with European regulatory authorities and with other

authorities entrusted with the public task of supervising

insurance undertakings in other Member States. Without

prejudice to its responsibilities, the competent authority shall

provide the authorities referred to in this sub-regulation with any

information likely to simplify their task and to allow supervision

of the activity and overall financial situation of the undertakings

they supervise.''.

€0.09