Trading Licences (Amendment) Regulations, 2021

L.N. 262 of 2021

TRADING LICENCES ACT

(CAP. 441)

Trading Licences (Amendment) Regulations, 2021

IN EXERCISE of the powers conferred by article 17 of the

Trading Licences Act, the Minister for the Economy and Industry has

made the following regulations:-

The title of these regulations is the Trading Licences Citation.

(Amendment) Regulations, 2021 and these regulations shall be read

and construed as one with the Trading Licences Regulations, S.L. 441. 07.

hereinafter referred to as "the principal regulations".

Regulation 47A of the principal regulations shall be Amends

regulation 47A

amended as follows

of the principal

regulations.

(a) in paragraphs (b) and (i) of sub-regulation (2) and

sub-regulation (6) thereof, the words "legal organisation" shall

be substituted by the words "legal organisation other than a

company"; and

(b) in the proviso to sub-regulation (6) thereof, the words

"as from 1 st January 2020" shall be substituted by the words "as

for 1 st January 2022" and immediately thereafter there shall be

added the following new proviso

"Provided further that a licence to carry out

the business of a credit reference agency issued by the

Trading Licensing Unit to a legal organisation other than

a company before 1 st January 2022 shall be withdrawn

where such a legal organisation does not register itself as

a company in accordance with the Companies Act or

equivalent legislation of another member state of the

European Economic Area by 30th June 2022 and inform

the Trading Licences Unit in writing of the

aforementioned change submitting proof thereof.".

In sub-regulation (6) of regulation 47E of the principal Amends

regulations, the words "legal organisation" shall be substituted by the regulation

of the principal

words "legal organisation other than a company".

regulations.

Regulation 47F of the principal regulations shall be

substituted by the following new regulation

"47F. (1) A licence to carry out the business of a

credit reference agency shall be renewable every five (5)

years upon a submission by the credit reference agency

for a renewal. A charge for renewal of the licence will be

issued by the Trade Licensing Unit, following the

recommendation of the Bank

Provided that the fee of five hundred euro

(€500) shall be paid within thirty (30) working days of

the charge being issued.

(2) Where the renewal fee payable under sub-

regulation (1) is not paid within thirty (30) days, the

Trading Licensing Unit shall upon the lapse of such time,

notify the credit reference agency of such failure and

impose a late payment fee of one hundred euro (€100).

(3) Should the renewal fee payable under sub-

regulation (1) and the late-payment fee under sub-

regulation (2) of this regulation not be paid within one

hundred and fifty (150) days from when such fee

becomes due, the license to carry out the business of a

credit reference agency shall be cancelled.".

€0.18