Financial Conglomerates (Amendment) Regulations, 2021

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,698, 10 ta’ Settembru, 2021

L.N. 359 of 2021

MALTA FINANCIAL SERVICES AUTHORITY ACT

(CAP. 330)

Financial Conglomerates (Amendment) Regulations, 2021

IN EXERCISE of the powers conferred by article 20C 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, has made the following regulations

(1) The title of these regulations is the Financial Title and scope.

Conglomerates (Amendment) Regulations, 2021, and these regulations

shall be read and construed as one with the Financial Conglomerates S.L. 330.06.

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

(2) The scope of these regulations is to transpose Article 59 of

Directive (EU) 2019/2034 of the European Parliament and of the

Council of 27 November 2019 on the prudential supervision of

investment firms and amending Directives 2002/87/EC, 2009/65/EC,

2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU.

Regulation 2 of the principal regulations shall be amended Amends

regulation 2 of

as follows

the principal

regulations.

(a) immediately after the definition "balance sheet total",

there shall be added the following new definition

""binding legal instruments" means any directly

applicable measures, including, but not limited to, any

implementing technical standards, regulatory technical

standards or similar measures, issued under European

Union legislation;"; and

(b) the definition "sectoral rules" shall be substituted by

the following

" "sectoral rules" means

(a) European Union legislation relating to the

prudential supervision of regulated entities, in

particular the provisions of

(i) Regulation (EU) No 575/2013 of the

European Parliament and of the Council of 26

June 2013 on prudential requirements for credit

institutions and amending Regulation (EU) No

648/2012, as may be amended from time to

time, and includes any binding legal

instruments, guidelines and other measures that

have been or may be issued thereunder;

(ii) Regulation (EU) 2019/2033 of the

European Parliament and of the Council of 27

November 2019 on the prudential requirements of

investment firms and amending Regulations (EU) No

1093/2010, (EU) No 575/2013, (EU) No 600/2014

and (EU) No 806/2014, as may be amended from

time to time, and includes any binding legal

instruments, guidelines and other measures that have

been or may be issued thereunder;

(iii) Directive 2009/138/EC of the European

Parliament and of the Council of 25 November 2009

on the taking-up and pursuit of the business of

Insurance and Reinsurance (Solvency II), as amended

from time to time, and includes any binding legal

instruments, guidelines and other measures that have

been or may be issued under the said Directive;

(iv) Directive 2013/36/EU of the European

Parliament and of the Council of 26 June 2013 on

access to the activity of credit institutions and the

prudential supervision of credit institutions,

amending Directive 2002/87/EC and repealing

Directives 2006/48/EC and 2006/49/EC, as amended

from time to time, and includes any binding legal

instruments, guidelines and other measures that have

been or may be issued under the said Directive 2013/

36/EU;

(v)

MiFID;

(vi) Directive (EU) 2019/2034 of the

European Parliament and of the Council of 27

November 2019 on the prudential supervision of

investment firms and amending Directives 2002/87/

EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/

EU and 2014/65/EU, as amended from time to time,

and includes any binding legal instruments,

guidelines and other measures that have been or may

be issued under the said Directive (EU) 2019/2034;

and

(b) any applicable Acts administered by the

Authority, including any regulations and rules issued

thereunder, in relation to any regulated entity;".

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