Immovable Property (Amendment) Regulations, 2022

L.N. 167 of 2022

CONSUMER AFFAIRS ACT

(CAP. 378)

Credit Agreements for Consumers relating to Residential

Immovable Property (Amendment) Regulations, 2022

IN EXERCISE of the powers conferred upon him by article

7(1A) of the Consumer Affairs Act, the Minister for Inclusion,

Voluntary Organisations and Consumer Rights, acting on the advice of

the Malta Financial Services Authority and the Consumer Affairs

Council, has made the following regulations:-

(1) The title of these regulations is the Credit

Agreements for Consumers relating to Residential Immovable

Property (Amendment) Regulations, 2022 and these regulations shall

be read and construed as one with the Credit Agreements for

Consumers relating to Residential Immovable Property Regulations,

hereinafter referred to as "the principal regulations".

(2) The scope of these regulations is to partially transpose

Articles 32(3), 33(2) and 38(2) of Directive 2014/17/EU of the

European Parliament and of the Council of 4 February 2014 on credit

agreements for consumers relating to residential immovable property

and amending Directives 2008/48/EC and 2013/36/EU and Regulation

(EU) No 1093/2010.

In sub-regulation (3) of regulation 18E of the principal

regulations, the words "notify the Director General" shall be

substituted by the words "notify the MFSA".

Regulation 18F of the principal regulations, shall be

amended as follows

(a)

sub-regulation (3) thereof shall be substituted by the

following new sub-regulation

"(3) Where Malta is the home Member State and

where the admission of a credit intermediary

automatically ceases to have effect in accordance with

sub-regulation (1) or is withdrawn by the MFSA in

accordance with sub-regulation (2), the MFSA shall

immediately notify the European regulatory authority of

the relevant host Member States of such automatic

cessation of admission or of such withdrawal as soon as

possible and at the latest within fourteen (14) days from

the date on which the admission automatically ceases to

have effect or from the date of the withdrawal, by any

appropriate means."; and

(b) in sub-regulation (4) thereof, the words "whose

admission has been withdrawn." shall be substituted by the

words "whose admission has automatically ceased to have effect

or has been withdrawn.".

Regulation 23A of the principal regulations shall be Amends

amended as follows

(a) the marginal note thereof shall be substituted by the

words "Administrative penalties - powers of the MFSA.";

(b) the words "administrative fine", wherever they occur,

shall be substituted by the words "administrative penalty";

(c) in sub-regulation (2) thereof, the words "the fine is

being imposed" shall be substituted by the words "the

administrative penalty is being imposed"; and

(d) in the Maltese version of paragraph (a) of sub-

regulation (3) thereof, the words "l-ammont tal-multa" shall be

substituted by the words "l-ammont tal-penali amministrattiva".

Regulation 23C of the principal regulations shall be Amends

amended as follows

(a) the marginal note thereof shall be substituted by the

words "Publication of administrative penalties."; and

(b)

sub-regulation (1) thereof shall be substituted by the

following new sub-regulation

"(1) The MFSA may publish, on its official

website and, or in any other media as it considers

appropriate, any administrative penalties imposed under

the provisions of these regulations. Such publications

shall include information on the type and nature of the

breach and the identity of the person on whom the

administrative penalty is imposed, without undue delay

after that person is informed of those penalties

Provided that the MFSA shall not publish any

administrative penalties imposed under the provisions of

these regulations where such publication would seriously

jeopardise the financial markets or cause disproportionate

damage to the parties involved

Provided further that in cases where an

administrative penalty or penalties imposed under the

provisions of these regulations have been published in

terms of this sub-regulation and an appeal has been filed

by the person on whom such administrative penalty or

penalties have been imposed, the MFSA shall, without

undue delay, also publish on its official website and in

any other media as it considers appropriate, information

on the status of the appeal and the outcome thereof.".

€0.27