Powers) (Amendment) Regulations, 2022

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,774, 27 ta’ Jannar, 2022 B 263

L.N. 31 of 2022

INVESTMENT SERVICES ACT

(CAP. 370)

CRD (Administrative Penalties, Measures and Investigatory

Powers) (Amendment) Regulations, 2022

IN EXERCISE of the powers conferred by 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

(1) The title of these regulations is the CRD Title and

(Administrative Penalties, Measures and Investigatory Powers) commencement.

(Amendment) Regulations, 2022, and these regulations shall be read

and construed as one with the CRD (Administrative Penalties, S.L. 370.25.

Measures and Investigatory Powers) Regulations, hereinafter referred

to as the "principal regulations".

(2) These regulations shall come into force on such date as the

Minister may establish by notice in the Gazette.

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

regulations, the definition "mixed financial holding company" shall be regulation

the principal

substituted by the following

regulations.

"mixed financial holding company" shall have the same

meaning as that assigned to it in regulation 2 of the Financial S.L. 330.06.

Conglomerates Regulations.".

Regulation 6 of the principal regulations shall be amended Amends

regulation 6 of

as follows

the principal

regulations.

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

following

"Administrative penalties and measures."; and

(b) for the words "may apply on such investment shall

include", there shall be substituted the words "may apply on such

investment firm shall include".

Immediately after regulation 6, there shall be added the Adds new

regulation 6A to

following new regulation

the principal

regulations.

"(6A)When the competent authority takes a decision in the

exercise of its supervisory powers and powers to impose

penalties, it shall specify the reasons on which the said decision

is based.".

The Schedule annexed to the principal regulations shall be

amended as follows

(a) for the words "SCHEDULE (Regulation 5)", there

shall be substituted the words "SCHEDULE (Regulation 6)" and

immediately thereafter, for the words "The provisions of

regulation 5", there shall be substituted the words "The

provisions of regulation 6"; and

(b) immediately after paragraph (m) thereof, there shall

be added the following new paragraph

"(n) a parent institution, a parent financial holding

company or a parent mixed financial holding company fails

to take any action that may be required to ensure

compliance with the prudential requirements set out in Part

Three, Four, Six and Seven of the CRR or imposed under

point (a) of Article 104(1) or Article 105 of the CRD as

transposed in the Investment Services Act (Supervisory

Review) Regulations on a consolidated or sub-consolidated

basis.".

€0.09