Regulations, 2023

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,079, 4 ta’ Lulju, 2023 B 1233

L.N. 148 of 2023

BANKING ACT

(CAP. 371)

Supervisory Consolidation (Credit Institutions) (Amendment)

Regulations, 2023

IN EXERCISE of the powers conferred by article 3 of the

Banking Act, the Minister for Finance and Employment, acting on the

advice of the Malta Financial Services Authority, has made the

following regulations: -

(1) The title of these regulations is the Supervisory Citation and

Consolidation (Credit Institutions) (Amendment) Regulations 2023, scope.

and these regulations shall be read and construed as one with the

Supervisory Consolidation (Credit Institutions) Regulations, S.L. 371.22.

hereinafter referred to as "the principal regulations".

(2) The scope of these regulations is to transpose sub-articles

(1)(in part), (3)(c) and 4 of Article 111 of 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 by Article 1(37)

of Directive (EU) 2019/878 of the European Parliament and of the

Council of 20 May 2019 amending Directive 2013/36/EU as regards

exempted entities, financial holding companies, mixed financial

holding companies, remuneration, supervisory measures and powers

and capital conservation measures.

Sub-regulation (1) of regulation 3 of the principal Amends

regulation 3 of

regulations shall be amended as follows

the principal

regulations.

(a) immediately after paragraph (a) thereof, there shall be

added the following new paragraph

"(aa) where the parent undertaking is a parent

investment firm established in Malta or in another Member

State or an EU parent investment firm and none of its

subsidiaries is a credit institution, if the competent

authority supervises that parent investment firm or that EU

parent investment firm on an individual basis;";

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

be added the following new paragraph

"(da) where two or more institutions authorised in

the European Union have the same parent financial holding

company established in Malta or in another Member State,

the same parent mixed financial holding company

established in Malta or in another Member State, the same

EU parent financial holding company or the same EU

parent mixed financial holding company, and the

competent authority supervises the investment firm with

the largest balance sheet total, where the group does not

include any credit institution;"; and

(c) paragraph (e) thereof shall be substituted by the

following

"(e) where consolidation is required pursuant to

Article 18(3) or (6) of the CRR and the competent authority

supervises the credit institution with the largest balance

sheet total or, where the group does not include any credit

institution supervises the investment firm with the largest

balance sheet total.".

€0.09