Requirements Directive) (Amendment) Regulations, 2023

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,032, 4 ta’ April, 2023 B 715

L.N. 73 of 2023

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Supervisory Consolidation) (Capital

Requirements Directive) (Amendment) Regulations, 2023

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 Investment Citation and

Services Act (Supervisory Consolidation) (Capital Requirements scope.

Directive) (Amendment) Regulations 2023, and these regulations shall

be read and construed as one with the Investment Services Act S.L. 370.46.

(Supervisory Consolidation) (Capital Requirements Directive)

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

(2) The purpose of these regulations is to transpose Article

111(4) 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 and investment

firms, amending Directive 2002/87/EC and repealing Directives 2006/

48/EC and 2006/49/EC, as amended by Article 1 of Directive 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 and it shall be interpreted and applied

accordingly.

Paragraph (e) of sub-regulation 1 of regulation 3 of the Amends

principal regulations shall be substituted by the following new regulation

the principal

paragraph

regulations.

"(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, by the

competent authority of the investment firm with the largest

balance sheet total.".

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