Supervisory Consolidation (Investment Firms Directive)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,032, 4 ta’ April, 2023 B 719

L.N. 75 of 2023

INVESTMENT SERVICES ACT

(CAP. 370)

Supervisory Consolidation (Investment Firms 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 Supervisory Citation and

(Amendment) scope.

Consolidation

(Investment

Firms

Directive)

Regulations, 2023, and these regulations shall be read and construed as

one with the Supervisory Consolidation (Investment Firms Directive S.L. 370.49.

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

(2) The purpose of these regulations is to transpose the relevant

parts of Article 3 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,

and they shall be interpreted and applied accordingly.

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

regulations, for the words, "to transpose Article 46,", there shall be regulation

the principal

substituted the words, "to transpose Articles 3, 46,".

regulations.

Regulation 2 of the principal regulations shall be amended Amends

regulation 2 of

as follows

the principal

regulations.

(1) immediately after the definition "EU investment firm"

thereof, there shall be added the following new definitions

" "EU parent investment firm" shall have the same meaning

as that assigned to "Union Parent Investment Firm" in point (56)

of Article 4(1) of the IFR;

"EU parent investment holding company" shall have the

same meaning as that assigned to "Union parent investment

holding company" in point (57) of Article 4(1) of the IFR;

"EU parent mixed financial holding company" shall have

the same meaning as that assigned to "Union parent mixed

financial holding company" in point (58) of Article 4(1) of the

IFR;"; and

(2) the definition "parent mixed financial holding company in a

Member State", shall be deleted.

Regulation 3 of the principal regulations shall be amended

as follows

(1)

in sub-regulation (1) thereof

(a)

for paragraph (a) thereof there shall be substituted

the following

"(a) where the parent undertaking is a parent

institution in Malta or an EU parent investment firm,

licensed in terms of the Act;";

(b) in paragraph (b) thereof, for the words, "is a parent

financial holding company or a parent mixed financial holding

company in a Member State or an EU parent financial holding

company or an EU parent mixed financial holding company;",

there shall be substituted the words, "is an EU parent investment

holding company or an EU parent mixed financial holding

company;";

(c) in paragraph (c) thereof, for the words, "have as

their parent the same parent financial holding company, the same

parent mixed financial holding company in a Member State,",

there shall be substituted the words, "have as their parent";

(d) in paragraph (d) thereof, for the words, "have as their

parent more than one financial holding company or mixed

financial holding company with head offices in different

Member States," there shall be substituted the words, "have as

their parent more than one EU investment holding company or

EU mixed financial holding company with head offices in

different Member States,"; and

(e)

in paragraph (e) thereof

(i) for the words, "where the parent financial

holding company or parent mixed financial holding

company" there shall be substituted the words, "where the

EU parent investment holding company or EU parent mixed

financial holding company"; and

(ii)

for the words, "where the financial holding

company is set up," there shall be substituted the words,

"where the EU investment holding company is set up,";

(2) in sub-regulation (2) thereof, for the words, "EU parent

financial holding company", there shall be substituted the words, "EU

parent investment holding company"; and

(3) in sub-regulation (3) thereof, for the words, "parent

investment holding company authorized in a Member State, or parent

mixed financial holding company authorized in a Member State," there

shall be substituted the words, "an EU parent investment holding

company, or an EU parent mixed financial holding company,".

B

€0.18