Banking Act (Supervisory Review)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,323, 4 ta’ Ottubru, 2024 B 1605

L.N. 253 of 2024

BANKING ACT

(CAP. 371)

Banking Act (Supervisory Review)

(Amendment) Regulations, 2024

IN EXERCISE of the powers conferred by article 3 of the

Banking 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 Banking Act Citation, scope

(Supervisory Review) (Amendment) Regulations, 2024 and these and

commencement.

regulations shall be read and construed as one with the Banking Act S.L. 371.16.

(Supervisory Review) Regulations, hereinafter referred to as the

"principal regulations".

(2) The scope of these regulations is to transpose Article 4(4)

of Directive (EU) 2022/2256 of the European Parliament and of the

Council of 14 December 2022 amending Directives 2009/65/EC,

2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU, 2014/65/EU,

(EU) 2015/2366 and (EU) 2016/2341 as regards digital operational

resilience for the financial sector.

(3) These regulations shall come into force on the 17th

January, 2025.

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

regulations, immediately after the definition "the CRR" there shall be regulation

the principal

added the following new definition

regulations.

" "DORA Regulation" means Regulation (EU) 2022/2554

of the European Parliament and of the Council of 14 December

2022 on digital operational resilience for the financial sector, and

amending Regulation (EC) No 1060/2009, (EU) No 648/2012,

(EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011, as

may be amended from time to time, and includes any binding

legal instruments, guidelines and other measures that have been

or may be issued thereunder;".

In paragraph (c) of sub-regulation (1) of regulation 3 of the Amends

principal regulations, the words "of a credit institution’s activities." regulation

the principal

shall be substituted by the words "of a credit institution’s activities; regulations.

and" and immediately after there shall be added the following new

paragraph

"(d) risk revealed by digital operational resilience testing

in accordance with Chapter IV of the DORA Regulation.".

€0.09