Administrative Penalties, Measures and Investigatory Powers

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,323, 4 ta’ Ottubru, 2024 B 1607

L.N. 254 of 2024

BANKING ACT

(CAP. 371)

Administrative Penalties, Measures and Investigatory Powers

(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 Administrative Citation, scope

and Investigatory Powers (Amendment) and

Penalties,

Measures

commencement.

Regulations, 2024 and these regulations shall be read and construed as

one with the Administrative Penalties, Measures and Investigatory S.L. 371.05.

Powers Regulations, hereinafter referred to as the "principal

regulations".

(2) The scope of these regulations is to transpose Article 4(1)

of Directive (EU) 2022/2556 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 Regulations (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;".

Sub-paragraph (vi) of paragraph (a) of sub-regulation (1) Amends

of regulation 5 of the principal regulations shall be substituted by the regulation

the principal

following new sub-paragraph

regulations.

"(vi) third parties to whom the entities referred to in sub-

paragraphs (i) to (iv) have outsourced functions or activities,

including ICT third-party service providers referred to in

Chapter V of the DORA Regulation;".

€0.09