Credit Institutions (Fees) (Amendment) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,366, 24 ta’ Diċembru, 2024

L.N. 364 of 2024

BANKING ACT

(CAP. 371)

Credit Institutions (Fees) (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, on the advice of the Malta Financial Services Authority, has

made the following regulations:-

(1)

The title of these regulations is the Credit Citation,

Institutions (Fees) (Amendment) Regulations, 2024 and these commencement

and

regulations shall be read and construed as one with the Credit applicability.

Institutions (Fees) Regulations, hereinafter referred to as the

"principal regulations".

(2) These regulations shall come into force on the 1st January

2025. (3) These regulations shall apply to fees falling due on, or

after the coming into force of these regulations.

(regulation 4, 6A, 6B)

Fees falling

Fees falling

Fees falling

Fees falling

Fees falling

due in 2027

due in 2028

due in 2029

due in 2025

due in 2026

(€)

(€)

(€)

(€)

and thereafter

(€)

0.022% of

0.024% of

0.026% of

0.028% of

0.030% of

deposits

deposits

deposits

deposits

deposits

Minimum fee: Minimum fee: Minimum fee: Minimum Fee: Minimum fee

50,000

60,000

65,000

70,000

75,000

Maximum fee: Maximum fee: Maximum fee: Maximum fee: Maximum fee

1,700,000

1,700,000

1,700,000

1,700,000

1,700,000

0.022% of the 0.024% of the 0.026% of the 0.028% of the 0.030% of the

branch’s

branch’s

branch’s

branch’s

branch’s

deposits

deposits

deposits

deposits

deposits

Minimum fee: Minimum fee: Minimum fee: Minimum fee: Minimum fee

25,000

25,000

25,000

25,000

25,000

Maximum fee: Maximum fee: Maximum fee: Maximum fee: Maximum fee

30,000

35,000

40,000

45,000

50,000

0.022% of the 0.024% of the 0.026% of the 0.028% of the 0.030% of the

branch’s

branch’s

branch’s

branch’s

branch’s

deposits

deposits

deposits

deposits

deposits

Minimum fee: Minimum fee: Minimum fee: Minimum Fee: Minimum fee

50,000

60,000

65,000

70,000

75,000

Maximum fee: Maximum fee: Maximum fee: Maximum fee: Maximum fee

1,200,000 ".

1,200,000

1,200,000

1,200,000

1,200,000

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a)

the definition "deposit liabilities" shall be deleted;

(b)

immediately after the definition "the Act" there

shall be added the following new definition

" "deposits" means the sum of the deposits, at the

highest level of prudential consolidation in Malta, reported

to the competent authority in the balance sheet statement

for liabilities as at the end of the preceding calendar year;";

and

(c)

immediately after the definition "deposits", as

added, there shall be added the following new definitions

" "European credit institution" means a credit

institution as defined in point (1) of Article 4(1) of

the CRR which is authorised as such by a European

regulatory authority;

"European regulatory authority" means a

body that is in a Member State other than Malta

and is empowered by law to supervise credit

institutions;

"third-country credit institution" means a

credit institution as defined in point (1) of Article

4(1) of the CRR which has its head office in a state

other than in a Member State.".

Regulation 3 of the principal regulations shall be

substituted by the following new regulation

3. A company that intends to carry out the

business of banking in or from Malta shall, upon

submission of an application to the competent

authority for a licence in accordance with article 6

of the Act, pay to the competent authority an

application fee as established in the First Schedule

with respect to such application.".

Immediately after regulation 3 of the principal regulations,

as amended, there shall be added the following new regulation

3A. (1) Where a credit institution licensed

in accordance with article 7 of the Act intends to

carry out one (1) or more of the activities listed in

the First Schedule to the Act in addition to those

which it is licensed to carry out, it shall, upon the

submission of a request to the competent authority

to modify its licence accordingly, pay to the

competent authority the application fee established

in regulation 3, as applicable, which application fee

shall be reduced by twenty-five per cent (25%).

(2) Where a credit institution licensed in

accordance with article 7 of the Act intends to stop

carrying out one (1) or more of the activities listed

in the First Schedule to the Act which it is licensed

to carry out, it shall, upon the submission of a

request to the competent authority to modify its

licence accordingly, pay to the competent authority

a modification fee of one thousand euro (€1,000).".

Regulation 4 of the principal regulations shall be

substituted by the following new regulation

4. (1) A credit institution licensed in

accordance with article 7 of the Act shall, subject to

the provisions of regulation 5, pay to the competent

authority an annual supervisory fee as established

in the Second Schedule, as applicable

Provided that in any case, the annual

supervisory fee shall not be less than the minimum

annual supervisory fee established in the Second

Schedule, as applicable, and it shall not exceed the

maximum annual supervisory fee established in the

said Schedule, as applicable

(2) Notwithstanding the provisions of sub-

regulation (1), the first annual supervisory fee due

to the competent authority shall be the minimum

annual supervisory fee established in the Second

Schedule, as applicable, prorated according to the

period remaining between the date when the credit

institution is granted a licence under the Act and

the end of the calendar year in which such licence

was granted.".

Regulation 5 of the principal regulations shall be Substitutes

regulation 5 of

substituted by the following new regulation

the principal

regulations.

5. (1) The first annual supervisory fee

due in accordance with regulation 4(2) shall be paid

to the competent authority on the date when the

credit institution is granted a licence under the Act.

(2) Every annual supervisory fee following

the first annual supervisory fee which is due in

accordance with regulation 4(1) shall be paid to the

competent authority in two (2) instalments on the

1 st January and 1 st July of each calendar year

Provided that the instalment due on the 1 st

January shall be fifty per-cent (50%) of the annual

supervisory fee due by the credit institution for the

previous year in accordance with regulation 4(1)

and the instalment due on the 1 st July shall be the

remaining balance of the annual supervisory fee

due by the credit institution for that year in

accordance with regulation 4(1).".

Regulation 6 of the principal regulations shall be Substitutes

regulation 6 of

the principal

regulations.

substituted by the following new regulation

6. A company licensed or holding an

"Establishment

equivalent authorisation in another country

outside Malta which carries on the business of

banking intending to establish a representative

office in Malta shall, upon submission of a

notification to the competent authority in

accordance with article 8 of the Act and annually

thereafter upon the anniversary of such

notification, pay the competent authority an

establishment fee as established in the First

Schedule.".

Immediately after regulation 6 of the principal regulations,

as amended, there shall be added the following new regulations

6A. (1) A European credit institution that

intends to establish a branch in Malta in accordance

with regulation 3 of the European Passport Rights

for Credit Institutions Regulations shall, upon

submission of a notification to the competent

authority in accordance with the said regulation,

pay the competent authority a notification fee as

established in the First Schedule.

(2) A European credit institution that has

established a branch in Malta in terms of regulation

3 of the European Passport Rights for Credit

Institutions Regulations shall, subject to the

provisions of sub-regulations (3) to (5), pay to the

competent authority an annual supervisory fee

established in the Second Schedule, as applicable

Provided that in any case, the annual

supervisory fee shall not be less than the minimum

annual supervisory fee established in the Second

Schedule, as applicable, and it shall not exceed the

maximum annual supervisory fee established in the

said Schedule, as applicable.

(3) Notwithstanding the provisions of sub-

regulation (2), the first annual supervisory fee due

to the competent authority shall be the minimum

annual supervisory fee established in the Second

Schedule, as applicable, prorated according to the

period remaining between the date when the branch

of such European credit institution is established in

Malta in accordance with the regulation 3(4) of the

European Passport Rights for Credit Institutions

Regulations and the end of the calendar year in

which such branch was established.

(4) The first annual supervisory fee due in

accordance with sub-regulation (3) shall be paid to

the competent authority on the date when the

branch of the European credit institution is

established in Malta in accordance with regulation

3(4) of the European Passport Rights for Credit

Institutions Regulations.

(5) Every annual supervisory fee following

the first annual supervisory fee which is due in

accordance with sub-regulation (2) shall be paid to

the competent authority in two (2) instalments on

the 1st January and 1st July of each year

Provided that the instalment due on the 1st

January shall be fifty per-cent (50%) of the annual

supervisory fee due by the European credit

institution for the previous year in accordance with

sub-regulation (2) and the instalment due on the 1st

July shall be the remaining balance of the annual

supervisory fee due by the European credit

institution for that year in accordance with sub-

regulation (2).

6B. (1) A third-country credit institution

that intends to transact the business of banking in or

from Malta in accordance with article 5(1) of the

Act through the establishment of a branch in Malta

shall, upon submission of an application to the

competent authority for a licence to do so, pay to

the competent authority an application fee as

established in the First Schedule with respect to

such application.

(2) A third-country credit institution that has

been granted a licence to transact the business of

banking in or from Malta in accordance with article

5(1) of the Act through the establishment of a

branch in Malta shall, subject to the provisions of

regulations (3) to (5), pay to the competent

authority an annual supervisory fee as established

in the Second Schedule, as applicable

Provided that in any case, the annual

supervisory fee shall not be less than the minimum

annual supervisory fee established in the Second

Schedule, as applicable, and it shall not exceed the

maximum annual supervisory fee established in the

said Schedule, as applicable.

(3) Notwithstanding the provisions of sub-

regulation (2), the first annual supervisory fee due

to the competent authority shall be the minimum

annual supervisory fee established in the Second

Schedule, as applicable, prorated according to the

period remaining between the date when the third-

country credit institution is granted a licence to

transact the business of banking in or from Malta

through the establishment of a branch in Malta and

the end of the calendar year in which such licence

was granted.

(4) The first annual supervisory fee due in

accordance with the provisions of sub-regulation

(3) shall be paid to the competent authority on the

date when the third-country credit institution is

granted a licence to transact the business of

banking in or from Malta through the establishment

of a branch in Malta.

(5) Every annual supervisory fee following

the first annual supervisory fee which is due in

accordance with sub-regulation (2) shall be paid to

the competent authority in two (2) instalments on

the 1st January and 1st July of each year

Provided that the instalment due on the 1st

January shall be fifty per-cent (50%) of the annual

supervisory fee due by the third-country credit

institution for the previous year in accordance with

sub-regulation (2) and the instalment due on the 1st

July shall be the remaining balance of the annual

supervisory fee due by the third-country credit

institution for that year in accordance with sub-

regulation (2).".

Regulation 7 of the principal regulations shall be Substitutes

regulation 7 of

substituted by the following new regulation

the principal

regulations.

7. (1) The fees established and due in

terms of these regulations shall not be refundable.

(2) Without prejudice to the provisions of

regulations 4, 6A(3) and 6B(3), the fees established

and due in terms of these regulations shall not be

prorated.".

Immediately after regulation 7 of the principal regulations, Adds new

Schedules to the

as substituted, there shall be added the following new Schedules

principal

regulations.

"FIRST SCHEDULE

(regulation 3, 6, 6A, 6B)

Fees falling due in

and thereafter

€

35,000

Establishment of a representative office

3,600

Establishment of a branch by a European credit institution

3,600

Establishment of a branch by a third-country credit institution

35,000

These regulations shall not be deemed to affect the liability

in respect of the fees due in accordance with the Credit Institutions

(Fees) Regulations, prior to the coming into force of these

regulations.

€0.36