FINANCIAL INSTITUTIONS (FEES) REGULATIONS

SUBSIDIARY LEGISLATION 376.03

FINANCIAL INSTITUTIONS (FEES) REGULATIONS

1st January, 2004

LEGAL NOTICE 217 of 2003, as amended by Legal Notices 425 of 2007,

353 of 2008, 10 of 2014 and 366 of 2024.

The title of these regulations is the Financial Institutions

(Fees) Regulations.

(1) In these regulations, unless the context otherwise

requires:-

"account information service provider" means a natural

person or company that provides, regularly or habitually,

account information services;

"Act" means the Financial Institutions Act;

"annual return" means the Audited Annual Financial

Institutions Return submitted to the competent authority in

accordance with the Financial Institutions Rules;

"average daily outstanding electronic money" means the

average amount of financial liabilities for the last six (6)

calendar months relating to issued electronic money which is to

be calculated as follows

(a)

the daily average amount of financial

liabilities relating to issued electronic money for each of

the last six (6) calendar months is to be multiplied by the

number of calendar days in each of those months;

(b)

the amounts resulting from the calculation

set out in paragraph (a) shall be added up; and

(c)

the total amount resulting from the

calculation set out in paragraph (b) shall be divided by

the total number of calendar days forming the six (6)

calendar months referred to in paragraph (a)

Provided that the daily average amount of

financial liabilities relating to issued electronic money for a

calendar month shall be calculated as follows

(i)

the amount of financial liabilities relating

to issued electronic money at the end of each calendar

day of the preceding six (6) calendar months shall be

added up; and

FINANCIAL INSTITUTIONS (FEES)

(ii)

the amount resulting from the calculation

set out in paragraph (a) shall divided by the total number

of calendar days forming the calendar months referred to

in the said paragraph;

"Category 1 activities" means any one (1) or more of the

activities listed in items (1), (2), (3), (5), (6), (7), (8) and (9) of

the First Schedule to the Act;

"Category 2 activities" means any one (1) or more of the

activities listed in items (4) and (10) of the First Schedule to the

Act excluding account information services;

"competent authority" means the Malta Financial

Services Authority established by the Malta Financial Services

Authority Act;

"European financial institution" means a legal person

authorised by a European regulatory authority to provide

payment services in accordance with the Payment Services

Directive and, or to issue and, or distribute and, or redeem

electronic money in accordance with the Electronic Money

Directive, or a person registered under the Payment Services

Directive to provide solely account information services;

"European regulatory authority" means a body that is in a

Member State other than Malta and is empowered by law to

supervise payment institutions, electronic money institutions

and, or account information service providers;

"financial institution" means a company that is licensed

under the Act to carry out, regularly or habitually, activities

listed under the First Schedule of the Act, other than account

information services, in or from Malta;

"total assets" means the total assets as reported in the

annual return submitted for the preceding year;

"total monetary value of payment transactions" means

the total monetary value of payment transactions carried out by

a financial institution, other than payment transactions relating

to electronic money issued thereby, where applicable, as

reported in the annual return submitted for the preceding year.".

(2) Words and expressions used in these regulations which are

also used in the Act, but which are not herein defined shall have the

same meaning as in the Act.

(1) Any company that intends to carry out, regularly or

habitually, activities listed under the First Schedule of the Act in or

from Malta, other than account information services shall, upon

submission of an application to the competent authority for a

li c e n c e i n ac c o r d a n c e w i t h a r t i c l e 4 o f t h e A c t , p a y t o t h e

competent authority the following application fee, as applicable,

with respect to such application

(a)

where such company intends to carry out any one

(1) or more Category 1 activities and, or any one (1) Category 2

activities, ten thousand euro (€10,000);

(b)

where such company intends to carry out both

Category 2 activities, fifteen thousand euro (€15,000); or

(c)

where such company intends to carry out any one

(1) or more Category 1 activities and both Category 2 activities,

fifteen thousand euro (€15,000).

(2) Where a financial institution intends to carry out one (1) or

more activities in addition to those which it is licensed to carry out,

it shall upon the submission of an application to the competent

authority to modify its licence accordingly, pay to the competent

authority the application fee established in sub-regulation (1), as

applicable, which application fee shall be reduced by twenty-five

per cent (25%).

(3) Where a financial institution intends to stop carrying out one

(1) or more, but not all, of the activities 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).

(1)

A financial institution licensed to carry out one

(1) or more Category 1 activities on the date when the annual

supervisory fee is due in accordance with regulation 5 shall, subject to

the provisions of the said regulation, pay to the competent authority an

annual supervisory fee which shall be the aggregate of the following

(a)

fifteen thousand euro (€15,000); and

(b)

zero point zero two per cent (0.02%) of the total

assets

Provided that in any case, the amount referred to in

paragraph (b) shall not exceed two hundred and fifty thousand euro

(€250,000).

(2)

Notwithstanding sub-regulation (1), the first annual

supervisory fee due to the competent authority by a financial

institution as referred to in the said sub-regulation shall be fifteen

thousand euro (€15,000) prorated according to the period remaining

between the date when the financial institution is granted a licence

under the Act to carry out the activities referred to in sub-regulation

(1) and the end of the calendar year in which such licence was granted.

(3)

A financial institution licensed to carry out one (1) or

more Category 1 activities and one (1) Category 2 activity, or just the

latter, on the date when the annual supervisory fee is due in accordance

with regulation 5 shall, subject to the provisions of the said regulation,

pay to the competent authority an annual supervisory fee which shall

be the aggregate of the following

(a)

twenty-five thousand euro (€25,000); and

(b)

the higher of the following

(i)

zero point zero two per cent (0.02%) of the

total assets; or

(ii)

zero point zero zero zero three per cent

(0.0003%) of the total monetary value of payment

transactions or zero point zero one per cent (0.01%) of

the average daily outstanding electronic money,

whichever is applicable

Provided that in any case, the applicable amount in

accordance with paragraph (b) shall not exceed two hundred and fifty

thousand euro (€250,000).

(4)

Notwithstanding sub-regulation (3), the first annual

supervisory fee due to the competent authority by a financial

institution as referred to in the said sub-regulation shall be twenty-five

thousand euro (€25,000) prorated according to the period remaining

between the date when the financial institution is granted a licence

under the Act to carry the activities referred to in sub-regulation (3)

and the end of the calendar year in which such licence was granted.

(5)

A financial institution licensed to carry out one (1) or

more Category 1 activities and both Category 2 activities, or just the

latter, on the date when the annual supervisory fee is due in accordance

with regulation 5 shall, subject to the provisions of the said regulation,

pay to the competent authority an annual supervisory fee which shall

be the aggregate of the following

(a)

thirty-five thousand euro (€35,000); and

(b)

the higher of the following

(i)

zero point zero two per cent (0.02%) of the

total assets; or

(ii)

the aggregate of zero point zero zero zero

three per cent (0.0003%) of the total monetary value of

payment transactions and zero point zero one per cent

(0.01%) of the average daily outstanding electronic

money

Provided that in any case, the applicable amount in

accordance with paragraph (b) shall not exceed two hundred and fifty

thousand euro (€250,000).

(6) Notwithstanding sub-regulation (5), the first annual

supervisory fee due to the competent authority by a financial

institution as referred to in the said sub-regulation shall be thirty-five

thousand euro (€35,000) prorated according to the period remaining

between the date when the financial institution is granted a licence

under the Act to carry out the activities referred to in sub-regulation

(5) and, or one (1) or more Category 2 activities at the end of the

calendar year in which such licence was granted.

(1) The first annual supervisory fee due in accordance with

regulation 4, as applicable, shall be paid to the competent authority

on the date when a financial 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, as

applicable, shall be paid to the competent authority in two (2)

instalments on the 1st January and 30th July of each calendar year

Provided that the instalment due on the 1st January shall be

fifty per cent (50%) of the annual supervisory fee due by a financial

institution for the previous year in accordance with regulation 4, as

applicable, and the instalment due on the 30th July shall be the

remaining balance of the annual supervisory fee due by such financial

institution for that year in accordance with regulation 4, as applicable.

(1) Any natural person or company that intends to provide,

regularly or habitually, account information services in or from

Malta shall, upon submission of an application to the competent

authority for registration in accordance with article 4(1A) of the

Act, pay to the competent authority an application fee of one

thousand euro (€1,000).

(2) An account information service provider registered in

accordance with article 5 of the Act shall, on the date when

registration is granted under the Act and annually thereafter upon

the an niversary of the date of such registratio n, pay to the

competent authority a registration fee of five thousand euro

(€5,000).

(1) A European financial institution that intends to establish

a branch in Malta in accordance with regulation 4 of the European

Passport Rights for Financial Institutions Regulations shall, upon

submission of the information required in accordance with the said

regulation, pay the competent authority a notification fee of one

thousand euro (€1,000).

(2)

A European financial institution that has established a

branch in Malta in accordance with regulation 4 of the European

Passport Rights for Financial Institutions Regulations shall, subject

to the provisions of sub-regulation (4), pay to the competent

authority an annual supervisory fee of one thousand euro (€1,000).

(3) Notwithstanding the provisions of sub-regulation (2), the

first annual supervisory fee due to the competent authority by a

European financial institution as referred to in the said sub-

regulation shall be one thousand euro (€1,000) prorated according

to the period remaining between the date when the branch of such

European financial institution is established in Malta in accordance

with regulation 4(8) of the European Passport Rights for Financial

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 financial institution is established in

Malta in accordance with regulation 4(8) of the European Passport

Rights for Financial Institutions Regulations, and 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 on the 1st January of each calendar year.

(1) The fees established and due in accordance with these

regulations shall not be refundable.

(2) Without prejudice to regulations 4(2), (4), (6) and 5B(3), the

fees established and due in terms of these regulations shall not be

prorated.