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Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,171, 16 ta’
 April, 2019
Taqsima  B
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L.N. 75 of 2019
BANKING ACT 
(CAP. 371)
INVESTMENT SERVICES ACT
(CAP. 370)
Supervisory Consolidation (Amendment) Regulations, 2019
IN EXERCISE of the powers conferred by article 3 of the
Banking Act and 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:-
Citation. 
S.L. 371.15.1. The title of these regulations is the Supervisory
Consolidation (Amendment) Regulations, 2019 and these regulations
shall be read and construed as one with the Supervisory Consolidation
Regulations, hereinafter referred as ''the principal regulations''. 
Amends 
regulation 2 of 
the principal regulations.2. In sub-regulation (1) of regulation 2 of the principal
regulations, the definition ''par ent institution'' shall be sub stituted by
the following definition:
'' ''parent institution in Malta” means an institution in Malta
which has an institution or a financial institution as a subsid iary
or which holds a participation in such an institution or financ ial
institution, and which is not itself a subsidiary of another
institution authorised in Malta, or of a financial holdingcompany or mixed financial holding company set up in Malta;''.
Amends 
regulation 3 of the principal regulations.3. In sub-regulation (1)(a) of regulation 3 of the principal
regulations, for the words ''is a parent institution or an EU parent
institution,'' there shall be substituted the words ''is a parent institutionin Malta or an EU parent institution,''. 
Amends 
regulation 5 of 
the principal 
regulations.4. In sub-regulation (1) of regulation 5 of the principal
regulations, for the words ''and the Acts, alert as soon as is
practicable:'' there shall be substituted the words, ''and any otherapplicable law, alert as soon as is practicable the EBA and the
authorities referred to in Articles 58(4) and 59 of the CRD and  it
shall communicate to the said authorities all the information t hat is
essential for the pursuance of t heir tasks.'' and paragraphs (a) (b) and
(c) thereof shall be deleted.
VERŻJONI ELETTRONIKA
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Amends  
regulation 8 of 
the principal 
regulations.5. Immediately after sub-regulation (2) of regulation 8 of the
principal regulations there shall be added the following new sub-
regulations:
''(2A)  The joint decision referred to in sub-regulation
(1)(a) shall be reached within four (4) months after submissionof the report referred to in sub-regulation (2)(a).
(2B)  The joint decision referre d to in sub-regulation (1)(b)
shall be reached within one (1) month after submission of thereport referred to in sub-regulation (2)(b).''.
Amends  
regulation 11 of 
the principal regulations.6. Sub-regulation (1) of regulation 11 of the principal
regulations shall be substituted by the following:
''(1) Where an investment firm, financial holding
company, mixed financial holding company or mixed-activity
holding company is situated in Malta and controls one or more
subsidiaries authorised in another Member State which are
insurance undertakings or other undertakings providinginvestment services, the competent authority shall cooperate
closely with European regulatory authorities and with other
authorities entrusted with the public task of supervisinginsurance undertakings in other Member States. Without
prejudice to its responsibilities, the competent authority shal l
provide the authorities referred to in this sub-regulation with any
information likely to simplify their task and to allow supervision
of the activity and overall financial situation of the undertakings
they supervise.''.
VERŻJONI ELETTRONIKA