Cap. 371 чл. 38Transitory provisions.

(1) Credit institutions that, before 12 January 2016, have performed in Malta activities of payment initiation service providers and account information service providers shall not until eighteen months after the date of entry into force of the regulatory technical standards referred to in Article 98 of the Payment Services Directive, be prohibited from continuing to perform such activities in Malta in accordance with the currently applicable regulatory framework.

(2) Until credit institutions acting as account servicing payment service providers comply with the regulatory technical standards referred to in Article 98 of the Payment Services Directive, such credit institutions shall not block or obstruct the use of payment initiation services or account information services for the accounts that they are servicing.

(3) By way of derogation from article 11C(1), where a third-country group operates through a credit institution licensed in terms of this Act, and through one or more other institutions in the European Union and with a total value of assets in the European Union equal to or greater than forty billion euro (€40,000,000,000) on 27 June 2019, the credit institution licensed in terms of this Act shall ensure that the intermediate EU parent undertaking referred to in article 11C(1) or the two (2) intermediate EU parent undertakings referred to in article 11C(2), as the case may be, shall be established by 30 December 2023.

FIRST SCHEDULE

(Article 2(2))

List of Additional Activities