Cap. 632 чл. 9Functions of the competent authority.    Cap. 631. Cap. 13.    Cap. 386. Cap. 16.   Cap. 631.  Cap. 13.

(1) The competent authority shall regulate the activities of insolvency practitioners and registered firms in the performance of their functions in terms of article 4(2), and shall also have the following functions:

(a) to consider applications for the issuance of authorisations in terms of article 4 and registrations in terms of article 6;

(b) to oversee and regulate the conduct of insolvency practitioners and registered firms in the exercise of their functions in terms of article 4(2), and to establish appropriate mechanisms and procedures as the competent authority may deem conducive to the efficient and effective oversight and regulation of the activities thereof;

(c) to collaborate with the Judicial Studies Committee or any other body responsible for the training of members of the judicial authorities to ensure that members of the judicial authorities responsible for adjudicating matters in relation to those functions listed in article 4(2), receive suitable training;

(d) to ensure that insolvency practitioners receive, and are compelled to attend, suitable training on an ongoing basis that shall be conducive to the effective performance of their functions. In the event of a failure by the insolvency practitioner to comply with any requirements as may be prescribed by the competent authority from time to time in this regard, the competent authority shall impose any administrative penalties, other measures, or take any further action in terms of articles 18 or 19 as the competent authority may deem appropriate;

(e) to publish supplementary rules regulating the manner in which insolvency practitioners and registered firms are to be remunerated in connection with the performance of their functions in terms of article 4(2), if and as the competent authority deems necessary;

(f) to develop, publish, and maintain or adopt, a code of practice providing guidance on the required conduct of insolvency practitioners in the fulfilment of their functions in terms of article 4(2) and their adherence to the provisions of this Act, if and as the competent authority considers necessary;

(g) to initiate and conduct investigations, as and when necessary, in relation to the compliance of insolvency practitioners and registered firms with the provisions of this Act;

(h) to address cases of professional misconduct and other disciplinary proceedings in respect of insolvency practitioners or registered firms who, by act or omission, violate the provisions of this Act, any regulations or directives made under it and, or any rules which the competent authority adopts by directive, including rules contained in a published code of conduct;

(i) to distribute and disseminate knowledge to the public about the role and functions of the insolvency practitioner and registered firms and the options available to debtors in financial distress, and any other matter as the competent authority may deem relevant;

(j) to take such measures as may be reasonably necessary to protect the public interest and the integrity of the role of insolvency practitioners, including the placing of restrictions, the imposition of administrative penalties and other similar measures on insolvency practitioners and registered firms, or upon any person holding itself out as an insolvency practitioner, or upon any person performing such functions whether subsequent to an authorisation by the competent authority or not, which unless otherwise stated in this Act shall not exceed, for each individual incident, twelve thousand euro (€12,000) for an insolvency practitioner or twelve thousand euro (€12,000) for a registered firm, and, in addition, the competent authority may also impose daily administrative penalties, not exceeding one hundred and fifty euro (€150) per day on insolvency practitioners who fail to comply with the orders or directions of the competent authority;

(k) to advise, make recommendations or otherwise express its views to the Minister on how the procedures made available in terms of the Pre-Insolvency Act, Part III of the

Commercial Code, or insolvency proceedings in terms of the

Companies Act or the Civil Code as applicable, may be conducted in an efficient manner to expedite treatment of procedures;

(l) to advise, or make recommendations or otherwise express its views to the Minister on any other matter which the Minister is to consult with the competent authority, or on which the competent authority is to make recommendations to the Minister, or on which the views of the competent authority are sought by the Minister;

(m) to facilitate the inclusion, by promoting in any manner it may deem necessary, the use of electronic means of communication in the course of the procedures in terms of article 4(2), including with respect to:

(i) the filing of claims and applications;

(ii) the submission of a proposed restructuring plan, in terms of the Pre-Insolvency Act or the submission of the proposed terms of a debt agreement or bankruptcy order in terms of the Commercial Code;

(iii) the notifications to creditors;

(iv) the holding of sittings and meetings;

(v) voting at all such sittings or meetings; and

(vi) the lodging of challenges, objections and appeals.

(n) to inform any authority that it deems appropriate of any sanctions or restrictions imposed by it or any other matters that the competent authority considers necessary to protect the public interest, on any insolvency practitioner or registered firm;

(o) to publish guidelines on the interpretation of this Act and any regulations or directives issued under it, if and as the competent authority may deem necessary; and

(p) to collect and aggregate data in accordance with Part VII of this Act.

(2) The competent authority shall also publish annual reports intended to summarise its annual activities and the performance of its functions during the respective year, covering also the development of the role and functions of insolvency practitioners in Malta, and to provide information on recommendations issued and the results thereof, as well as on the current supervisory and oversight mechanisms employed by the competent authority, and such other things as the competent authority may deem relevant.