Cap. 637 чл. 16Minister’s power to make regulations. 

(1) The Minister, acting on the advice of the competent authority, may make regulations to give effect to the provisions of this Act, and without prejudice to the generality of the foregoing may, by such regulations, in particular, do any of the following:

(a) provide for and regulate the payment by any person or body, as the case may be, of authorisation or other fees and such other charges payable to the competent authority in respect of any matter provided for, by or under this Act or any regulations made under this article, as may be prescribed;

(b) exempt any person, service or activity from any one or more of the provisions of this Act, subject to such variations, additions, adaptations and modifications as may be prescribed and subject to such conditions or other requirements, including other forms of authorisation and notification procedures, as may be prescribed;

(c) transpose, implement and give effect to the provisions and requirements of the ECSP Regulation;

(d) transpose, implement and give effect to the provisions and requirements of European Union Directives, European Union Regulations and any other legislative measures of the European Union requiring transposition and, or implementation, as they may be amended from time to time, including any implementing measures that have been or may be issued thereunder and relating to authorised persons and others as may be specified therein; regulations made under this paragraph, and strictly related to transposition or implementation as aforesaid, may provide that any provision of this Act or of any other law shall not apply to matters falling under the regulations, and that in so far as any of the provisions of the regulations are inconsistent with the provisions of this Act or of any other law, such provisions in any such regulations shall prevail;

(e) assign powers and functions to the competent authority for the purposes of this Act;

(f) to provide for the exercise of powers and the performance of functions assigned to the competent authority under this Act;

(g) provide for any matter relating to the operation of a contingency fund which may be established by a crowdfunding service provider for its activity related to the individual portfolio management of loans;

(h) prescribe anything that is to be or which may be prescribed;

(i) provide for and regulate the payment by any person of authorisation or other fees and such other charges payable to the competent authority in respect of any matter provided for, by or under the ECSP Regulation, this Act or any regulations made or Rules issued thereunder, including the fees and charges in respect of any permission, licence, authorisation, exemption or other benefit, as well as any fees and charges in respect of the competent authority’s regulatory, supervisory or investigative functions under the ECSP Regulation, this Act or any regulations made or Rules issued thereunder, as may be prescribed;

(j) provide for the establishment and imposition of administrative penalties and other administrative measures on crowdfunding service providers or others as may be specified therein;

(k) prescribe that a breach of any regulations made under this Act may amount to a criminal offence as may be specified, and such regulations may impose punishments in respect of any breach, consisting of a fine (multa) not exceeding five hundred thousand euro (€500,000) or imprisonment for a term not exceeding three (3) years or both such fine and imprisonment in the case of a natural person; and a fine (multa) not exceeding eight hundred thousand euro (€800,000) in the case of a legal person; and a higher fine (multa) may be imposed on such natural or legal person, as the case may be, where deemed necessary or appropriate for any breach or failure of compliance with any EU Directive or EU Regulation or with any regulations made under this article to transpose or to give effect to any EU Directive or EU Regulation; and

(l) provide for any matter incidental to or connected with any of the above.

(2) Regulations made under this article may be made subject to such exemptions or conditions as may be specified therein, may make different provisions for different cases, circumstances or purposes and may also grant to the competent authority such powers of adaptation of the regulations as may also be so specified.

(3) Where regulations have been made in terms of this article, the competent authority may issue Rules for the better carrying out of, and implementation of the provisions of the regulations.

(4) Regulations made under this Act and any amendment or revocation of such regulations, may be published in the English language only.

(5) The exercise of any of the powers assigned under this article shall be subject to any obligations or rights arising from Malta’s international commitments.