Cap. 330 Art. 3Establishment of the Authority.

(1) There shall be an authority, to be called the Malta

Financial Services Authority.

(2) The Authority shall be a body corporate having a distinct legal personality and capable of entering into contracts, of acquiring and disposing of property of any kind for the purposes of its functions under this Act or any other law, of suing and of being sued, and of doing all such things and entering into all transactions as are incidental to or conducive to the exercise or performance of its functions aforesaid.

(3) Save as expressly provided for in this Act or in any other Act administered by the Authority, in the exercise of its functions and powers the Authority, including its decision making bodies, shall be autonomous and shall act objectively and independently, and shall not seek or take instructions from, nor be subject to any interference by any other authority, body or person.

(4) The provisions of article 77 of the Public Finance Management Act shall not apply to the Authority.