Cap. 376 Art. 28Transitory provisions.

(1) Payment institutions that have been granted a licence to provide payment services as referred to in paragraph (7) of the

Annex of Directive 2007/64/EC shall retain that licence for the provision of those payment services which are considered to be payment services as referred to in paragraph 2(c) of the Second Schedule where, by 13 January 2020, the competent authority has evidence that the requirements set out in paragraph (c) of Articles 7 and 9 of the Payment Services Directive are satisfied.

(2) Legal persons that, before 12 January 2016, have performed in Malta activities of payment initiation service providers and account information service providers, shall, 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, not be prohibited from continuing to perform such activities in Malta in accordance with the applicable regulatory framework.

(3) Until individual account servicing payment service providers comply with the regulatory technical standards referred to in sub-article (2), account servicing payment service providers shall not block or obstruct the use of payment initiation services or account information services for the account that they are servicing.

(4) Financial institutions in possession of a licence on the entry into force of this Act are required to include a statement that the financial institution is licensed or registered, as applicable, by the competent authority, together with the address of the competent authority in any form or medium of marketing activity or communication disseminated to the public, by any other means considered appropriate within three months after the entry into force of this article. FIRST SCHEDULE Substituted by: II. 2010.35; (Article 2) X. 2011.62; XXVI.2019.74. ACTIVITIES OF FINANCIAL INSTITUTIONS

Lending (including personal credits, mortgage credits, factoring with or recourse, financing of commercial transactions including forfaiting);

Financial leasing; Venture or risk capital; Payment services set out in the Second Schedule;

and administering other means of payment (travellers cheques and and similar instruments) in so far as this activity is not covered by

Guarantees and commitments;

Trading for own account or for account of customers in: money market instruments (cheques, bills, Certificates of deposit and similar instruments); foreign exchange; financial futures and options; exchange and interest rate instruments; transferable securities; Underwriting share issues and participation in such issues; broking;

of electronic money as defined in the Third Schedule. SECOND SCHEDULE Added II. FINANCIAL INSTITUTIONS CARRYING OUT Amended PAYMENT SERVICES X. XXVI.2019.75; LXXI.2021.75. Objective The purpose of this Schedule is to set out the regulatory framework payment services as referred to in the First Schedule, may be carried out. Interpretation