Cap. 376 Art. 7BPower to issue directives.

(1) Without prejudice to any of the powers conferred under this Act, the competent authority may, in order to carry out the functions and duties prescribed by the Malta Financial Services

Authority Act and by this Act and any regulations and, or Rules issued thereunder, whenever it deems necessary, give by notice in writing such directives as it may deem appropriate in the circumstances.

(2) Any person to whom a notice is given in accordance with sub-article (1) shall comply therewith and give effect to any such directive within the time and in the manner stated in the directive.

(3) The power to give directives under this article shall include the power to vary, alter, add or withdraw any directive, as well as the power to issue new or further directives.

(4) Where the competent authority is satisfied that the circumstances so warrant, it may at any time make public any directive it has given under any of the provisions of this article.