Cap. 376 Art. 8Opening of branches and subsidiaries.

(1) A financial institution, other than those exercising a

European right, shall inform the competent authority in writing, before opening a new branch in Malta.

(2) A financial institution intending to open a branch or an office outside Malta to provide any of the activities listed in the First

Schedule, with the exception of activities 4 or 10 thereof, and a financial institution intending to open a branch or office in a third country in order to provide any of the activities listed in the First Schedule, shall require the prior written approval of the competent authority.

(2A) A financial institution intending to provide the activities listed in the Second or Third Schedules in another Member State in exercise of a European right, shall inform the competent authority in accordance with the procedure set out in Article 28 of the Payment Services Directive.

(2B) A financial institution intending to set up or acquire a subsidiary in or outside Malta shall require the prior written approval of the competent authority.

(3) Deleted by XXVI.2019.32.

(4) Deleted by XXVI.2019.32.

(5) Deleted by XXVI.2019.32.

(6) Deleted by XXVI.2019.32.

(7) Financial institutions shall ensure that branches acting on their behalf inform their customers and potential customers of this fact.