Cap. 618 Art. 2Interpretation.  Cap. 373.    S.L. 373.01.   Cap. 330.  Cap. 371.  Cap. 204.    Cap. 371.   Cap. 371.  Cap. 371.  Cap. 376.  Cap. 373.  Cap. 373.  Cap. 373.  Cap. 371.    Cap. 386.  Cap. 371.

(1) In this Act, unless the context otherwise requires:

"anti-money laundering and counter-funding of terrorism laws" means the Prevention of Money Laundering

Act, the Prevention of Money Laundering and Funding of

Terrorism Regulations and procedures and guidance issued in terms of such regulations and which impose obligations on credit institutions;

"application" means the written application that shall be submitted by a transferred depositor to the Fund for the release of transferred deposit liabilities due to that transferred depositor, in accordance with the provisions of this Act and any regulations issued thereunder;

"the Authority" means the Malta Financial Services

Authority established by the Malta Financial Services Authority

Act;

"business of banking" means the same as the meaning assigned to it under the Banking Act;

"Central Bank" means the Central Bank of Malta as defined in the Central Bank of Malta Act;

"compliance review" means a review process in relation to the transferred deposit liabilities transferred by a particular transferring institution, with the aim of ascertaining whether the said transferred deposit liabilities can be released or otherwise by the Fund in accordance with the provisions of this Act and any regulations issued thereunder;

"confidential information" means any information falling under article 24(1);

"credit institution" means an undertaking that carries on the business of banking and which has been granted a licence under the Banking Act. For the avoidance of any doubt, this shall also include a credit institution which has been subject to a restriction or withdrawal of its licence in terms of article 9 of the Banking Act;

"deposit" means the same as the meaning assigned to it in the Banking Act and shall include electronic money;

"deposit assets" means the liquid assets of a credit institution which are equivalent to the deposit liabilities held by the same credit institution as at the transfer date;

"deposit liabilities" means the amount repayable by the credit institution to its depositors as at the transfer date;

"deposit liability portfolio" means a portfolio created by the Fund in accordance with article 18;

"deposit liability transfer" means the requirement imposed by the Authority, by means of deposit liability transfer instrument and subject to such terms and conditions as may be set out therein, on a solvent credit institution for it to transfer its deposit liabilities and the corresponding deposit assets to the Fund, together with all of the property or rights pertaining to such deposit liabilities and deposit assets, if the Authority determines that the transferring conditions are met; "deposit liability transfer instrument" means the instrument by means of which the Authority may impose a deposit liability transfer subject to such terms and conditions as may be set out in the deposit liability transfer instrument;

"depositor" means the holder or, in the case of a joint account, each of the holders, of a deposit and, in the case of a deceased depositor, the successor in title of such depositor such as an heir or a legatee of a deposit;

"electronic money" means the same as the meaning assigned to it in the Financial Institutions Act;

"FIAU" means the Financial Intelligence Analysis Unit established under the Prevention of Money Laundering Act;

"the Fund" means the Residual Balances Fund established by article 3;

"funding of terrorism" means the same as the meaning assigned to it in the Prevention of Money Laundering Act;

"liquid assets" means those assets which fall under level 1 and level 2A as laid down in Articles 10 and 11, or as such Articles may be renumbered or substituted, of the Commission Delegated Regulation (EU) 2015/61;

"the Minister" means the Minister responsible for the regulation of financial services;

"money laundering" means the same as the meaning assigned to it in the Prevention of Money Laundering Act;

"officer" means the same as the meaning assigned to it in the Banking Act;

"property" means property and assets of every kind, nature and description, whether movable or immovable, whether corporeal or incorporeal, tangible or intangible, legal documents or instruments evidencing title to, or interest in, such property or assets and, without derogation from the generality of the foregoing, shall include:

(a) any currency, whether or not the same, is a legal tender in Malta, bills, securities, bonds, negotiable instruments or any instrument capable of being negotiable including one payable to bearer or endorsed payable to bearer whether expressed in euro or any other foreign currency;

(b) cash or currency deposits or accounts with any bank, credit or other institution as may be prescribed which carries or has carried on their business in Malta;

(c) cash or items of value including but not limited to works of art or jewellery or precious metals; and

(d) land or any interest therein;

"repayment conditions" means the conditions established as part of the compliance review which shall, be inter alia, satisfied for the transferred deposit liabilities to be released in accordance with the provisions of this Act and of any regulations issued thereunder;

"solvent credit institution" means a credit institution which is not considered insolvent in accordance with the provisions of the Companies Act;

"transfer date" means the date of the deposit liability transfer instrument;

"transferred deposit assets" means the deposit assets of the transferring institution, equivalent to its transferred deposit liabilities, which are to be or have been transferred to the Fund in accordance with the deposit liability transfer instrument;

"transferred deposit liabilities" means the deposit liabilities of the transferring institution which are to be or have been transferred to the Fund in accordance with the deposit liability transfer instrument;

"transferred depositor" means any depositor in respect of a transferred deposit liability;

"transferring conditions" means those conditions set out in article 11(1);

"transferring institution" means a credit institution on which a deposit liability transfer is imposed in accordance with the provisions of this Act;

"working days" means the same as the meaning assigned to it in the Banking Act.

(2) In this Act and in any regulations made hereunder, if there is any conflict between the English and the Maltese texts, the English text shall prevail.