S.L. 370.14 Art. 9Registrationof tied agents.

(1) The competent authority shall keep a register of all tied agents which are:

(a) established in Malta and appointed by an investment services licence holder or by a European investment firm; or

(b) established in a Member State or EEA State which, in terms of Article 23 of the Directive, does not provide for the appointment of tied agents and such tied agent is appointed by an investment services licence holder.

Such register shall be updated on a regular basis and shall be accessible to the public.

(2) The competent authority shall only admit a tied agent to the register established in subregulation (1) if the investment services licence holder or the European investment firm appointing the tied agent has established and has confirmed to the competent authority that the tied agent is of sufficiently good repute and possesses appropriate general, commercial and professional knowledge so as to be able to communicate accurately all relevant information regarding the proposed service to the potential clients: Provided that where the tied agent will provide investment advice, the competent authority shall itself establish whether the tied agent possesses the level of competence required by the competent authority for this purpose.

(3) The competent authority shall not register, or shall withdraw registration of a tied agent where:

(a) the activities actually carried on clearly indicate that a tied agent has opted for registration in Malta for the purpose of evading the stricter standards in force in another Member State or EEA State within the territory of which it intends to carry out or carries out the greater part of its activities; or

(b) it is no longer satisfied that the tied agent fulfils the requirements of this subregulation.