S.L. 370.15 Art. 28Applicability of regulation 7. S.L. 371.157

The provisions of regulation 7 shall not apply until the date on which the liquidity coverage requirement becomes applicable in accordance with a delegated act adopted by the European Commission pursuant to Article 460 of the CRR in accordance with Article 151 of the CRD: Provided that until the date referred to in this regulation, the provisions of regulation 7 shall be substituted with the following: "(1) Where a European investment firm carries out its activities through a branch in Malta, the competent authority may permit the European regulatory authority of the home Member State concerned, after it has notified the competent authority, to carry out, itself or through an intermediary, on-the-spot checks of the information referred to in regulation 6 of these regulations.

(2) The European regulatory authority of the European investment firm referred to in sub-regulation (1) may also, for the purposes of the inspection of branches have recourse to one of the other procedures set out in regulation 12 of the Supervisory Consolidation Regulations.

(3) The provisions of sub-regulations (1) and (2) shall not affect the right of the competent authority to carry out in the discharge of its responsibilities under the CRD, on-the-spot checks of branches established in Malta.