S.L. 371.11 Art. 11Exercise of European passport rights by Maltese credit institutions services. S.L. 371.15

(1) A Maltese credit institution may exercise a European passport right to provide services within the territory of another

Member State provided the requirements set out in this regulation -are satisfied. The activities that may be carried out in the host Member State by such a Maltese credit institution in exercise of a European passport right shall be limited to the activities it is authorised to undertake in Malta.

(2) The Maltese credit institution wishing to exercise a European passport right to provide services in another Member State shall provide the competent authority with a services passport notification in accordance with Article 39(1) of the CRD, to provide services in another Member State, which shall -

(a) identify which of the services listed in the Schedule it intends to provide; and

(b) indicate the Member State in which it intends to operate.

(3) The competent authority shall, within one month of receiving a services passport notification referred to in sub-regulation (2), give such notification to the European regulatory authority of the host Member State.

(4) A Maltese credit institution may exercise a European passport right in accordance with sub-regulation (1) provided -

(a) it has given the competent authority a notification in terms of sub-regulation (2); and

(b) the competent authority has notified the European regulatory authority of the host Member State in accordance with sub-regulation (3): Provided that the competent authority shall give written notice to the Maltese credit institution that the notification in terms of sub-regulation (3) has taken place: Provided further that, where appropriate, the European regulatory authority of the host Member State may, on receipt of the information from the competent authority, indicate to the Maltese credit institution any applicable conditions in the interests of the general good.

(5) In the event of a change in any of the particulars provided by the Maltese credit institution in the services passport notification referred to in sub-regulation (2), the Maltese credit institution shall give written notice of such change to the competent authority in order to enable it to take a decision in terms of this regulation, and to the European regulatory authority of the host Member State at least one month before implementing any such change.

(6) The prudential supervision of a Maltese credit institution shall be the responsibility of the competent authority, whether the credit institution provides services in another Member State or not, without prejudice to those provisions of the CRD which give responsibility to the European regulatory authority of the host Member State.

(7) Sub-regulation (6) shall not prevent supervision on a consolidated basis in terms of regulation 3 of the Supervisory

Consolidation Regulations.