S.L. 371.21 Art. 14Knowledge and competence requirements for staff.

(1) Creditors shall require their staff to possess and to keep up-to-date an appropriate level of knowledge and competence in relation to the manufacturing, the offering or granting of equity release financial products, or the provision of advisory services.

(2) Where the conclusion of an equity release financial product includes an ancillary service, creditors shall also require their staff to possess and to keep up-to-date an appropriate level of knowledge and competence in relation to that ancillary service.

(3) Where Malta is the host Member State, and a European creditor provides its services within the territory of Malta:

(a) through the establishment of a branch, the competent authority shall be satisfied with the level of knowledge and competence of the staff of such a branch offering equity release financial products in accordance with the requirements set out in the Third Schedule;

(b) under the freedom to provide services, the competent authority may establish the minimum knowledge and competence requirements for those requirements referred to in paragraphs (b), (c), (e) and (f) of item 1 of the Third Schedule.

(4) The competent authority shall supervise European creditors authorised to provide their services in Malta in order to ensure compliance with the requirements of sub-regulations (1) to (3):

Provided that for the purposes of this sub-regulation, the competent authority shall have the power to require such European creditors to provide such evidence as the competent authority may deem necessary.

(5) Any criteria established by the competent authority in order for creditors’ staff to meet their professional requirements shall be made public.