S.L. 371.21 Art. 6Powers and duties of the competent authority.

(1) It shall be the duty of the competent authority to carry out the functions and duties prescribed by these regulations and to ensure that creditors carrying out their activities in Malta comply with these regulations and any directives made or issued thereunder.

(2) Without prejudice to any of the powers conferred by these regulations, the competent authority may, whenever it deems necessary, give, by notice in writing, such directives as it may deem appropriate in the circumstances in order to carry out the functions and duties prescribed by these regulations:

Provided that the power to give directives under this sub-regulation shall include the power to vary, alter, add to or withdraw any directive, as well as the power to issue new or further directives.

(3) The competent authority may issue rules for the better carrying out and to better implement the provisions of these regulations.

(4) The competent authority shall monitor the activities of creditors so as to assess compliance with the requirements of these regulations and any directives made or issued thereunder.

(5) Any person to whom a notice is given in accordance with sub-regulation (2) shall obey, comply with and otherwise give effect to any such directive within the time and in the manner stated in the directive.

(6) Where the competent authority is satisfied that the circumstances so warrant, it may at any time make public any directive it has given under the provisions of this regulation.