S.L. 386.16 Art. 16Appeals. Cap. 330. Cap. 330. Cap. 403.

(1) Any person who is aggrieved by a decision of the competent authority -

(a) to refuse to issue an approval to a securitisation cell company carrying on the business of a public securitisation vehicle to create one or more cells, under regulation 24(1); or

(b) to withdraw an approval granted to a securitisation cell company carrying on the business of a public securitisation vehicle to create one or more cells, under regulation 24(3); or

(c) to refuse to issue an approval to a securitisation cell company carrying on business as a reinsurance special purpose vehicle to create one or more cells under regulation 32(2); or

(d) to withdraw an approval granted to a securitisation cell company carrying on business as a reinsurance special purpose vehicle to create one or more cells under regulation 32(5), may appeal against the decision to the Financial Services Tribunal which shall have exclusive competence to hear appeals on the matters listed in this regulation.

(2) The provisions of article 21 of the Malta Financial Services Authority Act shall apply to appeals that may be mutatis mutandis brought before the Financial Services Tribunal under this regulation: Provided that for the purposes of proceedings arising in relation to sub-regulation (1)(c) and (d), the members appointed under article 21(4) of the Malta Financial Services Authority Act shall be substituted by persons to be appointed in accordance with the proviso to article 57(1) of the Insurance Business Act.