S.L. 583.5 Art. 14No duplication of controls and simplification of procedures.

(1) In assessing an application for an authorisation, the Authority must take into consideration and, where possible, avoid duplicating procedures and controls already carried out by the

Authority itself or by a competent authority in another EEA jurisdiction, as long as such other procedures and controls have been conducted within a reasonable time from the assessment of the application for an authorisation, as may be established by the Authority:

Provided that the Authority may, on a case by case basis, also take into account procedures and controls already carried out by a competent authority in any other jurisdiction which the Authority considers to provide equivalent safeguards to those provided under Maltese law, or as may be established by the Authority.

(2) When requested to rely on procedures and controls or other measures carried out by a competent authority in another jurisdiction, the Authority shall be authorised to subject such measures to verification and shall not be bound to accept them if, in the Authority’s discretion, such procedures, controls or other measures do not provide equivalent safeguards to those provided under Maltese law or as may be established by the Authority.

(3) In assessing an application for an authorisation, where it considers it justified on the basis of a risk-based examination of the applicant, information available to the Authority and previous regulatory performance and circumstances of the applicant, the Authority shall apply the principle of simplification of procedures and requirements for an efficient processing of the application.