Cap. 330 Art. 11The Enforcement Decisions Committee.

(1) The Enforcement Decisions Committee shall decide or take such action as it considers appropriate, promptly and without delay, in relation to any recommendation for enforcement action brought before it by the Chief Officer responsible for

Enforcement or any other official from the Directorate responsible for enforcement:

Provided that the Executive Committee may take any enforcement action itself if:

(a) it considers that, in the particular case, the action proposed should occur before it is practicable or possible to convene the Enforcement Decisions Committee; or

(b) it considers that, in the particular case, an urgent decision on the proposed action is necessary to protect the interests of consumers.

(2) The members of the Enforcement Decisions Committee shall be appointed by the Board of Governors.

(3) The Executive Committee may, after seeking the approval of the Board of Governors, establish a detailed remit for the Enforcement Decisions Committee and may also establish that certain enforcement action, which it does not deem to be material, may be taken by the Chief Officer responsible for enforcement.

(4) The Enforcement Decisions Committee shall be composed of a chairman and two (2) other members appointed by the Board of Governors for such term, being a period of not more than three (3) years, as may be specified in the letter of appointment, and shall be eligible for reappointment; and shall receive such remuneration as the Authority may from time to time determine.

(5) The chairman of the Enforcement Decisions Committee shall be an advocate who for a period of, or periods amounting in the aggregate to, not less than seven (7) years has served as an advocate in Malta or served as a judge or magistrate in Malta, or partly so practiced and partly so served, and who in the opinion of the Board of Governors possesses the necessary expertise and experience in the business or regulation of financial services, or in finance.

(6) The members of the Enforcement Decisions Committee shall be persons who in the opinion of the Board of Governors possess the necessary expertise and experience in the business or regulation of financial services, or in finance.

(7) For the better carrying out of its functions, and before arriving at any decision, the Enforcement Decisions Committee may decide to hear any person in relation to any matter being considered by the said Committee.

(8) Before arriving at a decision, the Enforcement Decisions Committee shall serve written notice of the decision it proposes to take on the persons being the subject of the recommendation for enforcement action being considered by the said Committee, setting out the reasons for its proposed decisions. Such notice shall also specify therein the period in which the person upon whom the notice is served shall be entitled to make representations in writing to the Enforcement Decisions Committee as to why the proposed decision should not be taken, in accordance with the relevant provisions of the Acts administered by the Authority: Provided that the Enforcement Decisions Committee may, where it decides that the matter is urgent, take the final decision prior to the expiration of the period stated in the notice.

(9) The Executive Committee, with the approval of the Board of Governors, may make rules governing the procedure for conducting any hearings that may take place before the Enforcement Decisions Committee.

(10) The Board of Governors shall designate one of the officers of the Authority, engaged in any of its functions mentioned in article 9(1), to act as Secretary to the Enforcement Decisions Committee for such period and under such terms as the Board of Governors shall deem appropriate.

(11) It shall be the duty of the Secretary to make the necessary preparations for the meetings of the Enforcement Decisions Committee and to keep minutes of those meetings.

(12) The Enforcement Decisions Committee shall report to the Board of Governors on the progress made in its area of competence: Provided that the Enforcement Decisions Committee shall be independent of the Executive Committee and the Board of Governors, and shall act independently of them.

(13) The provisions of article 7, in so far as applicable, shall apply to the meetings of the Enforcement Decisions Committee as they apply to the meetings of the Board of Governors.

(14) The provisions of paragraphs (a), (b), (d) and (e) of article 6(6) shall, as far as applicable, apply to the office of the mutatis mutandis, chairman and members of the Enforcement Decisions Committee.