Cap. 371 Art. 5Licences for banking activities.

(1) No business of banking shall be transacted in or from Malta except by a company which is in possession of a licence granted under this Act by the competent authority.

(2) No credit institution licensed or holding an equivalent authorisation outside Malta may open a branch, agency or representative office or set up any subsidiary in Malta unless it is in possession of a licence granted under this Act by the competent authority:

Provided that a credit institution licensed or holding an equivalent authorisation in a Member State or EEA state shall be entitled to exercise its rights under European Union Law.

(3) In the event of reasonable doubt as to whether the business of banking or of accepting deposits is or is not being transacted in or from Malta by any person, the matter shall be conclusively determined by the competent authority.

(4) The granting of a licence shall be subject to fees as may be prescribed in accordance with article 3.

(5) The Minister may, after consulting the competent authority, establish or recognise other forms of authorisation and notification procedures, subject to such conditions, additions, adaptations, and modifications and exemptions as may be prescribed; and different provisions may be made for different cases or classes of cases, under such terms and conditions as may be prescribed, and account shall be taken of Malta’s international commitments.