Cap. 637 Art. 27Cooperation with European regulatory authorities.

(1) The competent authority shall act as the contact point in terms of and for the purposes of Article 29(2) of the ECSP

Regulation.

(2) The competent authority shall cooperate with other European regulatory authorities whenever necessary for the purpose of carrying out its duties and exercising its powers under the ECSP Regulation. It shall render the necessary assistance to other European regulatory authorities, in particular by exchanging information and cooperating in any investigatory, supervisory or enforcement activity.

(3) A European regulatory authority may request information from the competent authority, in which case the competent authority shall, without undue delay, provide the requested information required for the purposes of the ECSP Regulation:

Provided that if the competent authority is not able to supply the required information immediately, it shall notify the requesting European regulatory authority of the reasons.

(4) A European regulatory authority may request the cooperation of the competent authority in carrying out its supervisory functions or for an on-site verification or in an investigation, in which case the competent authority shall, within the framework of its powers:

(a) carry out the on-site inspection or investigation itself;

(b) allow the European regulatory authority which submitted the request to participate in an on-site inspection or investigation;

(c) allow the European regulatory authority which submitted the request to carry out the on-site inspection or investigation itself;

(d) appoint auditors or experts to carry out the on-site inspection or investigation; or

(e) share specific tasks related to supervisory activities with other competent authorities.

(5) Notwithstanding the foregoing provisions, the competent authority may refuse to act on a request for information or a request to cooperate with an investigation made by a European regulatory authority in any of the following circumstances:

(a) where complying with the request is likely to adversely affect its own investigation, enforcement activities or a criminal investigation;

(b) where judicial proceedings have already been initiated in respect of the same actions and against the same natural or legal persons before the authorities of Malta; or

(c) where a final judgment has already been delivered in relation to such natural or legal persons for the same actions in Malta.

(6) Where the competent authority finds that any of the requirements under the ECSP Regulation have not been satisfied or has reason to believe that to be the case, it shall inform the European regulatory authority of the entity or entities suspected of such infringement of its findings in a detailed manner.