Cap. 645 Art. 16Use of credit servicers or other entities. Representativeof third-countrycredit purchaser.

(1) When the credit purchaser or, where applicable, its designated representative, appoints an entity referred to in article

4(a)(i) or (iii), or a credit servicer, to perform credit servicing activities in relation to the transferred creditor’s rights under a non-performing credit agreement, or the non-performing credit agreement itself, the credit purchaser or its representative shall inform the competent authority in writing of the identity and address of the said entity or credit servicer, at the latest on the date on which the credit servicing activities start.

(2) When the credit purchaser or, where applicable, its designated representative appoints an entity other than that notified in accordance with sub-article (1), it shall notify the competent authority thereof at the latest on the date of that change and shall indicate the identity and address of the new entity that it has appointed to perform credit servicing activities in relation to the transferred creditor’s rights under a non-performing credit agreement or the non-performing credit agreement itself.

(3) When Malta is the home Member State of the credit purchaser, the competent authority shall transmit without undue delay to the European regulatory authority of the host Member State, to the European regulatory authority of the Member State in which the credit was granted, and to the European regulatory authority of the home Member State of the new credit servicer, the information received in accordance with sub-articles (1) and (2).

a 17. (1) When a transfer of a creditor’s rights under a non-

performing credit agreement, or of the non-performing credit agreement itself is concluded, a credit purchaser:

(a) that is not domiciled in a Member State; or

(b) that does not have its registered office in a Member State or, if under its national law it has no registered office, its head office in a Member State, as the case may be, shall designate in writing a representative that is domiciled in a Member State or that has its registered office in a Member State, or if under its national law it has no registered office, its head office in a Member State.

(2) The competent authority shall address the representative referred to in sub-article (1) in addition to, or instead of, the credit purchaser on all issues related to the ongoing compliance with this Act and with any regulations made thereunder, and Credit Servicing Rules and Conduct of Business Rules issued thereunder.

(3) The representative referred to in sub-article (1) shall be fully responsible for compliance with the obligations imposed on the credit purchaser under this Act and under any regulations made thereunder, and Credit Servicing Rules and Conduct of Business Rules issued thereunder.