S.L. 376.3 Art. 2Interpretation.

(1) In these regulations, unless the context otherwise requires:-

"account information service provider" means a natural person or company that provides, regularly or habitually, account information services;

"Act" means the Financial Institutions Act;

"annual return" means the Audited Annual Financial Institutions Return submitted to the competent authority in accordance with the Financial Institutions Rules;

"average daily outstanding electronic money" means the average amount of financial liabilities for the last six (6) calendar months relating to issued electronic money which is to be calculated as follows:

(a) the daily average amount of financial liabilities relating to issued electronic money for each of the last six (6) calendar months is to be multiplied by the number of calendar days in each of those months;

(b) the amounts resulting from the calculation set out in paragraph (a) shall be added up; and

(c) the total amount resulting from the calculation set out in paragraph (b) shall be divided by the total number of calendar days forming the six (6) calendar months referred to in paragraph (a):

Provided that the daily average amount of financial liabilities relating to issued electronic money for a calendar month shall be calculated as follows:

(i) the amount of financial liabilities relating to issued electronic money at the end of each calendar day of the preceding six (6) calendar months shall be added up; and

(ii) the amount resulting from the calculation set out in paragraph (a) shall divided by the total number of calendar days forming the calendar months referred to in the said paragraph;

"Category 1 activities" means any one (1) or more of the activities listed in items (1), (2), (3), (5), (6), (7), (8) and (9) of the First Schedule to the Act;

"Category 2 activities" means any one (1) or more of the activities listed in items (4) and (10) of the First Schedule to the Act excluding account information services;

"competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act;

"European financial institution" means a legal person authorised by a European regulatory authority to provide payment services in accordance with the Payment Services Directive and, or to issue and, or distribute and, or redeem electronic money in accordance with the Electronic Money Directive, or a person registered under the Payment Services Directive to provide solely account information services;

"European regulatory authority" means a body that is in a Member State other than Malta and is empowered by law to supervise payment institutions, electronic money institutions and, or account information service providers;

"financial institution" means a company that is licensed under the Act to carry out, regularly or habitually, activities listed under the First Schedule of the Act, other than account information services, in or from Malta;

"total assets" means the total assets as reported in the annual return submitted for the preceding year;

"total monetary value of payment transactions" means the total monetary value of payment transactions carried out by a financial institution, other than payment transactions relating to electronic money issued thereby, where applicable, as reported in the annual return submitted for the preceding year.".

(2) Words and expressions used in these regulations which are also used in the Act, but which are not herein defined shall have the same meaning as in the Act.