Cap. 645 Art. 5Competent authority.

(1) The competent authority shall carry out its functions under this Act and, in particular, shall ensure compliance with the provisions of the said Act and any regulations made thereunder, with the Credit Servicing Rules or Conduct of Business Rules issued thereunder.

(2) The competent authority shall also carry out the functions and duties as competent authority for all purposes of the NPL Directive as transposed in national law.

(3) Without prejudice to the provisions of this article, where Malta is the home Member State, the competent authority shall ensure that credit servicers and, where applicable, credit service providers to whom credit servicing activities have been outsourced in accordance with article 12, comply with the provisions of this Act and of any regulations made thereunder and with the Credit Servicing Rules or Conduct of Business Rules issued thereunder, on an ongoing basis.

(4) Without prejudice to the provisions of this article, where Malta is the home Member State, it shall be responsible for the supervision of the obligations set out in Article 10 and in Articles 17 to 20 of the NPL Directive, as transposed in national law, in respect of the credit purchaser or, where applicable, its designated representative.