Cap. 647 Art. 54Cooperation with European regulatory authorities.

(1) The competent authority shall cooperate with

European regulatory authorities whenever necessary for the purpose of carrying out its duties and exercising its powers under the MiCA Regulation, and 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.

(2) 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 MiCA Regulation.

(3) A European regulatory authority may request the cooperation of the competent authority in carrying out an on-site inspection or investigation, in which case the competent authority may:

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

(b) allow the European regulatory authority which submitted the request to participate in the 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; or

(d) share specific tasks related to supervisory activities with European regulatory authorities.

(4) Notwithstanding the provisions of sub-articles (1) to (3), the competent authority may refuse to act on the request of a European regulatory authority for information or to cooperate with an investigation in any of the following cases:

(a) communication of the relevant information may adversely affect the security of Malta, in particular with regard to the fight against terrorism and other serious crimes;

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

(c) when proceedings have already been initiated in respect of the same actions and against the same natural or legal persons before the courts of Malta; or

(d) where a final judgment has already been delivered in respect of the same action and against the same natural or legal person in Malta.

(5) Where the competent authority finds that any of the requirements under the MiCA Regulation have not been met or has reason to believe so, it shall inform the European regulatory authority of the entity suspected of such breach of its findings in a sufficiently detailed manner.