Cap. 371 Art. 11Opening of branches.

(1) A credit institution licensed in Malta shall inform the competent authority in writing before opening a new branch, agency or office in Malta.

(2) Unless with the written consent of the competent authority, no credit institution licensed in Malta may open a new branch, agency or representative office or set up or acquire any subsidiary in any place outside Malta: Provided that a credit institution licensed in Malta which intends to exercise its rights under the European Passport Rights for Credit Institutions Regulations shall only be required to notify the competent authority in terms of the said Regulations.

(3) A credit institution licensed in Malta shall not establish a branch, subsidiary or representative office in a third country where the secrecy laws or other regulations of that country prohibit the information flows deemed necessary for adequate consolidated supervision.

(4) Where Malta is the host Member State, the competent authority shall not require authorisation or endowment capital for branches of credit institutions authorised in other Member States. The establishment and supervision of such branches shall be effected in accordance with article 17B, the European Passport

Rights for Credit Institutions Regulations and regulation 13 of the Banking Act (Supervisory Review) Regulations.