S.L. 370.9 Art. 5Compositionofthe Management Committee.

(1) The Management Committee shall be appointed by the competent authority and shall consist of a chairperson and seven

(7) other members as follows:

(a) two (2) officers performing duties with the competent authority;

(b) one (1) officer nominated by, and performing duties with, the Central Bank of Malta;

(c) one (1) person nominated by the Minister;

(d) one (1) person nominated by an association or associations or other bodies representing persons holding a licence under the Act who participates in, and contributes to the Scheme in accordance with these regulations, and which association or associations or other bodies are recognised for such purpose by the competent authority. The person nominated shall not be an officer or employee of, or in any other way hold any position with, a holder of a licence under the Act falling within the scope of these regulations;

(e) one (1) person nominated by an association or associations or other bodies representing credit institutions who participates in, and contributes to the Depositor Compensation Scheme established under the Depositor Compensation Scheme

Regulations, and which association or associations or other bodies are recognised for such purpose by the competent authority. The person nominated shall not be an officer or employee of, or in any other way hold any position with, a credit institution falling within the scope of the Depositor Compensation Scheme in accordance with the Depositor Compensation Scheme Regulations;

(f) one (1) officer nominated by, and performing duties with the Malta Competition and Consumer Affairs Authority established under article 3 of the Malta Competition and Consumer Affairs Authority Act and such person shall represent the point of view of consumers:

Provided that the chairperson of the Management Committee shall also be an officer performing duties with the competent authority:

Provided further that an officer nominated and appointed under paragraphs (a), (b) and (f) shall remain a member of the Committee throughout the term of appointment only to the extent that such officer continues to be an officer of the competent authority, the Central Bank of Malta or the Malta Competition and Consumer Affairs Authority, as the case may be:

Provided further that whenever, for any reason whatsoever, the associations or other bodies representing licence holders or credit institutions referred to in paragraphs (d) and (e) fail to nominate the person they are required to nominate within the period of time established by the competent authority, such person shall be appointed by the competent authority at its discretion.

(2) The members of the Management Committee shall be appointed from among persons who, in the view of the competent authority, have proven knowledge, expertise and experience in financial services or management, or otherwise possess any other relevant professional or commercial knowledge and expertise.

(3) A person shall not be eligible for appointment as a member of the Management Committee in accordance with sub-regulation (1) if such person has a financial or other interest as is likely to adversely affect the discharge by such person of his functions under these regulations. In addition, the members of the Management Committee appointed under paragraphs (d) and (e) of sub-regulation (1) shall serve in their personal capacity and shall not represent or receive directives or instructions from an association, entity or other body nominating them, however the Management Committee may expressly and in writing, authorise any such member to share specific information with the said association, entity or other body.

(4) Every member of the Management Committee shall hold office for such period and upon such terms and conditions as may be determined by the competent authority and indicated in the letter of appointment. Such term of office shall be of not less than three years and not more than five years. Every member of the Management Committee, including the chairperson, shall be eligible for re-appointment.

(5) A member of the Management Committee may be relieved of office by the competent authority on the grounds of inability to perform the functions of his office, whether due to infirmity of mind or of body, or of misbehaviour; and for the purposes of this subregulation repeated and unjustified non-attendance of meetings of the Management Committee may be deemed to amount to misbehaviour.

(6) A member of the Management Committee may resign from office by means of a letter addressed to the competent authority.

(7) The competent authority may fill any vacancy occurring in the Management Committee for any reason whatsoever, having regard to the provisions of subregulation (1).

(8) Notice of the names of the members of the Management Committee (and any resignation, dismissal and new appointment) shall be published in the Gazette.

(9) The competent authority shall establish any remuneration to be paid to the members of the Management Committee.

(10) The competent authority shall appoint one of its officers to serve as secretary to the Management Committee with such administrative functions and responsibilities as may be assigned to him by the Management Committee.

(11) For the purpose of the second proviso to sub-regulation (1), sub-regulation (2), the first sentence of sub-regulation (3), and sub-regulations (4), (5), (6), (8) and (9), "member" shall include the chairperson.

(12) Where the chairperson is absent or is unable to exercise the functions and powers of his office, and the competent authority has not appointed any other person to act as chairperson during the said period, the other members of the Management Committee shall designate one (1) of the said other members to carry out the functions of the chairperson during such period.