S.L. 403.19 Art. 3Competent authority. Cap. 330.

(1) The Malta Financial Services Authority established by the Malta Financial Services Authority Act shall be the designated supervisory authority in Malta for the purposes of implementing the relevant provisions of the EU Regulations, and any reference in these regulations to the competent authority shall be deemed and construed accordingly.

(2) The competent authority shall exercise all the functions, obligations and powers and shall satisfy all the requirements imposed on supervisory authorities by the EU Regulations.

(3) Without prejudice to the provisions of sub-regulation (1), the competent authority may, for the better implementation of the EU Regulations, exercise any of the powers assigned to it under the Act in relation to reinsurance special purpose vehicles.