S.L. 487.7 Art. 5Enhanced supervision of European intermediaries by the competent authority.

(1) Where the primary place of business of a

European intermediary is located in Malta and Malta is not the home

Member State, the competent authority may enter into an agreement with the European regulatory authority of the European intermediary concerned, in order for the competent authority to be able to exercise relevant functions in relation to such European intermediary as if it were the home Member State.

(2) The competent authority may exercise relevant functions in relation to the European intermediary concerned, in accordance with the agreement referred to in sub-regulation (1), as if the European intermediary was a person enrolled under the Act.

(3) An agreement made under sub-regulation (1):

(a) shall provide for the relevant functions which the competent authority may exercise in relation to the European intermediary concerned; and

(b) may provide for the relevant functions which may be exercised by the competent authority in collaboration with the European regulatory authority of the European intermediary concerned.

(4) Where an agreement is reached pursuant to sub-regulation (1), the competent authority shall notify, without delay, the European intermediary concerned and EIOPA.

(5) For the purpose of this regulation:

(a) "relevant functions" means any functions that may be exercised by the competent authority in relation to persons enrolled under the Act in relation to the requirements of regulations, Insurance Distribution Rules and Conduct of Business Rules issued under the Act, as applicable; and

(b) "primary place of business" means the location from where the main business of the European intermediary is managed.