S.L. 487.7 Art. 9Enhanced supervision of Maltese intermediaries by a European regulatory authority.

(1) Where the primary place of business of a Maltese intermediary is located in a Member State or EEA State, other than

Malta, the competent authority may enter into an agreement with the

European regulatory authority of the host Member State, in order for the said European regulatory authority to be able to exercise relevant functions in relation to such Maltese intermediary as if it were the home Member State.

(2) The relevant functions in relation to the Maltese intermediary concerned, may be exercised by the European regulatory authority in accordance with the agreement referred to in sub-regulation (1), as if that European regulatory authority was the supervisory authority of the home Member State.

(3) For the purpose of this regulation:

(a) "relevant functions" means any functions that may be exercised by the European regulatory authority of the host Member State in relation to an intermediary for which that European regulatory authority is the home Member State supervisory authority, in relation to the requirements laid down in Chapters IV to VII of the Insurance Distribution Directive, as applicable; and

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