Cap. 204 ст. 34APayment services.

(1) Without prejudice to the Treaties, the Statute and any legal acts issued thereunder, the Bank shall, in order to promote the stable and sustainable development and provision of the payments landscape in Malta, oversee and regulate the provision of payment services, payment applications, payment card schemes and payment transactions by credit institutions and financial institutions.

(2) No credit institution or financial institution shall provide any services under sub-article (1) unless it notifies the Bank.

(3) The Bank shall have the power to review the rules and procedures of any payment service, payment application, payment card scheme and payment transaction in Malta, and in so doing may require the full assistance and collaboration of any credit institution or financial institution as may be necessary to enable it to fulfil its functions under this Act.

(4) Without prejudice to article 56(2) or to any other penalty which may be imposed under this Act, the Bank shall have the right to:

(a) make an order restraining a credit institution or a financial institution from taking or continuing to take an action which is deemed by the Bank to go against the stable and sustainable development and provision of the payments landscape in Malta;

(b) suspend the provision of any payment service, payment application, payment card scheme and payment transaction, where a credit institution or a financial institution fails to comply with any lawful order or requirement of the Bank, and the Bank may make public the fact that a credit institution or a financial institution is failing to comply with an order or requirement made under the provisions of this article, and may disclose measures or sanctions imposed on any institution: Provided that the information published in terms of this sub-article shall remain on the official website of the Bank for a period of not less than three years.

(5) The Bank may issue, amend or revoke directives which impose conditions on the provision of payment services, payment applications, payment card schemes and payment transactions in Malta.

(6) The Bank is appointed as competent authority for the purposes of Article 9 of Regulation (EC) No 924/2009 of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, and shall be responsible to monitor compliance with this Regulation and to take all the necessary measures to ensure such compliance.

(7) The Bank is also appointed as competent authority for the purposes of Article 10 of Regulation (EU) No 260/2012 of 14 March 2012 on establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009, and shall be responsible to monitor compliance with this Regulation and take all necessary measures to ensure such compliance.