Cap. 610 ст. 10Co-ordination with other authorities. 12 [

(1) For the purpose of securing compliance with this

Act, the Regulator may coordinate its efforts and exchange information with and otherwise collaborate with -

(a) any body or authority formed or established under Maltese law on matters in respect of which such body or authority may have a regulatory, supervisory, judicial or licensing function in terms of law;

(b) any authority, foreign authority or body carrying out similar or equivalent functions or which has the responsibility to monitor the market and to detect, prevent or prosecute acts related to market abuse, insider dealing, market manipulation and, or the Remit Regulation; and

(c) any other local or foreign supervisory, TRANSPARENCY (ENFORCEMENT POWERS) CAP.610.

enforcement or judicial authorities whose functions include the detection, prevention or prosecution of acts related to market abuse, insider dealing, market manipulation and, or the Remit Regulation.

(2) The Regulator shall exercise powers by virtue of this article:

(a) for preventing, investigating or detecting activities which amount or are likely to amount to market abuse, insider dealing, market manipulation under this Act or foreign law;

(b) where the assistance is requested by a foreign authority for the purposes of the exercise of one or more of its regulatory functions under the Remit Regulation;

(c) where so required within the terms of Malta’s international commitments; or

(d) where so required within the terms of undertakings assumed in bilateral or multilateral agreements for the exchange of information and other forms of collaboration with overseas regulatory authorities including a request arising under a memorandum of understanding concluded with the Regulator.

(3) Upon receipt of a request from a foreign authority for the purpose of carrying out its duties in the investigation and detection in terms of the Remit Regulation, the Regulator shall immediately take the necessary measures in order to gather the information required by the foreign authority. If the Regulator is not able to supply the required information immediately, it shall notify the requesting foreign authority of the reasons.

(4) The Regulator may refuse to act on a request for information where:

(a) communication might adversely affect the sovereignty, security or public policy of Malta;

(b) judicial proceedings have already been initiated in respect of the same actions and against the same persons before the courts of Malta; or

(c) where a final judgment has already been delivered in relation to such persons for the same actions in Malta.

In any case above-mentioned, the Regulator shall notify the requesting foreign authority accordingly, providing as detailed information as possible on those proceedings or the judgment.

(5) Where the Regulator is convinced that acts contrary to the provisions of the Remit Regulation are being, or have been, carried out on the territory of another Member State or EEA State, it shall give notice of that fact to the relevant foreign authority in as specific a manner as possible.

(6) Any person, body or authority receiving information exchanged pursuant to this article shall be subject to the obligation of professional secrecy. Without prejudice to the obligations to which they are subject in judicial proceedings under criminal law, when the relevant person, body or authority receives information pursuant to this article, it may use it only for the exercise of its functions within the scope of this Act and in the context of administrative or judicial proceedings specifically related to the exercise of those functions:

Provided that where the foreign authority communicating information consents thereto, the Regulator receiving the information may use it for other purposes or forward it to any other foreign authority.