S.L. 370.30 ст. 3Scope.

(1) These regulations apply to Maltese investment firms holding an investment services licence issued by the competent authority under the Investment Services Act, which are subject to the requirements of the CRD and the CRR and to their branches located in other Member States or EEA States; and Part IV of these regulations applies to branches present in Malta of investment firms authorized in another Member State or EEA State which are subject to the requirements of the said CRD and CRR. These regulations shall not apply to those branches of investment firms that are situated in a Member State or an EEA State in which they have their head offices.

(2) The provisions of these regulations shall also apply to the financial institutions, firms and parent undertakings falling within the scope of Directive 2014/59/EU in the event of application of the resolution tools and exercise of the resolution powers provided for in Directive 2014/59/EU of the European Parliament and of the Council.

(3) The provisions of these regulations relating specifically to the branches of an investment firm not having a head office within a Member State or an EEA State apply only where such investment firm has branches in at least two States being either a Member State or an EEA State.

(4) Where an investment firm is either under resolution or where the conditions for resolution have been determined by the Resolution Committee to be met, normal insolvency proceedings shall not be commenced except at the initiative of the Resolution Committee, and a decision placing an investment firm into normal insolvency proceedings shall be taken only with the consent of the Resolution Committee as provided for in regulation 86 of the Recovery and Resolution Regulations made under the Malta

Financial Services Authority Act.

(5) These regulations shall only apply to reorganisation measures or winding-up proceedings adopted immediately after the date of coming into force of these regulations.

PRELIMINARY