S.L. 403.15 ст. 4Information to the competent authority.

(1) Where the relevant authority is not the competent authority, the relevant authorities shall inform, as a matter of urgency the competent authority of their decision on any reorganisation measure, in order to obtain its views on the adoption of such measures and the practical effects which it may have, before the adoption of such measure and failing that immediately thereafter.

(2) Where the court is the relevant authority and makes a decision, order or appointment of -

(a) any compromise or arrangement in terms of article 327 of the Companies Act, or

(b) a company recovery order and appoints a special controller in accordance with article 329B of te Companies Act, it shall immediately inform the competent authority, or cause the competent authority to be informed without delay, of the decision, order or appointment which has been made:

Provided that, where the reorganisation measure involves a company recovery order in terms of the Companies Act, the provisions of article 329B(3)(d) of the Companies Act shall apply

(3) Where the competent authority is informed of a decision, order or appointment in accordance with this regulation, it shall, in turn without delay and by any means available, inform all foreign authorities of the decision to adopt reorganisation measures including the possible practical effects of such measures on -

(a) the business of the Maltese insurance undertaking; and

(b) the rights of policyholders under contracts of insurance effected and carried out by the Maltese insurance undertaking.