S.L. 487.7 ст. 11Exercise of passport rights by Maltese intermediaries - services.

(1) A Maltese intermediary which intends to provide services for the first time in one or more Member States or EEA States in exercise of a European right shall first submit a notice of intention to the competent authority indicating:

(a) the Member State or EEA State in which it intends to operate;

(b) the relevant classes of insurance, if applicable; and

(c) such other information as may be specified in Insurance Distribution Rules.

(2) The competent authority shall, within one month of receiving the notice of intention, communicate a consent notice to the European regulatory authority of the host Member State, containing the information specified by the Maltese intermediary in accordance with sub-regulation (1).

(3) The competent authority shall inform the Maltese intermediary, in the written notice referred to in sub-regulation (4), of the applicable provisions, available through the means referred to in Article 11(3) and (4) of the Insurance Distribution Directive, under which, in the interest of general good, the distribution activities shall be carried out in the host Member State.

(4) Upon receipt of the consent notice by the European regulatory authority of the host Member State, the competent authority shall give written notice to the Maltese intermediary concerned and such intermediary may commence to carry out the relevant distribution activities in the host Member State, provided that it complies with the applicable provisions referred to in sub-regulation (3).

(5) Where the competent authority refuses to communicate the information referred to in sub-regulation (1), to the European regulatory authority of the provision of services, it shall, give the reasons for its refusal to the Maltese intermediary concerned within one month of receiving all the information in question. The refusal or failure to act in the period stipulated shall be subject to a right of appeal to the Tribunal and the provisions of article 50 of the Act shall apply mutatis mutandis.

(6) In the event of a change in any of the particulars communicated in accordance with sub-regulation (1), the Maltese intermediary shall give written notice of the changes to the competent authority, at least one month before implementing the changes. The competent authority shall as soon as is practicable and not later than one month from such notification, inform the European regulatory authority of such changes.

(7) For the purposes of this regulation, "applicable provisions" means the host Member State rules with which the Maltese intermediary is required to comply when carrying out distribution activities, as identified in the consent notice, when providing services in the host Member State.