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Banking Act (Cap. 371) European Passport Rights For Credit Institutions (Amendment) Regulations, 2005 (L.N. 66 Of 2005 )

B 699
BANKING ACT (CAP. 371)
European Passport Rights for Credit Institutions (Amendment) Regulations, 2005
IN exercise of the powers conferred by subarticle (6) of article 5 of the Banking Act, the Prime Minister and Minister of Finance, after consulting the Malta Financial Services Authority, has made the following regulations>-
1. (1) These regulations may be cited as the European Passport Rights for Credit Institutions (Amendment) Regulations, 2005 and they shall be read and construed as one with the European Passport Rights for Credit Institutions Regulations, 2004, hereinafter referred to as “the principal regulations”.
(2) The purpose of these regulations is to extend the application of the provisions of the principal regulations to electronic money institutions and, for this purpose, to transpose the provisions of Directive 2000#28#EC of the European Parliament and of the Council of 18 September, 2000 amending Directive 2000#12#EC relating to the taking up and pursuit of the business of credit institutions.
2. In regulation 2 of the principal regulations>
(a) the definition “credit institution ” shall be substituted by the following>
“ “credit institution” means an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account and shall also include an electronic money institution<”<
(b) immediately after the definition “EEA State” there shall be inserted the following new definitions>
“ “electronic money” means the monetary value, as represented by a claim on the issuer issuing such money, which value is>
(i) stored on an electronic device<

Citation.

L.N. 88 of 2004

.

Amends regulation

2 of the principal regulations.

B 700

Amends regulation

3 of the principal regulations.

Amends regulation

4 of the principal regulations.

(ii) issued on receipt of funds of an amount not less in value than the monetary value issued< and
(iii) accepted as means of payment by undertakings other than the issuer<
“electronic money institution” means any person, other than a credit institution, which issues means of payment in the form of electronic money<”<
(c) for the definition “Tribunal” there shall be substituted the following>
“ “Tribunal” means the Financial Services Tribunal established under the Malta Financial Services Authority Act<
and words and expressions which are also used in the Act and are not defined herein, shall have the same meaning as in the Act.”.
3. Regulation 3 of the principle regulations shall be amended as follows>
(a) sub-regulations (5) and (6) thereof shall be renumbered as sub-regulations (6) and (7) respectively< and
(b) immediately after sub-regulation (4) thereof, there shall be inserted the following new sub-regulation>
“(5) The competent authority shall, within the two month period stipulated in sub-regulation (4), prepare for the supervision of the European credit institution.”.
4. For sub-regulation (3) of regulation 4 of the principal regulations there shall be substituted the following>
“(3) When the competent authority has received such a notice and has been informed of the intention of the European credit institution to provide services in Malta, the competent authority shall, where appropriate, notify the European credit institution of any applicable provisions.”.

Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

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