S.L. 123.51 чл. 14Authorised financial intermediary.

(1) An authorised financial intermediary is a person resident in Malta who has been registered as such by the

Commissioner.

(2) A person shall not be eligible for registration as an authorised financial intermediary unless he applies for registration to the Commissioner for the purposes of these regulations and is, at the time of such application -

(a) a person who holds a Category 2 or Category 3 investment services licence issued in terms of the Investment Services Act, or

(b) a person who holds a Category 1 investment services licence issued in terms of the Investment Services Act provided he declares to the Commissioner that he has given a commitment to the Malta Financial Services Authority that he will apply for a licence referred to in paragraph (a) and provided moreover that such person shall not remain an authorised financial intermediary after the 28th February 2002 unless he holds, on that date, a licence referred to in the said paragraph.

(3) (a) Where a recipient utilises the services of an authorised financial intermediary in connection with the payment of investment income, the said authorised financial intermediary shall, unless an election in terms of article 35 of the Act has been made, collect tax, by deduction or otherwise, amounting to fifteen percent of such income and shall be bound by all the obligations imposed on payors under the investment income provisions: Provided that notwithstanding the provisions of article 33(3) of the Act -

(i) where the investment income is income referred to in article 41(a)(v) of the Act, the tax so collected shall be payable not later than the ninetieth day following the day of the contract note in relation to the disposal of the relevant units or shares; and

(ii) where the investment income is income referred to in article 41(a)(vi) of the Act, the tax so collected shall be payable not later than the thirtieth day of April following the year in which the payment was made.

(b) For the purposes of this regulation, a recipient utilises the services of an authorised financial intermediary in connection with the payment of investment income where:

(i) the payment of investment income is made to the authorised financial intermediary who is the registered holder of the relevant units or shares and who holds such units or shares for the benefit of the said recipient;

(ii) the said recipient is the registered holder of the relevant units or shares, who receives the investment income directly in his own name and who requires that an authorised financial intermediary collects an amount of tax equal to fifteen percent of such investment income for onward payment to the Commissioner;

(iii) the payment of investment income is effected through an arrangement approved by the Commissioner, which arrangement enables the collection of tax on such investment income through an authorised financial intermediary.

(4) Where a recipient has utilised the services of an authorised financial intermediary in connection with the payment of investment income, the said authorised financial intermediary shall furnish the recipient with a certificate in accordance with article 33(3) of the Act, which certificate shall bear a sequential number in a series applied to all certificates issued by that intermediary for payments of investment income and shall contain the information specified in Part One of the Schedule to these regulations.

(5) An authorised financial intermediary shall every month render an account to the Commissioner in accordance with article 33(2) of the Act which shall include the information specified in Part Two of the schedule to these regulations: provided that for any month in which he does not make any payment of investment income he shall furnish a nil return.