S.L. 371.11 чл. 17Companies other than credit institutions.

(1) A company may exercise a European passport right in accordance with Articles 35, with the exclusion of the second paragraph of sub-article (3) thereof, 36(1), (2) and (3), 39(1) and (2)

and 40 to 46 of the CRD provided the following conditions are fulfilled:

(a) the company is a subsidiary of a credit institution or the jointly-owned subsidiary of two or more credit institutions;

(b) the memorandum and articles of association of the company permit the carrying on of those activities;

(c) the parent undertaking or undertakings of the company are authorised as credit institutions in the Member State by the law of which the company is governed;

(d) the activities in question are actually carried out within the territory of the same Member State;

(e) the parent undertaking or undertakings of the company hold 90 per cent or more of the voting rights attaching to shares in the capital of the company;

(f) the parent undertaking or undertakings of the company satisfy the European regulatory authority of the host Member State or, where Malta is the host Member State, the competent authority, regarding the prudent management of the company and have declared, with the consent of the relevant European regulatory authority of the home Member State, or, where Malta is the home Member State, with the consent of the competent authority, that they jointly and severally guarantee the commitments entered into by the company;

(g) the company is effectively included, for the activities in question in particular, in the consolidated supervision of the parent undertaking, or of each of the parent undertakings, in accordance with Title VII, Chapter 3 of the CRD and Part One, Title II, Chapter 2 of the CRR, in particular for the purposes of the own funds requirements set out in Article 92 of the CRR, for the control of large exposures provided for in Part Four of the CRR and for the purposes of the limitation of holdings provided for in Articles 89 and 90 of the said CRR.

(2) Where Malta is the home Member State, the competent authority shall check compliance with the conditions referred to in sub-regulation (1), and shall supply the company with a certificate of compliance which shall form part of the notification referred to in Articles 35 and 39 of the CRD.

(3) This regulation shall apply accordingly to subsidiaries of a company referred to in sub-regulation (1).

(4) By way of derogation from the second sub-paragraph of Article 35(3) of the CRD, for the purpose of this regulation, where Malta is the home Member State, the competent authority shall communicate to the European regulatory authority of the host Member State the amount and composition of own funds of the company and the total risk exposure amounts calculated in accordance with Article 92(3) and (4) of the CRR of the credit institution which is its parent undertaking.

(5) Where Malta is the home Member State, the competent authority shall notify the European regulatory authority of the host Member State where a company referred to in this regulation ceases to fulfil any of the conditions imposed and the activities carried out by such company in the host Member State shall become subject to the law of the host Member State.

(6) Where Malta is the host Member State, and the competent authority is notified by the European regulatory authority of the home Member State that the company referred to in this regulation ceases to fulfil any of the conditions imposed, the activities carried out by that company in Malta shall become subject to Maltese law.

(7) The entities referred to in points (3) to (24) of Article 2(5) of the CRD, shall be treated as companies for the purpose of this regulation.

(8) This regulation shall also apply to financial holding companies, mixed financial holding companies and mixed-activity holding companies which have their head offices in the European Union.

(9) For the purposes of this regulation, the term "company" shall mean an undertaking other than an institution and other than a pure industrial holding company, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and point 15 of Annex I to the CRD, including a financial holding company, a mixed financial holding company, a payment institution and an asset management company, but excluding insurance holding companies and mixed-activity insurance holding companies as defined in points (f) and (g) of Article 212(1) of Directive 2009/138/EC.

Part VI - Applicability provisions