Cap. 403 Art. 18GCustody of assets required to be maintained in Malta.

(1) The competent authority may, with respect to assets which an undertaking is required by or under this Act to maintain in

Malta, impose an additional requirement that the whole or a specified proportion of such assets shall be deposited with and held in custody for the undertaking’s account by a person as may be prescribed by regulations made for the purposes of this article unless that requirement is otherwise imposed by any other provision of this Act; and the competent authority shall at all times have the right to demand from such person any information it may require to ensure that the provisions of this article are being complied with.

(2) Any requirement by or under this Act that assets of any kind or amount are to be maintained in Malta shall be satisfied if such assets are maintained in such country outside Malta and in such form and manner to the satisfaction of the competent authority subject to such regulations as may be prescribed for such purpose under this Act.

(3) Any provision by or under this Act requiring an undertaking to maintain in Malta assets of any kind or amount may be satisfied by the undertaking if the undertaking produces a security in a form and manner to the satisfaction of the competent authority subject to such regulations as may be prescribed for such purpose under this Act.

(4) The assets required to be maintained in Malta by or under this Act shall not be transferred, withdrawn or in any way encumbered without the permission of the competent authority given in writing or until the undertaking has ceased to carry on the business it was authorised to carry on and proves to the satisfaction of the authority that it has no further liability. Such assets shall not be attachable by any court.