S.L. 330.6 Art. 19Verification.

(1) Where, in applying these regulations, the Authority wants to verify the information concerning an entity, whether or not regulated, which is part of a financial conglomerate and is licensed, authorised, established, situated or with its head office in another Member State, the Authority may ask the competent authorities of that other Member State:

(a) to have the verification carried out by that competent authority to allow the Authority to otherwise participate in the verification when it does not carry out the verification itself; or

(b) for permission to allow the Authority or one of its officers or auditors or other experts appointed by the Authority to carry out that verification including on-site verification.

(2) Subject to the provisions of sub-regulation (3), where the competent authorities of another Member State request the Authority to verify information concerning an entity, whether or not regulated, licensed, authorised, established, situated or with its head office in Malta and which is part of a financial conglomerate, the Authority shall:

(a) comply with the request;

(b) allow the competent authorities of the Member State which made the request to participate in the verification if they do not carry out the verification themselves; or

(c) allow the competent authorities of that other Member State to carry out the verification, including on-site verification.

(3) Verification may be carried out by an official auditor or other expert appointed by the competent authorities of the other Member State, who may exercise all the powers vested in the Authority necessary to conduct the verification.