S.L. 370.10 Art. 10Exercise of passport rights by Malteseinvestment firms - services.

(1) A Maltese investment firm may not exercise a

European right to provide investment services including ancillary services unless the Maltese investment firm has given the competent authority, notice of its intention to provide services as specified in subregulation (2).

(2) For the purposes of this regulation, the Maltese investment firm shall notify the competent authorities of:

(a) a programme of operations stating in particular the investment services as well as ancillary services which it intends to provide in the territory of that Member State or EEA State and whether it intends to do so through the use of tied agents established in Malta. Where the Maltese investment firm intends to use tied agents it shall communicate to the competent authority the identity of those agents: Provided that the information referred to in sub-regulation (2) shall also be provided where the Maltese investment firm wishes to change the range of service already provided

(b) the Member State or EEA State in which it intends to operate;

(3) The competent authority shall, within one month of receiving the information in accordance with subregulation (2), send a copy of it to the European regulatory authority.

(4) When the competent authority sends the information, in terms of subregulation (3), the Maltese investment firm may start to provide the service or services in question in the host Member State or EEA State.

(5) In the event of a change in any of the particulars provided by the Maltese investment firm in accordance with subregulation (2), the Maltese investment firm shall give written notice of that change to the competent authority at least one month before implementing the change. The competent authority shall inform the European regulatory authority of those changes.

(6) Where the Maltese investment firm intends to use in which it intends to provide services, the competent authority shall, within one month from receipt of all information communicate to the European regulatory authority the identity of the tied agents that the Maltese investment firm intends to use in the host Member State or EEA State. The host Member State or EEA State shall make public such information.

(7) The provisions of this regulation shall also apply, mutatis mutandis, to credit institutions authorised in Malta wishing to provide investment services as well as ancillary services through tied agents, in accordance with Article 34 (1) of MiFID, and accordingly references in this regulation to a "Maltese investment firm" shall be deemed to include reference to a "Maltese credit institution".