S.L. 370.10 Art. 4Exercise of passport rights by European investment firms - services.

(1) A European investment firm which is seeking to provide services and, or perform investment services as well as ancillary services in Malta in exercise of a European right shall satisfy the service conditions specified in subregulation (2) and shall be exempt from the provisions of article 3 of the Act:

Provided that ancillary services may only be provided together with an investment service.

(2) The service conditions for the purposes of this regulation are that:

(a) the European investment firm has communicated to its European regulatory authority:

(i) its intention to provide services in Malta;

(ii) a programme of operations stating in particular the investment services as well as ancillary services which it intends to provide in Malta and whether it intends to do so through the use of tied agents, established in its home Member State or EEA State. Where the European investment firm intends to use tied agents, it shall communicate the identity of those tied agents;

(b) the competent authority has received the information in paragraph (a) from the European regulatory authority of the European investment firm: Provided that where the European investment firm intends to use tied agents in Malta, the competent authority shall, within one month of receipt of all information, receive from the European regulatory authority of the home Member State the identity of the tied agents which the European investment firm intends to use in Malta. the competent authority shall publish such information.

(3) Upon receipt of the information referred to in sub-

regulation (2) by the competent authority, the European investment firm may start to provide the investment services concerned in Malta.

(4) The provisions of this regulation shall also apply, mutatis mutandis, to credit institutions authorised in another Member State or EEA State 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 "European investment firm" shall be deemed to include reference to a "European credit institution.".

(5) The procedure outlined in this regulation shall also be applicable where a European investment firm wishes to change the range of services so provided in the exercise of a European right.