S.L. 370.46 Art. 17Colleges of supervisors in the context of branches.

(1) Where regulation 7 does not apply and the competent authority supervises an investment firm licensed in Malta with significant branches in other Member States, it shall establish and chair a college of supervisors to facilitate the co-operation in terms of regulation 15(3) to (6) and in terms of the Act and any regulations or Rules made thereunder transposing the requirements of Article 50 of the CRD. The establishment and functioning of the college shall be based on written arrangements determined after consulting the European regulatory authorities concerned by the competent authority. The competent authority shall decide which European regulatory authorities participate in a meeting or in an activity of the college.

(2) In its decision the competent authority shall take account of the relevance of the supervisory activity to be planned or co-ordinated for those European regulatory authorities, in particular, the potential impact on the stability of the financial system in the Member States concerned, and, in particular, in emergency situations based on the information available at the relevant time and the obligations referred to in regulation 15(3) to (5).

(3) The competent authority shall keep all members of the college fully informed, in advance, of the organisation of such meetings, the main issues to be discussed and the activities to be considered. The competent authority shall also keep all the members of the college fully informed, in a timely manner, of the actions taken in those meetings or the measures carried out.