S.L. 370.46 Art. 9Co-operation with other authorities. 

(1) The competent authority shall co-operate closely with European regulatory authorities. Such co-operation shall include the provision to such authorities of any information which is essential or relevant for the exercise of their respective supervisory tasks under the CRD, and the CRR. The competent authority shall communicate on request all relevant information and shall communicate on its own initiative all essential information.

(2) The competent authority shall co-operate with the EBA for the purposes of the CRD and the CRR in accordance with Regulation (EU) No 1093/2010. Such co-operation shall include the provision to the EBA of all information necessary to carry out its duties under the CRD and the CRR and under Regulation (EU) No 1093/2010, in accordance with Article 35 of Regulation (EU) No 1093/2010.

(3) For the purpose of sub-regulation (1) information shall be regarded as essential if it could materially influence the assessment of the financial soundness of an investment firm or a financial institution in another Member State and shall include, in particular, the following items:

(a) identification of the group’s legal structure and the governance structure including organisational structure, covering all regulated entities, non-regulated entities, non-regulated subsidiaries and significant branches belonging to the group, and the parent undertakings, in accordance with the relevant provisions of the Act and any regulations or Rules made thereunder transposing the requirements of Article 14(3), 74(1) and 109(2) of the CRD;

(b) identification of the European regulatory authorities of the regulated entities in the group, as the case may be;

(c) procedures for the collection of information from the investment firms in a group and the verification of that information; (SUPERVISORY CONSOLIDATION) 370.46 (CAPITAL REQUIREMENTS DIRECTIVE)

(d) adverse developments in investment firms or in other entities of a group, which could seriously affect the investment firms; and

(e) significant penalties and exceptional measures taken by the competent authority in accordance with the CRD, including the imposition of a specific own fund requirement under Article 104 of the CRD and the imposition of any limitation on the use of Advanced Measurement Approach for the calculation of the own funds requirements under Article 312(2) of the CRR.

(4) Where the competent authority is acting as consolidating supervisor, it shall provide European regulatory authorities who supervise subsidiaries of parent undertakings with all relevant information. In determining the extent of relevant information, the importance of those subsidiaries within the financial system in those Member States shall be taken into account.

(5) Where the competent authority is responsible for the supervision of an investment firm controlled by an EU parent institution, it shall whenever possible contact the consolidating supervisor when it needs information regarding the implementation of approaches and methodologies set out in the CRD and the CRR that may already be available to that consolidating supervisor.

(6) Where the competent authority intends to decide on significant penalties or exceptional measures to be imposed by it, including the imposition of a specific own funds requirement under the

Investment Services Act (Supervisory Review) Regulations, and the imposition of any limitation on the use of the advanced measurement approaches for the calculation of the own funds requirements under Article 312(2) of the CRR, and where any such decision is of importance for the supervisory tasks of the European regulatory authorities concerned, the competent authority shall consult with the said European regulatory authorities before taking any such decision:

Provided that where the competent authority intends to decide on such significant penalties or exceptional measures, it shall always consult the consolidating supervisor and may decide not to consult European regulatory authorities in cases of urgency or where such consultation could jeopardise the effectiveness of its decision. In such cases, the competent authority shall, without delay, inform the European regulatory authorities after taking its decision.

(6A) The competent authority shall cooperate closely with the financial intelligence units and authorities entrusted with the public duty of supervising the obliged entities listed in points (1) and (2) of

Article 2(1) of Directive (EU) 2015/849 for compliance with the said Directive within their respective competences and shall provide them with information relevant for their respective tasks under the CRD as transposed in Maltese Law, the CRR and under Directive (EU) 2015/ 849, provided that such co-operation and information exchange do not impinge on an on-going inquiry, investigation or proceedings in accordance with the criminal or administrative law of the Member State where the competent authority, financial intelligence unit or authority entrusted with the public duty of supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 is located.

(7) The competent authority may refer to the EBA any of the following situations:

(a) where a European regulatory authority has not communicated essential information;

(b) where a request for co-operation, in particular to exchange relevant information, has been rejected or has not been acted upon within a reasonable time.